GST (Goods and Services Tax) is levied on all goods manufactured and services provided in India. GST registration is mandatory for every vendor with a turnover of Rs. 20 Lakh. Failure to register the business can lead to severe fines, punishment and jail term in some cases.
GST is the new tax law which replaced all the indirect tax applied on the goods and services in India. GST registration is also needed for the proprietorship firms. So in this article we cover all your doubts regarding the gst registration for sole proprietorship firm.
In India, the concept of GST has been developed with the objective of transforming the indirect taxation system. GST or the Goods and Services Tax comes under the Goods and Service Act of 2017, which is an indirect tax levied upon the supply of goods and services.
भारत में उत्पादों या सेवाओं की खरीद के लिए लगाए जाने वाले माल और सेवा कर के लिए जीएसटी उपयोग में आता है। जीएसटी केंद्र और देश द्वारा लगाए गए मौजूदा अप्रत्यक्ष करों (Indirect tax) की एक श्रृंखला को शामिल करेगा, जिसमें केंद्रीय उत्पाद शुल्क, सेवा कर, वैट, आयात कर, केंद्रीय बिक्री कर, स्थानीय निकाय कर, ऑक्ट्रोई, लक्जरी कर, आदि शामिल हैं। जीएसटी एक उपभोक्ता कर केंद्रित है। गंतव्य पर।
Goods and Service Tax (GST) is the new tax reform system introduced by the Government of India on 1st july 2017. It replaced all kinds of indirect tax in India under the name GST.
