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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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
