{"id":6105,"date":"2017-06-02T20:28:07","date_gmt":"2017-06-02T20:28:07","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=6105"},"modified":"2021-06-07T02:56:07","modified_gmt":"2021-06-06T21:26:07","slug":"sme-news-bite-enroll-gst","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/sme-news-bite-enroll-gst\/","title":{"rendered":"SME News Bite: Who Should Enroll for GST?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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&#8217;s a video that can help you understand who should apply for GST and the recent tax slabs decided by the GST council.<\/span><\/p>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/rPrNlBL2zjA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p>Transcript:<\/p>\n<h2><strong>Should your business register for GST?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">If you fall under one of the following categories, you must register for GST.\u00a0<\/span><\/p>\n<p>Does your small business:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supply goods\/services over Rs. 20 lakh <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sell goods\/services from one state to another<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sell goods\/services on an online platform or marketplace<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay taxes under reverse charge<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is an input service distributor<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deduct TDS<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Export goods\/services <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is registered under VAT and Service Tax<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The GST Council recently met to finalize tax slabs for various goods and services.<\/span><\/p>\n<h3><strong>The slabs are based on a tier system:<\/strong><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">0%: unprocessed agricultural goods<\/span><\/li>\n<li><span style=\"font-weight: 400;\">5%: consumer goods like spices, tea and mustard oil<\/span><\/li>\n<li><span style=\"font-weight: 400;\">12%: all processed goods<\/span><\/li>\n<li><span style=\"font-weight: 400;\">18%: smartphones and other small digital goods.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">28%: cars, AC, refrigerators etc<\/span><\/li>\n<li><span style=\"font-weight: 400;\">28% Additional Cess: Luxury cars, pan masala, tobacco and aerated drinks<\/span><\/li>\n<\/ul>\n<h3><strong>Three Goods\/Services exempt from GST are:<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Alcohol for human consumption<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Electricity \/ Light energy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Petroleum Products<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Are you ready for GST?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tell us what you think in the comments below.\u00a0<\/span><\/p>\n<p><strong>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.<\/strong><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=home_page\" target=\"_blank\" rel=\"noopener\">GET STARTED WITH ONLINE PAYMENTS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Goods and Service Tax (GST) is all set to roll out July 1. Are you ready for&hellip;\n","protected":false},"author":5,"featured_media":6108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[200,202,769,876,205],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SME News Bite: Who Should Enroll for GST? - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"Still wondering if your business needs enroll n the Goods and Services Tax (GST)? 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