Overview
Implemented on July 1, 2017, the Goods and Services Tax (GST) is applicable to all Indian service providers, manufacturers, and traders, including consultants. It replaces a range of central taxes such as Service Tax, Excise Duty, CST, and state taxes like Entertainment Tax, Luxury Tax, Octroi, and VAT, with a single tax – GST. GST is levied at every stage of the supply chain, with the option for full set-off benefits available. The entire process of GST is online and requires no manual intervention.
As goods move through various stages of the supply chain, including procurement of raw materials, manufacturing, sale to distributors, sale to retailers, and ultimately to consumers, GST is collected at three stages. For instance, if a product is produced in West Bengal but consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh. Additionally, taxpayers with a turnover of less than Rs. 1.5 crores can choose the composition scheme to eliminate tedious GST formalities and pay GST at a nominal rate based on their turnover.
Who needs a GST Registration?
Every business or organization involved in the buying and selling of goods and services is required to register for GST. It is mandatory for businesses with an annual turnover exceeding Rs.20 lakhs (for service providers) and Rs.40 lakhs (for goods suppliers) to obtain GST registration.
Additionally, businesses making interstate outward supplies of goods must register for GST, as well as those providing taxable supplies on behalf of other registered persons, such as agents and brokers. According to recent regulations, e-commerce merchants or aggregators do not need to register for GST if their total sales do not exceed Rs.20 lakhs.
GST Registartion
GST Registartion at ₹2500/-