GST is introduced in India in the year 2017. The concept behind GST is that it should be one nation one tax. There were many indirect taxes in India like Excise Duty, VAT, Service Tax, Octroi etc. applicable on manufacturing, trading, services etc. And in many of the cases the credits of the taxes were not available, leading to increase in the cost of the goods/services. This was the compelling reason and thus the Government introduced GST to replace various indirect taxes with one tax called GST. It is a supply based tax. This tax is destination based, i.e. the place of supply decides the type of tax like whether CGST and SGST is applicable or IGST.
Most applicable rate is 18% for GST, however there are other rates as well like 5%, 12% and 28%.
When are you required to get registered:
Turnover more than 20 Lakhs for services and 40 Lakhs for goods or if supply is made outside the state of supplier.
How can RAAAS help you:
