What is Indirect Tax?
An Indirect Tax is a Tax collected by an intermediary from the person who bears the ultimate economic burden of the tax. The intermediary later files a tax return and forwards the tax proceeds to government with the return.
Indirect tax can be defined as taxation on an individual or entity, which is ultimately paid for by another person. The body that collects the tax will then remit it to the government.
– GST Registration
– GST Audit
– GST Return Filing
- GSTR 1
- GSTR 2
- GSTR 3
- GSTR 4
- GSTR 5
- GSTR 6
- GSTR 3B
- GSTR 9A
- GSTR 11
- GSTR 10
- GSTR 9
- GSTR 8
Any person or entity supplying goods or services in India above the aggregate turnover limit is mandatory required to obtain GST registration.
GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially.
Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST.
Rs.20 lakhs for service providers and Rs.40 lakhs for goods suppliers, except in special category states and subject to the conditions.
Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration.