Still confused about the new One Nation, One Tax regime in India effective July, 2017?
Goods and Services Tax is a unified indirect tax combining VAT, CST, Service Tax, Excise duty, Entertainment Tax, etc and applicable all over India from 1 July 2017
Remember these important quick reference notes for New Goods and Services Tax (GST) Act in India developed by MindWorks Data services Bangalore , Karnataka based GST Practice team.
- Goods and Services Tax is a unified indirect tax combining VAT, CST, Service Tax, Excise duty, Entertainment Tax, etc and applicable all over India from 1 July 2017
- Mandatory to register under GST:
- if turnover in a financial year exceeds Rs 20lakhs (Rs 10 lakhs for Special category states)
- if you are into inter-state trading of goods and services
- If you are conducting your any sort of e-commerce activity
- If you were registered under an earlier law like VAT or Excise, then also you will take registration under GST
- if you are Non-Resident taxable person
- if you are Casual taxable person
- if you need to avail benefit of input tax credit
- GST Tax rates vary from 0% to 28% depends on the type of goods & nature of services your business deals with
- Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
- Benefit of GST Composition Scheme is that a business having an annual turnover less than ₹ 1 crore may opt to pay subsidized at tax range between 1% to 5% & file quarterly return.
For more detailed information on GST registration and return filing , fill up the form below and our GST consulting team headquartered in Bangalore, Karnataka will be in touch with you.
|Documents required for GST registration:
GST Registration and Return Consultation