GST for Small Businesses in India: A Simple Guide
The Goods and Services Tax (GST) is mandatory for businesses with turnover above ₹40 lakh (₹20 lakh for services). It simplifies tax by merging VAT, service tax, and excise duty. To register, visit the GST portal, submit documents like PAN, Aadhaar, and address proof. You’ll get a GSTIN and must file monthly or quarterly returns. GST allows Input Tax Credit (ITC), reducing overall tax burden. Non-compliance can lead to penalties. Use accounting software or hire a tax expert to manage it smoothly.
