Gst launched on July 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are accumulated in the GST. Also, taxpayers with a turnover of upto 20 lakhs they should to take gst registration.
GST Registration is 2 types Regular and Composition scheme.
Regular gst meaning of you have taken regular gst then you can take refund of your all paid taxes on purchase. And also, your can do your business all over in India. You can adjust your tax input on outward sales of tax which is you pay on your sales.
If you are going for composition scheme then you can’t do you business in other states and also you can collect your all purchase input in gst. composition scheme for whose people who have a little business in same state link grocery shop, restaurant, hawker, milkman, and others.
Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. The GST tax rates in India are as follows :
In addition to these rates, there are some special rates that are applicable to specific goods and services. For example, gold is taxed at 3%, while crude oil and natural gas are taxed at 6%. GST is also levied on services such as telecom, insurance, and banking at the rate of 18%.
It’s important to note that GST rates are subject to change and may vary depending on the type of goods or services being supplied. It’s always a good idea to check the current GST rates before making a purchase or offering a service.
You can see the tax rates for all the products
Check out the GST calculator, which comes in handy to calculate the Goods and Service Tax using different slabs.
GST return filing is the process of submitting the details of sales, purchases, and taxes collected and paid by a registered taxpayer to the government. In India, GST return filing is mandatory for all registered taxpayers who are registered under GST, regardless of whether they have made any sales or purchases during the period for which the return is being filed.
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
GST return filing is the process of submitting the details of sales, purchases, and taxes collected and paid by a registered taxpayer to the government. In India, GST return filing is mandatory for all registered taxpayers who are registered under GST, regardless of whether they have made any sales or purchases during the period for which the return is being filed.
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
Copyright © 2025 lawtalk. Powered by Bizzmart Services.