GST is a revolutionary amendment in Goods and Service Taxes. It will change the entire system of indirect taxation. This historic reform has been assented by Honorable President Shri Pranab Mukherjee on 8th September, 2016. The government has undertaken many rounds of meetings with the state ministries to conclude and implement the new taxation procedure in the system. Initially, 1st April, 2017 was the finalized date to replace the existing indirect taxation on GST. But due to some technicality, it may shift to the next probable date which is June 1, 2017. Under this system, all the taxes incurred at different levels by the state and central government will be submerged and only single taxation procedure will be implemented for both goods and services.
With few simple steps you can register for GST via Wealth 4 India or register via GST portal yourself by following the below mentioned steps .
It is a uniform taxation in indirect taxes which is proposed on both goods and services. Goods and Service Tax (GST) is the destination-based tax system which is accrued at the point of sell.
Entities those who are already registered with any existing tax regime has compulsion to register with GST. Apart from this, individuals or companies who are not registered under any tax regime but sell or buy goods or provide services need to register under GST law if their turnover exceeds prescribed limit.
A company or person whose aggregate turnover crosses 20 lakhs in a financial year needs to register under GST. However, limit shrink to 10 lakhs for the North Eastern States.
Exempted goods and services list will be notified shortly by GST council
Yes, Private Limited Company can be registered in any part of India at any residential, industrial, and commercial addresses.
Entities that are currently registered under any below mentioned tax regimes need to migrate in GST platform irrespective of the threshold limits.
The business which are not registered under any existing tax system are liable to register for GST only if their aggregate turnover in the financial year exceeds the threshold limit.The existing threshold limit specified by the GST council is 20 lakhs for all the states and for North Eastern States the threshold limit is 10 lakhs.
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