When something related to the economy gets passed by the two houses of Indian parliament, there is a continuous growth in the public interest. People of all sorts want to know what will be the resultant effect of such changes in their lives. The same is true in case of Goods and Services Tax implementation. While the experts have also said that such a step for unification of national market should have been taken earlier in time, there is still ample value in the idea to grow Indian economy. This is because there are benefits for all in such a taxation system, be it a high end industrialist offering services or products or the end consumers. Collecting the accurate GST information in India has become very important for the business owners as well as professionals working in financial sectors. While there are increasing interest about the role of this new tax regime, there are commonly asked questions which are answered below. If you are looking for such information, here is what you should know about GST:
Is There Any Threshold Limit Made Mandatory For GST Registration?
As a matter of fact, there is a limit. If you are running a company that has an aggregate turnover exceeding nine lakh rupees, you need to register for GST. If you want to get served by the professionals to get the registration process covered, you can call for GST consultancy and legal services. There are exceptions for the dealers that have their business running in the North eastern states in India. It is mandatory for such dealers to get GST registration covered with turnover beyond four lakh.
What Does GST Compliance Rating Score Means?
People ask for this score and wish to know if they are eligible for the GST registration. In actual sense, your record of compliance with the GST act makes up this rating score. A regular score update takes place and the individuals are informed about it. The only reason to make use of this score is to check the extent to which the registered dealers are compliant with the rules and standards. More related GST information in India can be obtained when you look for the legal services offered by professionals.
Which Transactions Are Taxable under GST?
In clear terms, you should know that the transactions including sale, transfer, rental, lease and many others will be covered under GST. And there is no specific business type for which it is excluded. Whether you own a partnership firm, LLP or a PLC, you need to pay the tax accordingly.
Is It Good To Hire Professional Legal Services?
The fact is simple and clear. Professionals offering GST consultancy and legal services know more than a common individual about taxation system of your country. In terms of taxes and businesses, no business owner wants to take risks. Hiring professionals also places you to the safer side as they will be handling the GST registration or any other related aspect based on their expertise. So, if you want to be on the safer side, it is best to get helped by professionals.