GST Explained about Registration process, Registration Cost & Input Tax Credit
These are Some Frequent Questions, I generally get, So thought to write a blog about it. Q.1) What is GST? GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc. Q.2) What is GST tax slab rate? There is basically 5 slab rate for Product & 1 Slab for Service. For Product it is , 0%, 5%, 12%, 18%, 28% For Service, It is 18% Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE? Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented. Q.4) How do I apply for GSTIN (GST REGN NUMBER) online? Simply go to GST PORTAL http://gst.gov.in & apply online. Remember if Your annual gross revenue is more than 20 lakhs then you are required to register, the slab is 10 lakhs in north east states. NOTE - For eCommerce sellers & interstate sellers it