What is the GST registration threshold for businesses as outlined in the Green Book?

The GST registration threshold for businesses is set at $75,000 in annual turnover. This means that businesses whose gross income exceeds this figure are required to register for Goods and Services Tax (GST). The purpose of establishing this threshold is to ensure that smaller businesses are not burdened by the complexities of tax compliance, allowing them to focus on growth and development without the added pressure of tax registration and reporting requirements.

Businesses below this threshold can choose to register voluntarily, which may allow them to claim input tax credits on their purchases, but it is not mandatory unless the threshold is exceeded. Understanding this threshold is crucial for entrepreneurs and small business owners as it directly impacts their financial planning and compliance obligations.