The Goods and Service Tax (GST) is all set to roll out July 1. Are you ready for GST? Wondering if your business should enroll for GST and what kind of rates will apply? Here’s a video that can help you understand who should apply for GST and the recent tax slabs decided by the GST council.
Transcript:
Should your business register for GST?
If you fall under one of the following categories, you must register for GST.
Does your small business:
- Supply goods/services over Rs. 20 lakh
- Sell goods/services from one state to another
- Sell goods/services on an online platform or marketplace
- Pay taxes under reverse charge
- Is an input service distributor
- Deduct TDS
- Export goods/services
- Is registered under VAT and Service Tax
The GST Council recently met to finalize tax slabs for various goods and services.
The slabs are based on a tier system:
- 0%: unprocessed agricultural goods
- 5%: consumer goods like spices, tea and mustard oil
- 12%: all processed goods
- 18%: smartphones and other small digital goods.
- 28%: cars, AC, refrigerators etc
- 28% Additional Cess: Luxury cars, pan masala, tobacco and aerated drinks
Three Goods/Services exempt from GST are:
- Alcohol for human consumption
- Electricity / Light energy
- Petroleum Products
Are you ready for GST?
Tell us what you think in the comments below.
Disclaimer: Information in this article is intended only to provide a general overview and is not intended to be treated as legal advice. Please consult a tax expert to get a better understanding of the GST Laws.
5 comments
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Hi Admin,
Thanks for sharing this blog with us, I read your article, your blog contains very important information for us, I appreciate your effort. its look like you have GST Expert level of knowledge.
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We organise trips from bangalore to different places. And we keep the itineraries online and looking forward to use Instamojo as payment gateway. Do we need to register with GST ?
Ideally, you would be required to register for GST if you are supplying services across the borders of your state. However, please consult your accountant for more information.
If you are planning on using Instamojo and don’t have your GSTIN yet, just fill the other details like address and PAN number so that we can invoice you properly.
Below is the link: https://www.instamojo.com/compliance/
If you want to register for GST, you can start here after you’ve signed up with Instamojo. We have partnered with a GST Platform to help our merchants register: https://www.legalraasta.com/gst-instamojo-registration/
You can also check these FAQs for more info:
https://support.instamojo.com/hc/en-us/sections/115000074452-Everything-you-need-to-know-about-GST