What is GST? GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. Applicability of GST If you are involved in any business except agriculture and your aggregate turnover is above ₹ 20 lakh in a financial year, then you are a taxable person under GST law. Businesses operating in North Eastern and some other states need registration if their turnover exceeds Rs 10 lakh. If you are an NRI doing business in India then it is mandatory for you to register under GST irrespective of the turnover of your business. What is GSTIN? The Goods and Service Tax Identification Number (GSTIN) is the unique number each...
Comments
Post a Comment