The Indian government implemented the GST, a unified taxation system. Businesses that only operate in one state and make less than ₹40 lakhs are exempt from registration requirements. Nonetheless, GST registration is required if turnover surpasses ₹40 lakhs or entails interstate transactions. However, if the business revenue exceeds ₹40 lakhs or involves inter-state transactions, GST becomes a mandatory tax even if the revenue is below ₹40 lakhs.
Note:
After starting a GST account, individuals must record their income and expenses in the GST account every month. Accounts must be submitted in GST by a specified date each month. Failure to do so will result in penalties.
GSTIN:
GSTIN is the identification number assigned to every individual who pays GST. It is an essential key in the GST process and documentation.
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:
- UAN details
- Bank details
Price (based on your refund amount)
- Rs. 499/-
- Duration(1-2 days)
- Conditions apply