The goods and services tax (gst) is a value-added tax levied on most goods and services sold for domestic consumption. The gst is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, gst provides revenue for the government. It incorporates all taxes such as sales tax, service tax, excise duty etc. Into gst. Businesses registered under any of the pre-gst laws: vat, excise/service tax have to register under gst by default. The registration in gst is pan based and state specific.gst registration is required primarily if your annual sales turnover exceedsrs. 20 lakh. Even if your sales are less than rs. 20 lakh, we suggest that you voluntarily opt for gst registration. An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of rs.10, 000. The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes.
Jaipur, Rajasthan, India
