- Basic necessity items are exempted under GST like milk, salt, bread, etc.
- life-saving drugs and Household necessities etc are taxed at 5%
- Processed foods and computers are taxed at 12%
- capital goods, industrial intermediaries, Hair oil, toothpaste and soaps, and services are taxed at 18%
- Luxury items are taxed at 28%
You can check the tax rate for all products after clicking on this link https://cbec-gst.gov.in/gst-goods-services-rates.html
Documents required for GST Registration
- PAN Card of proposed proprietor / Directors/ Partners
- Aadhar Card of proposed proprietor/ director/ partners
- Photographs of all director/ proprietor/ partners
- PAN card of business entity (company/partnership/LLP)
- Certificate of incorporation or Partnership agreement (company/ LLP/ Partnership)
- Address Proof of proposed business address (any one):
- Rent agreement
- Electricity bill
- Gas bill
- Water bill
Who needs GST Registration?
*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.
- Individuals who were registered under the Pre-GST laws (viz-a-viz Excise, VAT, Service Tax, etc.)
- Businesses that have a turnover of INR. 40 Lakhs and above (INR. 10 Lakhs for North-Eastern States, Himachal Pradesh, and Uttarakhand)
- Casual taxable person / Non-Resident taxable person
- Agents of a supplier
- Input service distributor
- Businesses/Individual required to pay tax under the reverse charge mechanism
- A person who does trade via an e-commerce aggregator
- An e-commerce aggregator
- Any person, other than a registered taxable person, who supplies online information and/or database access and/or retrieval services to a person in India from a place outside India,
