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GST (Goods and Services Tax)
In India, the Goods and Services Tax (GST) is a comprehensive, indirect tax that is levied on the supply of goods and services. It replaces several existing taxes, including the value-added tax (VAT), the central sales tax (CST), and various excise duties and service taxes. The GST is administered by the Central Board of Indirect Taxes and Customs (CBIC), which is a part of the Ministry of Finance.
The GST system in India was implemented on July 1, 2017, following years of debate and discussion. The GST is levied at different rates on different goods and services, and is generally applied at a standard rate of 18%. However, certain essential goods and services are taxed at a lower rate, or are exempt from GST altogether. The GST is collected by the central and state governments, and is used to fund various public services and infrastructure projects.
Benefits of Goods and Services Tax (GST)
There are several advantages to the Goods and Services Tax (GST) system in India:
- Simplification of the tax system: The GST replaces several existing taxes, which simplifies the tax system and makes it easier for businesses to comply with tax laws.
- Increased transparency: The GST is a transparent tax, as it is applied at every stage of production and distribution. This makes it easier for businesses to track their tax obligations and for consumers to understand the taxes they are paying.
- Enhanced competitiveness: The GST helps to level the playing field for businesses, as it is applied to both domestic and imported goods and services. This can help to increase competitiveness and promote economic growth.
- Improved revenue collection: The GST is expected to increase the government’s tax revenue, as it is applied to a wider range of goods and services than the taxes it replaces. This can help to fund various public services and infrastructure projects.
- Increased economic integration: The GST promotes economic integration within India, as it allows the free movement of goods and services across state borders. This can help to stimulate economic growth and development.
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Eligibility for GST Registration
In India, businesses are generally required to register for the Goods and Services Tax (GST) if their annual turnover exceeds a certain threshold. The threshold for GST registration varies depending on the nature of the business and the location of the business.
In addition to the annual turnover thresholds, businesses may also be required to register for GST in certain other circumstances, such as if they are engaged in interstate trade or if they are required to pay tax under the reverse charge mechanism.
GST Advisory Services- Our Role
Our team at Advisource can help you get a GST Identification Number (GIN) quickly and easily through an online process. We can also handle filing your GST returns and address any other issues that may come up. We have a track record of assisting startup businesses with a variety of needs, including registering for GST, protecting intellectual property, securing investment from venture capitalists, and complying with MCA laws. Reach out to our experts to make the process of getting a GST Identification Number smooth and stress-free.