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GST act mandates that all entities involved in selling goods or providing services or both are mandatorily required to get themselves registered under the GST only when the entity crosses a minimum threshold turnover limit or when an individual starts a new business that is expected to cross the prescribed turnover. Although a person can also voluntarily register itself under GST.
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting taxes on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.
Without registration, a person can neither collect taxes from his customers, nor claim any input tax credit of tax paid by him.
|Business Activity||Aggregate Turnover (For Normal Category States)||Aggregate Turnover (For Special Category States)|
|Dealing in Goods||40 Lakhs||20Lakhs(1) 10Lakhs(2)|
|Providing Services||20 Lakhs||10Lakhs(3)|
|Deals in both goods and services||20 Lakhs||10Lakhs(3)|
|Category of Registered Person||Rate of GST|
|Manufacturers, other than manufacturers of ice cream, pan masala and tobacco||(0.5% + 0.5%) = 1% of the turnover in the State or Union Territory|
|Restaurant and Outdoor Catering Services||(2.5% + 2.5%) = 5% of the turnover in the State or Union Territory|
|Any other supplier eligible for composition levy||(0.5% + 0.5%) = 1% of the turnover of taxable supplies of goods and services in the State or Union Territory|
|Supplier of Services||(3% + 3%) = 6% of the turnover in the State or Union Territory|
Aggregate turnover is the total turnover/sales (which shall include all taxable, exempt, non-taxable, and exports of both goods and services) of all the business under the same PAN. However, GST Taxes are not included while calculating this amount.
There are four types of GST. That is, integrated tax on goods and services (IGST), state tax on goods and services (SGST), central tax on goods and services (CGST), and union tax on goods and services (UTGST).
» When the buyer and seller are in two different states, then such a supply is called Inter-state supply.
» When the buyer and seller are in the same state, then such a supply is called Intra-state supply.
When the supply of goods or services are made through an e-commerce operator and payments for such supplies are received by the e-commerce operator, then the e-commerce operator is obliged to collect an amount equal to 1% (0.5% CGST + 0.5% SGST) of the taxable supplies and deposit it with the government. The net amount is paid to the supplier, and the supplier can take credit for this TCS through the GST portal.
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