What is GST?

Defination of gst

The Goods and Services Tax is a successor to VAT used in India on the supply of goods and service. The taxes slabs for GST and VAT are the same. With the exception of a few state taxes, it is a comprehensive, multistage, destination-based tax. It is comprehensive because it has absorbed nearly all indirect taxes.

DOCUMENTS

1. Adhar (Mobile number should be linked with Aadhaar card) and pan card
2. passport size photo
3. bank statement
4. If you are an individual then this will be done with your own PAN card
5. If the business place is rented then a rent agreement is required

GST Procedure :

Through the GST portal, an applicant can start the process of registering for GST. The web portal will quickly generate the ARN status after the application is submitted. An applicant can check the status of their application with the assistance of the ARN. Applicants can also post queries if needed.

Features & Benefits

Numerous features of the comprehensive indirect tax are beneficial to businesses. The features of the GST are subject to change in response to changes in the economic environment and government decisions.

Dual Structure :

The Inter-State Transactions Integrated GST (IGST) is collected by the Central Government and distributed to the respective states with additional customs duties. It operates as Central GST under the Central Government and State GST (SGST) under the State Governments.

Composition Scheme:

Companies with a turnover of up to Rs 75 lakh can benefit from composition schemes under the process of GST taxation And they have to pay only 1% tax on their turnover.

Increased Compliance and Transparency :

Bringing organizations into a conventional economy, GST has upgraded charge consistence through straightforwardness, digitalization and upkeep of electronic records.

Destination-based Tax :

From the manufacturer to the consumer, this tax is levied at each stage of the supply chain, adding value and easing the burden on the consumer.

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