October saw the second-highest GST receipts ever

What is GST Registration?

1. The Indian government enacted the Goods and Services Tax Act on 29 March 2017, and it came into force on 1 July 2017. 2. The Goods and Services Tax (GST) is a multi-stage indirect tax law that applies throughout the country. 3. It is an indirect tax that has essentially superseded several other indirect taxes in India, such as VAT, service tax, and excise duty.

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Key Benefits of GST registration for Start-Up’s

– Prior to 2017, start-up’s firms had to follow both service tax and VAT regulations. Start-ups that previously paid service tax and VAT separately can now file for both under the GST regime. – With a single rate, GST registration makes invoicing easier. – Start-ups will be able to spend less time on tax compliances once they have registered for GST.

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GST Revenue

The overall GST collection has now surpassed the 1.50 lakh crore mark for the second time in October 2022, making it the second-highest monthly collection after the collection in April 2022.

1. CGST - 26039 2. SGST - 33396 3. IGST - 81778 4. CESS - 10505

In October, the Center and the states each earned a total of Rs 74,665 crore and Rs 77,279 crore, respectively.

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Know About the Newest GST Registration Limit

Registration Limit India Update

As per the latest GST registration limit, the following activities have been exempted from GST: – Supply of goods or services which are not liable to tax – Supply of goods or services by an unregistered person to a registered person – Supply of goods or services through an e-commerce operator who is not registered under GST.

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