Concept
Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017
When to register for GST?
Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.
What are the GST tax rates?
Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
Input Tax Credit Availment
Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
Return Filing & Payment
Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
Composition Scheme
Business Unit having an annual turnover less than INR1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.