- Listed: June 17, 2017 11:58 am
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What is GST?
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
“Goods and Service Tax (GST) is a comprehensive tax levy on the manufacture, sale and consumption of goods at a national level, under which there is no distinction between goods and services for taxation, it is mostly centralized in India. And all indirect taxes imposed on goods and services by the State Governments will be substituted.
Under the GST (Goods & Service Tax) regime, every business having a taxable supply of goods or services and whose business threshold is more than the threshold limit. Upon the execution of Rs.20 lakh / 10 lakhs, there will be a need to register as a normal taxable person. This process is registered which is called GST registration.
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