Goods & Service Tax is a new taxation system in India which came into effect from July 1, 2017. GST has replaced many Indirect Taxes in India. GST is the sole indirect tax for the entire country which is based on consumption of goods and services. The rules and regulations, tax rates are governed by the Goods and Service Tax Council which consists of the finance ministers of Centre and all the states. Goods & Service Tax rates vary from 0% - 28% depending on the type of service or Nature of Goods Your business is selling. The new GST registration process in India should be followed for GST registration procedure. The help of professionals can be taken for GST services.
GST, or Goods and Services Tax, has been one of the biggest tax reforms this country has seen. It is a single tax with which those taxes that existed previously have been replaced. Such as Central Excise, VAT, Entry Tax, Octroi, Service Tax, etc.
GST was rolled out nationwide on July 1, 2017.
It is a destination-based tax.
And follows a dual model in which both the State and the Central government levy tax on goods and services. All businesses are required to obtain a GST number for every state that specific business has been registered in. The first step under the GST regime is to know whether the business is liable to register and register accordingly.
Reverse charge implies to settle government obligation is on the beneficiary of supply of goods and services rather than the provider of such products or administrations related to informed classifications of supply.
After the GST registration is approved, the applicants can download a copy of the GST Registration Certificate from the GST common portal.