The GST Council on July, 21 gave a great monsoon bonanza to consumers by exempting and reducing tax rates on several necessary items. The new tax rates would be applicable from July 27, the interim Finance Minister informed. Furthermore, traders with turnover up to Rs 5 crore will have to deposit GST monthly and also a relief to not file the returns quarterly. Reports claimed that the tax reductions will cost Modi government a loss of nearly Rs 7,000 crore.
The goods and services regime has a rule that a certain business which is being run if exceeds an annual turnover of Rs 20 lakhs then you must get GST registration in India. In case if you belong to a special state like north-eastern Indian states and Jammu and Kashmir along with other hill station states, then the rules changes and you must get GST registration if your annual turnover exceeds Rs 10 lakhs. For these businesses, a GST registration is absolutely mandatory. In ... Read more
As the newly implemented law in India, GST registration by the taxpayers is mandatory. In this article we will cover most of the basic information you will require regarding the GST registration in India.
What is GST?
GST is a short abbreviation for the goods and services tax. GST is basically a combined tax or one tax for all in a way. It’s a unified tax of all steps that took place before reaching to the consumer. The GST was implemented on ... Read more
