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GST Registration & Return
GST(Goods & Services Tax)
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy. The rate of GST in India is between double to four times that levied in other countries like Singapore.
GST RETURN
After the GST Registration, each assesse have to file the GST Returns as per the compliance.
For Regular Dealers- if you are registered under the regular scheme of the GST then you have to file the monthly basis returns.
Composition Scheme
Composition Levy is an option provided to small business enterprises whose aggregate turnover in preceding financial year did not exceed Seventy Five Lakh rupees may opt to pay tax at much lower rates of One percent,Two percent in case manufacturer, and 5% in case of person engaged in supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration.
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