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Do you know what GST registration is?
GST registration is the process through which a taxpayer gets registered under Goods and Service Tax (GST). After the Goods and Service Tax Identification Number (GSTIN) has been assigned, the registration process is complete. It helps determine whether a business has to pay GST based on its 15-digit GSTIN issued by the Central Government.
What are the benefits of GST registration?
Business offering sales of goods or services with an annual turnover of 40 lacs
with a turnover over 20 lacs, you will need to register for GST.
How does GST work?
It will consist of three tax components: a central element (Central Goods and Services Tax, or CGST) and states (State Goods and Services Tax, or SGST), where both the state and the centre collect GST on every transaction that occurs within their territory. Integrated Goods and Services Tax (IGST) will be levied on interstate transactions, i.e. transactions between states.
What is the GST tax rate?
Items that are considered basic necessities are exempted from taxation.
Life-saving drugs, household necessities, etc. are taxed at 5%.
Taxes on products like computers and processed food are 12%.
Hair oil, toothpaste, soap, capital goods, industrial intermediaries, and services are taxed at 18%.
Luxury items are subject to a 28 percent tax.
Tax penalties if you don't register for GST
Tax-evaders who fail to pay or make short payments (genuine errors) are subject to a fee of 10% on their tax bill, with a minimum penalty of Rs.10,000.
If the offender intentionally avoids paying taxes, the penalty will be 100% of the amount due.
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