Does GST apply to you?

By Kasmin Fernandes | Oct 07, 2019

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India’s tax laws went through a historic change on 1st July 2017, and is likely to benefit the entire country by widening the net tax. As with everything, GST requires our support, particularly every assesses under Central Excise and Service Tax need to migrate to GST by doing their enrollment on the GST portal.

Whether you run a small business or provide a service, you’re likely to be affected by GST.

You’re required to register for GST, in case all or any of the following is true.

GST applies to all kinds of businesses, these include commerce, manufacturing, professions, vocation, trade or any other kind of business irrespective of its volume or frequency.

GST also applies to all kinds of services, and services means anything other than goods.

GST also applies to persons, this includes Individuals, HUF, Company, Firm, LLP, AOP, Co-Operative society, Societies, Trust etc.

However, the sector where GST does not apply is Agriculture, this includes floriculture, horticulture, sericulture, raising of crops, grass or garden produce. Agriculture does not include dairy farming, poultry farming, stock breeding, gathering of fruits or rearing of seedlings or plants.

Cases where registration of GST is necessary irrespective of turnovers:-

Although, the turnover threshold required to register for GST is Rs. 20 lakhs. However, for certain states this limit is Rs. 10 lakhs.

Below is a list of all the states which are assigned a special status in the Goods and Services Tax regime:-

  1. Arunachal Pradesh
  2. Assam
  3. Jammu & Kashmir
  4. Manipur
  5. Meghalaya
  6. Mizoram
  7. Nagaland
  8. Sikkim
  9. Tripura
  10. Himachal Pradesh
  11. Uttarakhand

Please go through a thorough discussion with your accountant/CA before taking any step. Make sure you’re taxable under GST, know why you’re taxable. Also, we will be posting a step by step guide to register your business for GST. 

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