Goods and Services Tax (GST) is an indirect tax which has replaced many indirect taxes in India. GST is levied on most of the goods and services sold. The businesses selling goods or services collects GST and remits to the Government of India at regular intervals.
GST is one indirect tax for the whole nation with same rate of tax on a particular item. GST makes India a unified market where GST is a single tax on goods and services.
It is mandatory for all businesses having turnover of Rs. 40 lacs in case of trading/manufacturing and Rs. 20 lacs (Rs. 10 lacs in case of North Eastern states) as a service provided are liable to collect and pay GST to the Government.
Yes, you can opt for GST registration even though your turnover is below the threshold limit defined under GST. In fact, it is good for all the businesses to register under GST and claim input tax credit of GST paid on their purchases to reduce costs.
No, You do not have to visit GST department for GST Registration. The GST Registration is an online process and you receive your GST Registration certificate online on successful registration.
GST composition scheme is a simple and easy scheme under GST for small businesses. Small tax payers can get rid of tedious process of GST calculation and return filing by paying a fixed percentage of tax on their total turnover. This scheme can be opted by businesses having turnover less than Rs. 1 crore.