FAQ of GST Migration
Q1. What is Goods and Services Tax (GST) ?
It is a destination based Indirect tax which is levied on a supply of Goods or Service. The GST is lived at the time and place of supply. FAQ of GST Migration
Q2. Should I need to register under GST if I am a small shop keeper ?
GST is exempted until the turnover of your business is not equal to or more than 20 lacs all over India. However, for businesses of Northeast states the threshold turnover is Rs. 10 lacs only.
Q3. I have interstate supply, but my turnover is only 9 lakh do I need GST Registration?
For persons doing interstate supply, there is no exemption, and you need to apply for GST registration even you an interstate supply of Rs. one.
Q4. I have multiple business spread across various state, do I need to take GST Registration in all states
Yes, you need to take GST registration in all states from where you are supplying goods or services.
Q5. What is composition scheme?
Small tax payers having turnover of Rs. 75 lacs or less, can opt for composition scheme where the GST is 2% for manufactures, 5% for restaurants and 1% for other suppliers. The tax payer can’t take input credit.
Q6. What is HSN Code for goods or SAC code for services ?
The invoices need to contain HSN Code of goods or SAC codes for the services. the list of codes can be found by visiting.