new delhi the goods and services tax gst has been at the center of discussion over the past couple of months primarily because it is so radical it is nothing like the indirect tax system that prevailed in the country till june 30 which means anyone engaged in a business has to completely overhaul the way he or she went about paying taxes over the last few months we at economictimescom have created a dedicated page which you can find here and have earnestly tried to answer some of your questions we list out some of the key areas that businesses need to come to grips with and also the areas of concern that still remain registration if you run a business you need to get registered and obtain your gstn number firms with turnover less than rs 20 lakh rs 10 lakh for north eastern states are not required to register for gst but the way things are structured you may want to get one in the registration form there is a checkbox for voluntary registration which you would need to tick if you are below the threshold although we had published the article with the june 1 registration in mind this article is still relevant if you are yet to register as it explains in great detail the registration requirements and getting on with it currently new registration under gst is open and can be done input tax credit indias gst is unique because it has a feature of matching invoices no other country has this and it is a great way to check fraud and tax evasion but it also makes the process of filing for input tax credit much more difficult so what is input tax credit in the course of your business you will either make purchases of raw material goods or services for which you will pay an input tax when you are either selling the product or service you will charge something called an output tax gst allows businesses to claim credit or in this case input credit for the tax it has paid when it was purchased raw material goods and services to offset the output tax credit also read gst speculations affect pv sales of major auto firms in june job works job works is such an integral part of the manufacturing industry that it would not be farfetched to say that it keeps the entire production machinery working if you are outsourcing work to someone else or you carry on job works gst has significant changes it irons out a lot of issues that existed under the old regime and is much broader in scope and reach this article tackles in great depth the changes in job works working capital there is much confusion about the impact of gst on working capital especially for smes while on one hand if you are an ecommerce seller your working capital requirements are likely to get higher introduction of concepts like furtherance