New Registration-GST

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This discussion clarifies when a new retail pharmacy needs to register for GST. It confirms that you don't need GST registration before purchasing initial stock with your drug license. You can register for GST (including the composition scheme) after obtaining your drug license and before opening your shop. Registering earlier, especially for the regular scheme, allows you to claim Input Tax Credit (ITC) on your initial stock purchases.

Kalyani Srinivas

Kalyani Srinivas (Querist)
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27 September 2024 I want to start a retail pharmacy. At first i want to purchase medicines/stock with my drug license. After one month of taking drug license, i want to take GST registration(Composition scheme).
Is it a legal way or not?
Is it compoulsary to take GST registration before opening of my shop or before purchasing goods?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 It is OK.
No need to get GST registration before purchase of goods.
If you wish to go for regular scheme it is better to register earlier as you can avail ITC over GST paid on the goods purchased.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 October 2024 Good luck ....

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