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The Goods & Services Tax (GST) launched on July 1 2017. It Applies to all Indian service providers (including freelancers), manufacturers & traders . A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are considered as one tax – GST. GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual process. GST Registration in Jharkhand | online GST Registration
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer.
Also, taxpayers with a turnover of less than Rs.1.5 crore can choose composition scheme to get rid of long GST formalities and pay GST at a fixed rate of turnover. GST Registration in Jharkhand/ online GST Registration is now simple for all the business persons of Jharkhand as Sonasis Ecom India provides the best GST Registration and consultant services with minimum hassle and quick documentation
The Goods and Services Tax(GST) council headed by Union Finance Minister Arun Jaitley finalized tax rates for all services,expect lottery.Also healthcare,education already exempted from tax.
The multiplicative of tax rates for services will add complexity to the compliance in the GST regime.
The GST council broadly approved GST rates for goods at nil rate,5%,12%,18% and 28% on certain goods.
#GOODS-No tax will be imposed on items like jute,fresh meat,milk,butter milk,natural honey,fresh fruits and vegetables, etc.
#SERVICES- Hotels and lodges with tariff below rs1000,grandfathering services has been exempted under GST.
#GOODS-Packed food items,footwear below 500,cream,branded paneer, frozen vegetables,pizza bread,rusk,kerosene,coal,medicines.
#SERVICES- Transport services(Railways,air transport),small restaurants.
#GOODS- Apparel above Rs. 1000,frozen meat products,butter,cheese,ghee,Ayurvedic medicine,tooth powder,coloring books,cellphone etc
#SERVICES- Non AC hotels,business class air tickets,fertilizer,work contracts
#GOODS-Footwear costing more than rs 500,bidi,biscuits,flavored refined sugar,pasta,cornflakes,James,instant food mixes,mineral water tissues,envelopes,tampons,note books,steel products,camera,speakers.
#SERVICES- AC hotels,telecom services,IT services
#GOODS-Bidis,chewing gum,molasses,chocolate not containing cocoa,waffle, pan masala,paints,deodorants,shaving creams,hair shampoo,dye,sunscreen,weighing machines,washing machines,ATM,vacuum cleaner,automobiles,motorcycles,aircraft for personal use.
#SERVICES- 5-Star hotels,race club betting,cinema.