The Goods and Services Tax (GST) is a unified tax system that replaces multiple indirect taxes in India. It's a consumption-based tax levied on goods and services, aiming to simplify and unify the indirect tax structure. GST rates vary from 0% to 28%, depending on the goods or services, with essential items like food grains, healthcare, and education exempt or having lower rates.
Who is required to register for GST?
GST registration is mandatory for any business involved in trading, manufacturing, or providing services in India if their annual turnover exceeds ₹20 lakh (₹10 lakh for special category states). Businesses involved in interstate trade, e-commerce, import/export, or supplying goods and services under the reverse charge mechanism must register for GST, regardless of turnover.
I have businesses in multiple states. Do I need separate GST registration for each state?
Yes, businesses operating in multiple states must register separately in each state where they have a place of business. GST returns and compliance must be maintained separately for each registered state.
What is included in the GST registration package?
At KBPS Associates, our GST registration package includes: