Goods & Services Tax (GST) – Overview
What is GST?
- Single Tax for Entire Nation – One tax across states and services
- Tax Collected at Point of Consumption – Not production
- Elimination of Cascading Tax Effect – Claim full ITC on purchases
Documents Required for GST Registration
✅PAN card of business or individual
✅Aadhaar card
✅ Business address proof (electricity bill, rent agreement, etc.)
✅ Bank account details (cancelled cheque or statement)
✅Digital Signature (for companies/LLPs)
Goods & Services Tax (GST) – Overview
GST (Goods and Services Tax) is one of the most important tax reforms in India, introduced to simplify the indirect tax system. It replaced multiple taxes like VAT, Excise, Service Tax, and others, creating a unified tax system for the entire country. Whether you’re a small trader, a service provider, or a large manufacturer, understanding GST is essential for smooth and compliant business operations.
At Aadesh Kumar & Associates, we help you with GST registration, filing, returns, and compliance so you can focus on growing your business, not managing complex tax rules.
Goods & Services Tax is a destination-based indirect tax levied on the supply of goods and services. It is governed by the GST Act, 2017 and implemented across India in a uniform manner. Businesses collect GST from customers and deposit it with the government after claiming Input Tax Credit (ITC).
FAQs – Goods & Services Tax (GST)
Q. What is the GST rate in India?
GST has multiple slabs: 0%, 5%, 12%, 18%, and 28%, depending on the product/service.
Q. Is GST mandatory for small businesses?
Yes, if turnover exceeds the prescribed threshold or if you’re doing inter-state trade.
Q. What is Input Tax Credit (ITC)?
ITC allows businesses to reduce their tax liability by claiming credit for GST paid on purchases.
Q. How often do I need to file GST returns?
Monthly or quarterly depending on the scheme opted and business size.
Q. Can I cancel my GST registration?
Yes, if your business is closed or turnover is below the threshold, cancellation can be applied.
