GST stands for Goods and Services Tax. It is a tax levied on goods and services to a person.It is announced on 1st July 2017. GST is mandatory for certain businesses. GST Number is a 15-character long GSTIN Number.
Who Should Register GST?
- Casual taxable Person
- Who pays tax under the reverse charging mechanism
- A person who supplies through e-commerce
- Pan Card
- Aadhar Card
- Proof of incorporating office
- ID proof
- Bank account statement
- Digital Signature
What is GSTIN?
Goods and Services Tax Identification Number is provided to businesses who have GST numbers.
Accordingly, it is of 15 Characters. The 2 digits represent state code and the next 10 represent PAN.
Why do I need GST Registration?
GST registration not only supports you in getting your business identified as a legal registrant but also opens a number of chances for your business. Advantages to GST registered businesses at glimpse are as follows:-
What is GST Composition Scheme?
GST Composition Scheme is for the small taxpayers, which is framed to reduce the tax compliance burden. Moreover, small taxpayers need not file monthly GST returns and they need to pay nominal GST at a fixed rate of turnover. For example, any business having an annual turnover of up to ₹1.5 Crore can opt for GST registration under the composition scheme.
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