GST or Goods and Service Tax is an indirect tax in India which is applicable on the supply of products and providing of services.
GST or Goods and Service Tax is an indirect tax in India. It is applicable on the supply of products and providing of services. A GST registration number is mandatory for any entity seeking to undertake the supply of goods and services across states while maintaining an annual aggregate turnover that exceeds INR 40 lakhs/20 Lakhs as the case may be.
1) Under this system, a single product is taxed at the same rate in every corner of the country, hence deciding the applicable GST rate has been made easy.
2) Proper accounting of taxes on input goods or services can be utilized by thebusiness for the payment of GST that is due on supply of goods or services or both.
3) Tax can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to purchasers or recipients.
4) It is a simpler process, and involves lesser compliances.
5) There is a common portal for various requirements such as registration, making tax payments, refunds, and returns.
6) The Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
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