Goods and Service Tax (GST) is an indirect tax levied in India on the supply of Goods and Services. GST is
levied at every step in the production process, but is meant to be refunded to all parties in the various
stages of production other than final consumer.
GST has following five slabs:
- 0 Percent
- 5 Percent
- 12 Percent
- 18 Percent
- 28 Percent
The GST came in to force with effect from 01 st July, 2017.
If the turnover or receipts of business exceeds Rs. 20 Lakhs and for the Northeastern and hilly states
(Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim,
Tripura, Himachal Pradesh and Uttarakhand ) exceeds Rs. 10 Lakhs then business needs registration
under Goods and Service Tax (GST) Act.
Documents required for GST registration:
- Pan Card of business entity and pan card of authorized signatory (Partners & Directors)
- Mobile Number and e-mail id
- Address proof for the place of business
- Address proofs of partners and directors with photograph
- Class 2 Digital Signature Certificate for the authorized signatory
- Bank account statement