GST (Goods and Services Tax)
GST is an indirect tax that is levied on consumption of goods and services except Petroleum products. The liability for payment of GST is generally with the manufacturer or service provider. However, the tax is usually borne by the consumer and paid to the supplier along with the price charged.
Mandatory GST is to be obtained for traders, manufacturers, businesses, individuals, professionals etc, whose turnover (sales) exceed INR 40 Lac or it may also be opted voluntarily. Also, all persons who make interstate purchase or sales of services or goods have to apply for GST registration, irrespective of the limits.
Foreign Nationals/ companies or non-resident taxpayers who occasionally undertake transactions involving the supply of goods or services or both are required to obtain GST registration and file GST returns. All non-resident taxable persons need to appoint an authorised person in India for the purpose of complying with GST regulations.
We at AcuCorp Advisors provide you a clear understanding of the requirement of GST depending on your business and obtain GST with ease while setting up your business.