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Corpzo Ventures Private Limited

Tax Rates under GST

CONTACT INFO

Phone: +91 91999-9139391
Fax : +91 91999-9139391
Email: [javascript protected email address]
Website: www.corpzo.com/gst-registration
GST Registration
Address : Sector 39 Block G Road G-41
City : Noida
  Uttar Pradesh
Postal Code : 201301
Država : India

COMPANY DESCRIPTION

Introduction to GST

GST is an indirect tax levied on the supply of goods and services

It is applicable to all India service providers, traders, and manufacturers as per their turnover basis. As per government latest notification, a business whose turnover exceeds Rs 40 lakhs* is required to register as a normal taxable person. This process of registration is GST registration. For a certain set of business GST is mandatory.

In 2017 parliament if India has passed the Goods and Service Tax act (GST act) and this act came into effect from 1stJuly 2017. It’s an indirect tax which replaced many other prevailing indirect taxes in India.  It is all in one tax which includes a variety of state taxes like VAT, Entertainment Tax, Octroi, etc and central taxes like CST, Service tax, Excise duty, etc.

After registering under this a unique identification number given to each GST taxpayer known as GSTIN (GST identification number)

GST has three components, which includes:

  • Central Goods and Service Tax (CGST)
  • State Goods and Service Tax (SGST)
  • Integrated Goods and Service Tax (IGST)
Tax Rates under GST

 

  • Basic necessity items are exempted under GST like milk, salt, bread, etc.
  • life-saving drugs and Household necessities etc are taxed at 5%
  • Processed foods and computers are taxed at 12%
  • capital goods, industrial intermediaries, Hair oil, toothpaste and soaps, and services are taxed at 18%
  • Luxury items are taxed at 28%

You can check the tax rate for all products after clicking on this link https://cbec-gst.gov.in/gst-goods-services-rates.html

Documents required for GST Registration
  • PAN Card of proposed proprietor / Directors/ Partners
  • Aadhar Card of proposed proprietor/ director/ partners
  • Photographs of all director/ proprietor/ partners
  • PAN card of business entity (company/partnership/LLP)
  • Certificate of incorporation or Partnership agreement (company/ LLP/ Partnership)
  • Address Proof of proposed business address (any one):
  1. Rent agreement
  2. Electricity bill
  3. Gas bill
  4. https://www.corpzo.com/gst-regist