Goods & services tax, referred to as GST., was introduced in India in July 2017. Businesses are required to pay Goods and Service Taxes, and it is better to learn more about them to save on GST than to pay a bucket load in GST due to ignorance.
However, GST has removed many confusing practices regarding collecting tax on goods and services. Therefore, it is always important to calculate GST accurately for your business to avoid paying too much tax or making GST mistakes that negatively reflect on your business.
Ansari Corporate is here to assist you by providing you with information about the basics of GST that every business owner or individual should be familiar with.
GST is a tax collected by the Central and different State Governments on various goods and services. Therefore, every product or service sold or purchased has its own GST charge to be paid to the Government
People in business with annual revenue of more than Rs. Twenty lakhs or Rs. 40 lakhs (for supplying goods) must register their enterprises with the GST authorities. Failure to comply will result in fines and imprisonment.
The GST registration form can be completed online through the government portal, but it is imperative to provide complete and accurate tax information.
A tax registration that complies with GST Should follow some set of rules:
Contact Ansari Corporate for a free consultation if you wish to learn more about GST for your business. We are happy to help!
Please feel free to ask any questions you may have.
We are eager to hear from you.