WHAT IS GOODS AND SERVICES TAX (GST) ?

The Goods and Services Tax (GST) is an indirect tax system introduced by the Indian government on 1st July 2017 through the Goods and Services Tax Act (GST Act). This act, officially passed on 29th March 2017, aimed to consolidate various indirect taxes in India under a single taxation authority, streamlining and enhancing the efficiency of the taxation process.

GST is levied on the supply of goods and services in India. It is a multi-staged tax imposed at each stage of the production process, from the manufacturer to the consumer. The tax is ultimately borne by the consumers but collected and remitted to the government by businesses. To collect tax from customers or claim tax credits, it is mandatory for individuals and businesses to register for GST.

As of the latest amendments until March 2023, businesses with an annual turnover of Rs 40 lakhs or above are required to register for GST. In the North East and hill states, businesses earning more than Rs 10 lakhs annually must also mandatorily register for GST. The registration process is relatively simple and can typically be completed within 7 working days.

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