The goods and service tax (GST) is paid by all personnel who conduct any type of business in India. It is an indirect tax, which has replaced different types of taxes, like service tax, VAT, excise duty, etc. GST registration is mandatory for businesses, whose annual turnover goes beyond the threshold limit set for different categories (like Rs. 40 lakhs in the case of good suppliers, Rs. 20 lakhs in case of service providers, or Rs. 10 lakhs, for micro business/individuals, etc.), just like an individual pays the income tax.
All individuals and organizations that operate businesses without a GST registration will have to pay a heavy penalty under the law. In case you are planning to register or file the GST tax or want any kind of suggestions/recommendations regarding GST services, Shivaay Associates can help you obtain your GSTIN (Goods and Services Tax Identification Number) and file GST taxes at regular intervals. Our GST payment expert can help you understand GST laws and compliances.