GST (Goods and Services Tax) is a uniform and standardized tax system introduced by the Government of India. If the revenue of a business or company is below ₹40 lakh and the business operates within the same state, GST registration is not mandatory. However, if a business's revenue exceeds ₹40 lakh or if the business involves interstate transactions, GST becomes a mandatory tax, even if the revenue is below ₹40 lakh for interstate operations.
Note:
Once a GST account is initiated, one must record their income and expenses in the GST account on a monthly basis. The records must be submitted to GST by the specified date each month. Failure to do so will result in a penalty.
GSTIN:
GSTIN is the identification number assigned to every GST payer. It plays a crucial role in GST transactions and registration.
GST Tax Rates:
GSTIN is the identification number assigned to every GST payer. It plays a crucial role in GST transactions and registration.
| S. No. | Items | Tax Rates |
|---|---|---|
| 1 | Household items and life-saving medicines | 5% |
| 2 | Computers and processed foods | 12% |
| 3 | Luxury goods | 18% |
| 4 | Jewelry items like gold and silver | 28% |
| 5 | Other miscellaneous items and services | 3% |
Required Documents:
- PAN Card
- Aadhaar Card
- Bank Statement
- Photo
- Rental agreement/EB Bill/ Property tax receipt
Pricing
- Rs. 1000/-
- Duration(1 week)
- Conditions apply