India introduces One Nation One Tax "Goods and Service Tax (GST)" effecting from 1st July 2017. Introduction of GST is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
GST Replaces below indirect taxes :
Benefits of GST :
Who need to get comply GST?
a) A business entity currently registered under any of the above tax regimes, it is compulsorily required to migrate under GST law irrespective of the threshold limits of turnover.
b) If you are supplying goods and services and not yet registered under any of the above tax regimes, then you are liable to take GST registration, if the aggregate turnover in any financial year exceeds the threshold limit of Rs 20 lakhs (Rs 10 lakhs for North East Region).
How We may Assist you to Comply GST ?