GST (Goods and Services Tax) is essentially an Indirect tax which has been implemented to replace numerous taxes in India. With the GST bill approved, all existing businesses registered under central excise, service tax or VAT need to register under GST using an online registration process.
It is mandatory for companies whose turnover is more than Rs.20 lakhs (for service business) and Rs. 40 lakhs (for goods business) yearly to register for a GST. The tax rates range from 0 to 28% depending on the nature of goods/services being sold.
The procedure for GST is entirely online and requires no manual intervention. However, it can sometimes be complex. At CONTABILL, our experts guide you on the procedure, applicability and compliances under GST registration.