The correct answer is: A. Shall obtain a centralized registration under GST Law.
A business which has centralized registration under existing Acts shall obtain a centralized registration under GST Law. This is because the GST law provides for a single registration for all supplies made by a business, irrespective of the location of the supplier or the recipient. This is in contrast to the existing laws, which required businesses to obtain separate registrations for each state from where they were making taxable supplies.
The centralized registration under GST Law will be beneficial for businesses as it will reduce the compliance burden and cost. It will also make it easier for businesses to expand their operations across the country.
Here is a brief explanation of each option:
- Option A: Shall obtain a centralized registration under GST Law. This is the correct answer.
- Option B: Shall obtain separate registration in each state from where it is making taxable supplies. This is not the correct answer as the GST law provides for a single registration for all supplies made by a business.
- Option C: Shall obtain registration on temporary basis. This is not the correct answer as the GST law does not provide for temporary registration.
- Option D: No need to apply for registration under GST. This is not the correct answer as all businesses that are making taxable supplies under the GST law are required to obtain registration.