Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. Various GST slab rates have been defined to enhance transparency between the customers and sellers in this taxation process. Each of these slabs…
GST registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration 15-digit number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). GST registration’s…
What is the GST Composition Scheme? The GST composition scheme is a simple and easy scheme under GST for taxpayers. This scheme is an effective tax-paying mechanism, which is specially offered to small businesses. Under this scheme small taxpayers can…
GST registration is a process by which a taxpayer gets himself registered under GST. GST registration is mandatory for every business or corporation involved in buying and selling of goods or services. Those with an annual turnover of more than 20 lakh…
What is GSTIN? GSTIN is a Goods and Services Tax Identification Number that is assigned to each person registered under GST. It is a 15-digit unique identification number. GSTIN has replaced the TAX Identification Number issued to businesses under the erstwhile VAT…
The documents required depend on the kind of business, constitution, or nature of activities carried out by the entity or type of GST registration process. For example, a sole proprietor/ individual, a partnership firm, and a company must procure different…
No, every business is not required to get registered under GST. The applicability of GST registration is dependent on your business Aggregate Annual Turnover (AATO). Any business into the supply of goods or services with a specific turnover needs to…
What is GST? GST is known as the Goods and Services Tax. It is levied by the government to replace many indirect taxes in India such as the excise duty, VAT, services tax, etc. GST was passed in the Parliament…
A sole proprietorship is one of the most common and oldest forms of business in India. It is a single-person establishment wherein an individual owns, manages, controls, implements, and executes his/her business on their own. A sole proprietorship does not…
The Shops and Establishments Act regulates all the shops and commercial establishments operating within the state. This Act was enacted to improve the management of working conditions and employment in shops, commercial establishments, restaurants, dining establishments, hotels, theatres, and other public…
