Business Marathon India is providing GST registration and GST filling services for your business.

What is GST?

GST or the Goods Services Tax has been in effect from July 1, 2017. Goods and Services Tax is a destination-based, multi-stage, comprehensive tax levied at each stage of value addition. Having replaced multiple indirect taxes in the country, it has successfully helped the Indian Government achieve its ‘One Nation One Tax’ agenda.

The GST rates on different goods and services are uniformly applied across the country. Goods and services have, however, been categorised under different slab rates for tax payment. While luxury and comfort goods are categorised under higher slabs, necessities have been included in lower and nil slab rates. The main aim of this classification is to ensure uniform distribution of wealth among residents of India.

As per the committee, entities in special category states with a yearly turnover of Rs.10 lakhs and above would be necessary to register under goods and service tax. All other entities in rest of India would be necessary to register for goods and service tax if annual turnover exceeds Rs.20 lakhs. There are also different other criteria, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover.

Goods and Services Tax comprises three components applicable, basis the centre, the state and integrated levy.

• They are –
  • CGST – Central Goods and Services Tax is collected by the central government on sales conducted intra-state.
  • SGST – State Goods and Services Tax is collected by the state government on the sale of goods and services within a particular state as well.
  • IGST – The central government collects Integrated Goods and Services Tax on sales affected inter-state.
• Goods and Services Tax – Applicable Rates
• The GST tax structure in India is divided into six rate slabs applicable for various goods and services divided accordingly. Following is the Goods and Services Tax structure in the country.
  • Exempted goods (No tax applicable)
  • 0.25% rate slab
  • 5% rate slab
  • 12% rate slab
  • 18% rate slab
• 28% rate slab