All You Need to Know About Starting a Company
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The goods and services tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. This is a comprehensive step rate because it has absorbed almost all indirect taxes, with the exception of a few. Several steps as they are imposed at each stage of the production process, but are intended to be reimbursed to all parties at different stages of production other than the final consumer and destination-based tax because it is collected from the point of consumption and not from the point of origin as the previous taxes.
Goods and services are divided into five different tax sheets for tax collection: 0%, 5%, 12%, 18% and 28% precious stones and 3% on gold.. However, petroleum products, alcoholic beverages and electricity are not taxed under the GST but are taxed separately by state governments, as required by the previous tax system.
In addition, on certain items such as luxury goods and tobacco products GST will be applied at above rate + GST cess of as applicable. Prior to the GST, the mandatory tax rate for most products was approximately 26.5% After the GST, most products should be in the range of 18%.
Compulsory Registration: Under the GST, businesses that are in manufacturing and trading, whenever exceeds turnover Rs. 40 lakhs (INR 20 lakhs for the Northeast and Hill states) and business who are providing services, whenever exceeds turnover Rs. 20 lakhs during the previous financial year are compulsorily required to take registration under GST.
Voluntary Registration: The person can apply for voluntary Registration even if his turnover does not exceed the above limit.