Goods and Service Tax is a tax levied on supply of goods and services right from the point of manufacturing to final consumption by user. GST is a simplified indirect tax structure, wherein tax paid on goods/services procured by one person at one stage can be availed as credit while passing on the goods/services to the next stage, until they reach the final consumer who bears incidence of tax.
In the GST Regime, businesses whose turnover from sale of goods exceeds Rs. 40 lakhs (Rs 20 lakhs for NE and hill states) or turnover from providing services exceeds Rs 20 lakhs is required to register as a normal taxable person. For certain for certain other businesses, registration under GST is mandatory irrespective of turnover, like those paying tax under the reverse charge mechanism, supply to SEZ, Exports etc.
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