The Goods and Services Tax is a unified, multi-stage, and consumption-based tax levied on the supply of goods or services, combining all stages such as manufacture, sale, and consumption of goods and services. It functions at a national level in order to replace most of the national and state tax systems like VAT, service tax, excise duty, etc. It removes the cascading effect of tax-on-tax, earlier prevalent. It is applicable to you if you are into manufacturing, trading, e-commerce, or providing services, and your annual turnover exceeds a prescribed limit.
You can enrol for GST via the common portal of the Goods and Services Tax.
Yes, a person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).
- It is easier to avail of the input tax credit
- Return filing and compliance are consolidated
- Increased efficiency in logistics
- Cascading tax effect (the tax-on-tax effect) does not exist
- Subsumed a variety of indirect taxes
- Higher threshold for GST registration
- Composition scheme for small businesses
- Simpler online procedure
- Unorganized sectors brought under regulation
GST replaced all the taxes currently levied and collected by the centre (such as Central Excise Duty and CVD) and by the state (such as VAT and CST) on businesses.
A business, in most cases, will be required to furnish two returns monthly and one annual return. That means any business will require to file twenty-five returns in a financial year. However, there are separate returns for a taxpayer registered under the composition scheme and as an Input Service Distributor, and a person liable to deduct or collect the tax (TDS/TCS).
It is the most advanced and lightest GST software solution for your billing, invoicing & stock needs. It is packed with full GST-compliant billings and HSN codes.
Have no worry, Exfi is designed according to India GST standards and all billing features for the modern business. We will offer full support for the GST changes.
Yes, of course, Exfi is constantly improving and tries to become more efficient by offering more functions.
You can chat with our support team during business hours 11 am – 7 pm straight from the website or send an email to firstname.lastname@example.org or give us a call on 0562-4052090.
Unfortunately, not at this time! Please try our free demo for a while to make sure Exfi is what you want.
We’re always available at email@example.com