Goods and Services Tax
Yes, in India, as a service provider, you are required to pay Goods and Services Tax (GST) if your annual turnover exceeds the threshold limit of Rs. 20 lakhs (or Rs. 10 lakhs for some special category states). Even if your turnover is below the threshold limit, you have the option to voluntarily register for GST and pay tax on your supplies.
For site:https://www.gst.gov.in/
The rate of GST on services varies based on the nature of the service provided. It can be levied at 5%, 12%, 18%, or 28%. However, certain services like healthcare and education are exempt from GST. It is crucial to maintain accurate records of all transactions and fulfill the obligation of filing regular GST returns to avoid penalties and any potential legal issues.
For further details access our website:https://vibrantfinserv.com/
