GST India

Small businesses having annual turnover less than Rs. 75 lakhs can opt for Composition scheme.  Composition dealers will pay nominal tax rates based on the type of business: Composition Scheme & GST Rate Business Type CGST SGST Manufacture 1% 1% Traders (Goods) 0.5% 0.5% Supplier of Foods or Drinks for Human Consumption 2.5% 2.5% Composition dealers are required to file only  one  quarterly return (instead of three monthly returns filed by normal tax payers). They cannot issue taxable invoices, i.e., collect tax from customers and are required to pay the tax out of their own pocket. Businesses that have opted for Composition Scheme cannot claim any input tax credit. Composition scheme is  not  applicable to : Service providers Inter-state sellers E-commerce sellers Supplyier o

PAN is mandatory to apply for GST registration (except in case of non-resident). The document/details required to register for GST are: 1. Valid (PAN) Number 2. Valid Indian Mob Number 3. Valid Email-ID 4. Valid Bank Account Number &  IFSC Code 5. Authorized Signatory Details including PAN who is resident of India 6. Other Information required: 1.Tax Juridictional details, 2. Place of Business 3. at least one proprietor/ partner/director/member/trustee with corresponding PAN

Any business whose turnover exceeds the threshold limit of  Rs. 20 lakhs (Rs 10 lakhs for North Eastern and hill states)  will have to register under GST.  Businesses were already registered under any of the laws: VAT, Excise/Service Tax are required  to be registered under GST by default. Apart from above there are few persons that have to register for GST whether  their turnover.are below 20 lakhs or 10 lakhs.the list of such persons are as follows: Anyone who drives inter-state supply of goods Casual taxable person Non-Resident taxable person Agents of a supplier Those paying tax under the reverse charge mechanism Input service distributor E-commerce operator or ag gregator Person who supplies via e-commerce aggregator Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person