In this article, we will discuss the impact of GST on small business and startups with turnover up to 50 Lakh. GST has a concept of composition scheme, where one has to pay tax @ 1% or 2% on the total turnover with lesser compliance.
This article explains the registration process under the new Goods and Service Tax (GST) Act, 2016. The whole process under GST regime is also online. The structure of GSTTIN is also explained in this article.
This article explains the importance of service tax registration when GST is on the doorstep. Under GST, every person being a service provider, a dealer, trader, manufacturer, Exporter, Importer etc will have to apply for GST registration.
Since, GST will be passed very soon, it is very important to know the applicability of GST and the impact of its legal provisions on your business. No doubt, it will impact all the business including service providers, traders, manufacturers, startups.
This is a Model GST Law that has been introduced by the Government of India. You can download the GST law copy for your analysis. GSY subsumes most of the indirect taxes like Excise, service tax, VAT, sales tax etc.