Goods and services tax (“GST”) is an indirect tax for the entire country levied on the supply of goods and services. GST is India’s single unified tax which reflects an overall shift from taxing goods and services at the point of supply to where they’re consumed. India is also looking to boost tax revenue by moving the existing sales taxes to a new harmonised GST system. GST was touted as biggest taxation reform since independence.
The recent 32nd GST council meet announced new registration criteria for businesses, doubling the sales threshold for GST registration to INR 40 Lakh, allowance … Read more