Freelancers who provide services need to register for GST if their annual turnover exceeds the threshold of 20 lakh.
GST is a transparent and comprehensive method of taxation followed across the county. With GST, the Indian financial establishment is leveraged to a more efficient and unambiguous tax structure.
Invoices form an integral part of any business transaction. The right kind of invoice is to be attached while uploading returns to get tax benefits.
GST has replaced most other indirect taxes like service tax, VAT, central excise duty, additional customs duty, surcharges and octroi.
The scheme is Ideal for businesses with a turnover of less than Rs 1.5 crore. Small taxpayers can bid tedious GST formalities adieu and only pay GST at a fixed turnover rate.
HSN stands for Harmonized System of Nomenclature, and is used to classify goods in a systematic manner.
GST offers numerous benefits to startups like simple tax processes, online procedures and ease of doing business.
Understanding reverse charge mechanism can help businesses surmise their transactions in a more comprehensive manner.