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What is GST Registration?
Goods and Service Tax is an indirect tax (whose burden can be transferred). It was embarked on 1st July 2017 by the President of India accompanied by the Indian government. The GST launch was marked as a historic midnight session for both the houses of the parliament convened at the Central Hall of Parliament.
However, high-profile guests from the business and entertainment sector such as Ratan Tata were the attendees of the session. The critics of the GST certificate were boycotting it because of the potential problems it could create for the middle and lower class.
What is the purpose of GST?
The primary objective of the GST certificate is to eradicate the double taxation or tax on tax which cascades at different levels of manufacturing to consumption.
Thus, it supersedes the number of Central taxes such as Excise Duty, Service Tax, CST, and State tax such as VAT (Value added tax), Octroi, Entertainment Tax, Luxury Tax.
To be noted, GST is charged at each step of the supply chain. Thus an individual has to pay GST at three levels of the supply chain: the purchase of raw materials, selling to wholesalers, and selling to consumers.
Additionally, taxpayers who comprise a turnover below Rs 1.5 crore can apply for the composition scheme, which will prevent the taxpayer from tedious formalities of GST and pay GST at a fixed rate of turnover.
