If a business operates from more than one state, the taxpayer should obtain a separate GST registration for each state. For instance, If an automobile company sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and Tamilnadu respectively.

Small taxpayers who wish to have lesser compliances to deal with and lower rates of taxes under GST, can opt for the Composition scheme, A trader whose aggregate turnover is below Rs 1.5 crore can opt for the Composition scheme. In the case of North-Eastern states and Himachal Pradesh, the present limit is Rs.75 lakh. Click here to know all about the Composition scheme. Also, the government extended the Composition scheme to service providers having an aggregate turnover of up to Rs.50 lakhs. Click here to go through the Composition scheme for service providers.

It is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called 'Income tax Act' which was passed by the Parliament of India.**

No. Receipts can be classified into two kinds. A) Revenue receipt B) Capital receipt. The general rule under the Income tax Act is that, all revenue receipt are taxable unless a receipt is specifically exempted and all capital receipts are exempt from taxation unless there is a provision to tax it. Gifts and loans etc are in the nature of capital receipts not attracting tax.

At the moment individual, HUF, AOP, and BOI having income below rupees two lakh fifty thousand need not pay any income tax. For other categories [persons] such as co-operatives societies, firms, companies and local authorities no such exempted limits exists, so they have to pay taxes on their entire income. In cases of senior citizens aged 60 years and above the exempted limit for the financial year 2019-20 is rupees three lakh, and in cases of super senior citizens aged 80 years and above the exempted limit for the financial year 2019-20 is rupees five lakh.

GST registration allows your business to function legitimately and positions your brand as trustworthy and authentic. With the GST portal having simplified many processes, starting from application to filing returns, GST registration is the first step to managing your company taxes efficiently.