Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. GST replaced existing multiple cascading Indirect Taxes levied by the central and state governments.
Goods and Services Tax replaced several former taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services. India adopted a dual GST model, meaning that taxation is administered by both the Union and State Governments.
Every Person shall be liable to be registered under the GST, in the State from where he makes a taxable supply of goods or services, if his aggregate turnover in a financial year exceeds the Threshold Limit.
Threshold Limit: Every person if supplying goods or services more than 20 lakh (Rs.10 lakh for north east states including Sikkim).
Apart from the above threshold limit, GST registration is mandatory for the following persons:
Implemention of GST is an revolutionery step taken by the Government. It it benificial for Business as well as for the country’s economic growth.
Identity Proof of Proposed Person
PAN Card / Copy of Passport
Photographs of Proposed Person
2 Passport Size Photographs
Address Proof of Place of Business
Rent Agreement / Sale Deed
Address Proof of Proposed Person
Passport / Aadhar Card / Driving License