Goods & Service Tax (GST) is a new indirect tax system in India which is replaced the old Indirect Taxes like Service Tax, Value Added Tax (VAT), Excise Duty etc. Government of India brought this GST with the slogan of One Nation - One Tax - One Market. GST is applicable for those entities who have the defined threshold limits of Turnover as per the later available Financial Statements.
Supply of goods: Aggregate annual turnover up to Rs. 40 lakhs for Normal Taxpayers and Aggregate annual turnover up to Rs. 20 lakhs for Special category states.
Supply of services: Aggregate annual turnover of up to Rs. 20 lakhs for Normal taxpayers and Aggregate annual turnover of up to Rs. 10 lakhs for Special category states.
Registration of a Private Limited Company or getting IEC License / MSME Registration is not just completed task, in fact it is a beginning task from then you are supposed to comply with much legal compliance which are may be monthly, quarterly, biannually or annually or event based on the specific nature of the task. Therefore we request you take informed decisions regarding all of this being in touch with us from time to time. Users of this portal shall also refer The Information Technology Act, 2000 and The Companies Act, 2013, Partnership Act, GST Act, Income Tax Act etc which are generally Applicable to most of the businesses in India.
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