Top Ten Gst Registration Firm in Lucknow
The goods and services tax was implemented in the country by the midnight parliament session on July 1st, 2017. This is the single biggest indirect tax reform in the country and has subsumed many central and state indirect taxes. The objective of the implementation of the goods and service tax is to remove the multiple tax levies thereby eliminating the cascading tax effect on the movement of goods. It has also led to the creation of the single market in the country for easy flow of goods across the country.
The goods and services tax has reduced the logistic burden in form of tolls and taxes at the state borders for the transporters. The goods and services tax has subsumed service tax, additional excise duty, central excise duty, additional custom duty, value addition tax, entertainment tax, luxury tax, purchase tax, entry tax, octroi tax, etc.
However there are several products that are kept outside the preview of the goods and service tax, these are petroleum product, alcohol for human consumption, high-speed diesel, motor spirit, natural gas, and aviation turbine fuel. This product will continue to attract sale tax. But all other products and services in the country are divided into five tax slabs from 0% to 5%, 12%, 18% and 28%.
Businesses and Trades that Must Get GST Registration
The services of the experts of the Top Ten GST registration firm in the Lucknow will help the businessman, trader, and services provider to understand registration document requirements and process. Every business and trade with 20 lac turnover in the country (10 lac for northeast and hilly areas) must register with the new tax regime. Every existing taxpayer under the central tax, sale tax, the value-added tax must get the registration. It is also mandatory for the business engaged in the interstate supply of goods or services, irrespective of turnover. All E-commerce players are required to get GST registration. All sellers on major E-commerce platform must also get the registration, no matter what their turnover is. The causal taxable person, who occasionally takes part in the business of goods and services such as someone selling fire cracks during Diwali, must also register for goods and services tax.