GST is a tax registration mandatory for all businesses in India meeting ANY of these conditions
A: GST (Goods and Services Tax) is an indirect tax levied on goods and services in India. Businesses with an annual turnover exceeding ₹40 lakhs (₹20 lakhs for special category states) must register under GST.
A: GST has four primary tax slabs: 5% (Essential goods) 12% & 18% (Standard goods/services) 28% (Luxury/sin goods) 0% (Exempted items like fresh produce)
A: No, only GST-registered businesses can claim ITC on purchases.
Late fees are ₹50/day (₹25/day for nil returns) up to a maximum of ₹5,000. Interest of 18% p.a. applies on unpaid tax.
A: Errors can be rectified in the next return (GSTR-1/3B) or via an amendment form (GSTR-2A/9C).
A: Exports are zero-rated (0% GST), while imports attract IGST + customs duty. Refunds are available for export-related ITC.
GSTR-1: Monthly/quarterly outward supply details. GSTR-3B: Monthly summary return with tax payment. GSTR-9: Annual return consolidating all transactions.
A: Yes, if turnover is below ₹1.5 crore (₹75 lakhs for special states). Composition dealers pay a flat rate but cannot claim ITC.
A: PAN, Aadhaar, proof of business (license/rent agreement), bank details, and photographs of promoters.
A: Typically 3–7 working days if documents are complete.