The tax came into effect on July 1, 2017, through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian government. The tax replaced existing multiple cascading taxes levied by the central and state governments. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while the tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services, or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid or could be penalized. Further, GST Registration is mandatory once an entity crosses the minimum threshold turnover or starts a new business that is expected to cross the prescribed turnover. Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer. We at R.K. BANSAL & CO. can help you with New GST Registration with a hassle-free Documentation process and Fast turn-around. Searching for the Top registered GST Consultants. visit our Required Documents section for Gst Registration at R.K. BANSAL & CO. We are the best GST filling consultant in India.
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