WHAT IS GST

GST (Goods and Services Tax) is an Indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. As per the changes on the 32nd council it is necessary for each and every business to register themselves under the GST scheme if the overall annual revenue crosses Rs.40 lakhs.

Along with that, the North eastern states of India have an option to choose between 20 lakhs and 40 lakhs. Once you are registered, you will receive a unique 15 digit number i.e GSTIN Complete your GST Registration in Delhi with Ideashacks in just one click.

BENEFITS OF GST REGISTRATION IN DELHI

Previously there were many other service taxes like VAT, each of which had in own return & compliances Now, there is only one common tax i.e GST.

With GST Registration in Delhi, Small trader benefit from the composition scheme. Boosts Revenue Efficiency

With the GST Registration in Delhi, Tax evasion is minimized. Online procedure

GST Registration in Delhi supports interstate transactions also. It helps in reducing Cascading effect.

With GST Registration in Delhi it helps business to grow and expand.

WHO IS REQUIRED TO GET GST REGISTRATION IN DELHI

Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs10 lakhs for special category states in GST) is required to get GST registration in Delhi.

Any entity or supplier dealing in inter-state supply of goods. Casual Taxable Person

A person who supplies through e-commerce companies Input Service Distributor and its agent.

WHAT ARE THE RULES TO GET GST REGISTRATION IN DELHI?

A single tax known as the Goods and Services Tax is anticipated to replace a variety of indirect taxes like VAT, customs duty, excise, CST, service tax, and entertainment tax.

In India, there will essentially be two types of GST, both at the interstate level (when goods move within a state) and the intra-state level (when goods travel between states)

CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) are collected at the intra-state level.

IGST (or integrated goods and services tax) is charged at the interstate level Inter-state supply include imports Exports are exempt from taxation

TYPES OF GST IN DELHI

CGST The Central government levies CGST on the intra-state transactions of goods and services. It is levied alongside SGST or UGST, and the collected revenues are shared equally between the central and the state.

SGST A State government levies SGST on the intra-state transactions of goods and services. Revenue earned is collected by State Government. SGST subsumes earlier taxes like purchase tax, luxury tax, VAT, etc.

IGST When a transaction of goods and services is inter-state in nature, an IGST is levied on them. It is applicable to both imports and exports as well. State and central governments share the revenue generated from this tax.

UGST For union territories like Chandigarh, Puducherry and Andaman and Nicobar Islands, a Union Territory Goods and Services Tax or UGST replaces SGST.