Goods and Service Tax is a tax proposed to be levied on supply of goods and services right from the point of manufacturing to final consumption by user. In short it is a destination based tax accruing at the place of sale/supply.
A business entity that is currently registered under any of the existing tax regimes then you are compulsorily required to migrate under GST law irrespective of the threshold limits.
But if you are supplying goods and services and not registered under any existing tax legislative then you are liable to register only if the aggregate turnover in any financial year exceeds the threshold limit.
Every supplier of goods and services is required to get registered under GST if his aggregate annual turnover during the financial year exceeds 20 lakhs (for North Eastern States the threshold limit is 10 lakhs).
Suppliers who are engaged in supply of following goods or services listed below:
No, the below listed category of suppliers will have to get registration even if they do not exceed the threshold limit:
No, there is no concept of central registration under GST. Every person will have to obtain a separate registration for every state in which he has a business establishment whether by same name or a different name. Even if person is having same PAN number and has operations in different states every operational unit will have to apply for separate registration.
Yes, business units even though registered with the same name and under the same PAN will have to apply for separate registration for each such unit within the same state.
This scheme is introduced for small tax payers to reduce the compliance burden on them. Business registered under composition scheme will be liable to pay tax only to a maximum of 2.5% for manufacturers and 1% for other than manufacturers. They would not be part of credit chain and hence cannot collect any tax from consumers.
Only those persons whose annual turnover is below 50 lakhs in preceding financial year and who is supplying goods and services within the same state only are eligible to apply for composition scheme. If supply of goods and services are effected inter-state then this scheme won’t be available for that person.
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