Concept: Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017.

When to register for GST: Mandatory to get GST Registration when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through E-commerce platform.

GST tax rates: Tax rates vary from 0% to 28% depending on the type of goods & nature of the services you are selling.

Input Tax Credit Availment: Only business units registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.

Return Filing & Payment: Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.

Composition Scheme: Business units having an annual turnover less than INR 1.5 crore may opt for the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly returns.

Documents Required for GST Registration

- PAN Card of the Business or Applicant

- Identity and Address Proof of Promoters

- Address Proof for Place of Business

- Bank Account Proof

- Mobile No Linked with Aadhar