GST Basics for Small Businesses
What is GST?
— A single tax on the supply of goods and services in India
Registration
— Mandatory if annual turnover exceeds the threshold
GST Returns
— Businesses must file returns like GSTR-1 and GSTR-3B regularly
Input Tax Credit (ITC)
— You can claim credit on taxes paid on business purchases
GST Rates
— Different goods/services fall under slabs like 0%, 5%, 12%, 18%, and 28%
E-invoicing
— Mandatory for businesses above certain turnover limits
Compliance
— Timely filing and accurate invoicing help avoid penalties
Read More Stories...