4th April 2017
This year, 101st amendment of the constitution will introduce the GST (Goods and Service Tax) Act throughout India from 1st April onwards. The official announcement of the same will be made at the nation’s Union Budget scheduled to be presented next month by the finance minister.
It is the single (all inclusive) tax to be levied by the central and state government together to reduce the burden of businessmen from paying several other taxes in the form of Excise Duty, VAT, Service tax and others. However, you need not pay GST every time. It depends upon your annual turnover and transactions.
For traders, SMEs and businessmen, it is compulsory to pay GST tax and file returns after a certain threshold limit as prescribed by the government. Since 2017 is the first year of the GST implementation, some confusion might be in the minds of the people regarding GST registration procedure and payment.
The complete step-by-step instructions on how to register for GST online
Important Documents You Need While Registering for GST
It’s compulsory for every business man to get register for GST when his business transaction or turnover exceeds 19 lakh INR per annum. However, he doesn’t need to pay the GST tax immediately. He may need to pay GST tax only when his annual business turnover crosses Rs. 20 lakh in a year.
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Download GST E-book, An introductory guide for Goods and Service Tax by Registrationwala.
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