How does GST work for a Business?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Devsrijan asked 10 months ago

Starting a new business in India, currently have to get VAT registration from the State Sales Tax Department. Each State has different procedures and fees for VAT registration. VAT registration and VAT payment is mandatory once a business crosses an annual turnover of Rs.5 lakhs in few other states. Once GST implemented, businesses with turnover of less than Rs.10 lakhs per annum not have to register for GST. But aannual sales turnover of Rs.10 lkhs to Rs.50 lakhs may have to pay GST only at lower rate. Therefore how does GST work for my Business?

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Lw logo 145x145 LegalWiz.in answered 2 months ago

VAT has merged in the GST. Further, GST registration is mandatory for following persons.

  • Inter-state supply of goods
  • Intra- state supply of goods exceeds 40 lakh
  • If supply of services exceeds 20 lakh
  • E-commerce operator
  • Input service distributor
  • If the supplier is a non-resident taxable person
  • A person who is required to pay tax under the Reverse Charge mechanism
  • Any other person as notified by the government

For more information connect with the experts at LegalWiz.in

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