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.
Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.
Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.
Business Unit having an annual turnover less than INR1.5 crore may opt the scheme. Requires to pay subsidize tax ranges from 1% to 5% & file quarterly return.
GSTIN is an abbreviation for Goods and Service Tax Identification Number. It consists of 15 alphanumeric digits. This is generated by the government after you have successfully completed GST registration.
GST Composition Scheme is for the small taxpayers, which is framed to reduce the tax compliance burden. Small taxpayers need not file monthly GST returns and they need to pay nominal GST at a fixed rate of turnover. Any business having an annual turnover up to ₹1.5 Crore can opt for GST registration under composition scheme. GST COMPOSITION SCHEME.
|Compliance||Composition Scheme||Regular Scheme|
|Compliance||Relaxed Compliance in order to safeguard small businessmen.||Normal compliance required.|
|Tax Rate||Composition taxpayers need to pay nominal GST at a fixed rate of turnover, which is normally 1-5%.||Tax rate for regular taxpayers goods and services, which is from 0-28%.|
|Input Tax Credit||Composition taxpayers cannot avail Input tax credit benefit.||Normal taxpayers can avail Input tax credit benefit.|
|GST Return Filing||Composition taxpayers required to file quarterly return.||Normal taxpayers required to file monthly return.|
|Tax Invoice||Composition taxpayers can not issue tax invoice to their customers.||Normal taxpayers can issue tax invoice to their customers.|
|Basics 1 INR||Standards 2||Premium 2|
|GST Registration||GST Registration||Free GST Registration|
|Dedicated GST Pro Support||Dedicated GST Pro Support||Dedicated GST Pro Support|
|GST Starter Guide||GST Starter Guide||GST Starter Guide|
|GST Invoice Guide||GST Invoice Guide||GST Invoice Guide|
|GST Invoice Template||GST Invoice Template||GST Invoice Template|
|Guidance on HSN/SAC Code||Guidance on HSN/SAC Code||Guidance on HSN/SAC Code|
|GST Tax Rate List||GST Tax Rate List||GST Tax Rate List|
|GST E-Waybill Guide||GST E-Waybill Guide||GST E-Waybill Guide|
|GST Billing Software for 1 year subscription||GST Billing Software for 1 year subscription|
|GST Return Annual Package|
|Apply Now||Apply Now||Apply Now|