Q: What is GST?

A: GST stands for Goods and Services Tax. It is a comprehensive tax levied on the supply of goods and services across India.

Q: What is the objective of GST?

A: The objective of GST is to bring about a uniform tax structure across the country and to eliminate the cascading effect of taxes. It is also aimed at simplifying the taxation process and increasing tax compliance.

Q: What are the different types of GST in India?

A: There are four types of GST in India:

Central Goods and Services Tax (CGST)

State Goods and Services Tax (SGST)

Integrated Goods and Services Tax (IGST)

Union Territory Goods and Services Tax (UTGST)

Q: Who is liable to pay GST?

A: Any person who is engaged in the supply of goods and services and whose turnover exceeds the threshold limit of Rs. 40 lakhs (for most businesses) or Rs. 10 lakhs (for special category states) is liable to pay GST.

Q: What is the threshold limit for GST registration?

A: The threshold limit for GST registration is Rs. 40 lakhs for most businesses and Rs. 10 lakhs for businesses in special category states.

Q: Is GST applicable on exports?

A: No, GST is not applicable on exports.

Q: What is Input Tax Credit (ITC)?

A: Input Tax Credit (ITC) is the credit that a taxpayer can claim for the taxes paid on the inputs used in the production of goods or services.

Q: Can GST be paid in cash?

A: GST can be paid in cash or through electronic means such as internet banking, credit/debit cards, or NEFT/RTGS.

Q: What are the GST rates in India?

A: The GST rates in India range from 0% to 28% depending on the type of goods or services.

Q: Is GST applicable on services provided by freelancers or self-employed individuals?

A: Yes, GST is applicable on services provided by freelancers or self-employed individuals if their annual turnover exceeds the threshold limit of Rs. 40 lakhs.

Q: How often should GST returns be filed?

A: GST returns should be filed on a monthly or quarterly basis, depending on the turnover of the business.

Q: What is the penalty for late filing of GST returns?

A: The penalty for late filing of GST returns is Rs. 50 per day for CGST and Rs. 50 per day for SGST, subject to a maximum of Rs. 5,000.

Q: Can GST registration be cancelled?

A: Yes, GST registration can be cancelled if the taxpayer is no longer liable to pay GST or if the business is closed down.

Q: What is the composition scheme under GST?

A: The composition scheme under GST is a simplified tax regime for small businesses with an annual turnover of up to Rs. 1.5 crore. They can pay a fixed percentage of their turnover as tax instead of the regular GST rates.

Q: Can GST be refunded?

A: Yes, GST can be refunded in certain cases such as exports, inverted tax structure, and excess tax payment.

Q: How can one check the GST registration status?

A: One can check the GST registration status on the GST portal by entering the GSTIN or PAN number.

Q: What is the GST council?

A: The GST council is a constitutional body that recommends the tax rates, tax exemptions, and other related matters to the Central and State Governments.