As of July 1, 2017, Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders, and manufacturers. On 01.07.2017, a variety of Central taxes, such as Service Tax, Excise Duty, CST, and state taxes, such as Entertainment Tax, Luxury Tax, Octroi, VAT, were merged into one tax – GST. At every step of the supply chain, GST will be charged with full set-off benefits. No manual intervention is required in the GST process. The supply chain for any product involves a number of stages, including purchasing raw materials, manufacturing, selling it to the wholesaler, selling it […]
How to get a GST Registration ?
The name Goods and Services Tax (GST) reflects that it is a taxation system that takes into account both the goods and the services. Through a dual mechanism of GST, the GST applies to both tangible goods as well as intangible services and maintains a balance of independent revenues for both the Central Government and the State Government. With the advent of the GST regime on 1st July 2017, all value additions are subject to a comprehensive, multi-stage, and destination-based tax. Transparency in the indirect tax framework will be enhanced by the GST regime, which is expected to bring down […]