Complete Tax Solution

WHAT IS GST Goods and Services Tax (“GST”) is the indirect tax levied in India and subsumes different taxes such as service tax, excise duty, VAT, entry tax and customs duty, into a single tax system. GST was introduced to reduce complexities and compliances of doing business for millions of small businesses in India. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies WHEN GST WILL BE APPLICABLE Compulsory Registeration irrespective of turnover Casual taxable persons Non-residents Persons supplying products through e-commerce operators Turnover limit for GST Registeration For Service Providers : If turnover exceeds Rs.20 lakhs For Good Suppliers : If turnover exceeds Rs.40 lakhs BENEFITS OF VOLUNTARY REGISTERATION UNDER GST 1. Provide input tax credit to customers. 2. Take input ...