Goods and Service Tax, commonly touted as GST, is a value added tax, applicable uniformly across all goods and services in India. It is a destination-based tax on consumption, which reduces the cascading effect of ‘tax on taxes’. There are three main components of GST, i.e., Central Goods & Service Tax (CGST), State Goods and Service Tax (SGST) and Integrated Goods and Service Tax (IGST). GST registration is mandatory if the annual business turnover is 20 lakhs, with the exception of North East (10 lakhs).
Advantages of Setting Up a GST Registration in India: