Any business offering sale of goods with annual turn over of 40 lacs or service with annual turn over of 20 lacs would require the registration for GST and have a valid GST Number.
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GST was introduced with the aim of minimizing the tax burden and inflation rates. An amalgamation of various taxes, GST is a comprehensive, uniform, multi-stage, destination-based tax system that is applied to every value addition. Although the new tax regime has brought some tax relief, a fact that is undeniable is that the significant increase in compliance cost.
The GST tax structure comprises of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Union Territory Goods and Services Tax (UTGST). There are four slab tiers ranging from 5 percent to 28 percent wherein the lowest are for essential items and the highest for luxury goods.
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State taxes absorbed under GST are:
The following entities have to mandatorily do GST registration
|NI||All live animals other than horses, meat, certain dairy products like fresh milk, pasteurised milk, curd, buttermilk, cream; eggs, natural honey, fresh vegetables and fruits, coconuts, cereals like rice, maize, barley, flour, sweets, etc.|
|5%||Other household necessities such as frozen meat and vegetables, edible oil, butter, milk powder, skimmed milk, coffee, tea, groundnuts, soya beans, bread, drugs, etc.|
|12%||This includes computers and processed food like cheese, refined sugar, spices, instant foods, packaged fruit juices, nuts, spices, etc.|
|18%||Certain packaged foods like condensed milk, cornflakes, pastries; toiletries like hair oil, toothpaste and soaps; and capital goods and industrial intermediaries are covered here.|
|28%||Aerated waters containing sugar; luxury items such as premium cars, and small cars, consumer electronics like AC and refrigerators, cigarettes, high-end motorcycles are included in this slab.|
Types of Exemptions:
Under the GST Act, the exemption should be in public interest by way of issue of notification, on the recommendation from the Council or by way of special orders mentioning the reasons
Absolute exemption: The supply of the specific good is exempted, irrespective of who the supplier is or whether it is intra- or inter-state.
Ex: Transmission or distribution of electricity by an electricity transmission or distribution utility, Services by Reserve Bank of India, services by veterinary clinics
Conditional Exemption: The exemption is subject to certain terms and conditions under the GST Act. For example, the services by a hotel, inn or guest house with a tariff of a unit of accommodation less than Rs. 1000/- per day
Conditional or partial exemption: Intra-state supplies of goods or services offered by a registered person to an unregistered person are exempted from tax under the reverse charge mechanism. This is applicable only if the aggregate value of the goods or services received by a registered person from all or any of the suppliers does not exceed Rs. 5000/- in a day.
Know the five important laws of GST.
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