GST Simplified for Beginners

Frequently Asked Questions

<b>1. What is GST?

GST (Goods and Services Tax) is a single indirect tax for the whole country replacing multiple taxes like VAT, service tax, and excise.

<b>2. Who must register for GST?

Businesses with annual turnover above ₹20 lakh (₹10 lakh for special category states) must register, along with certain service providers.

<b>3. How often do I file GST returns?

Monthly or quarterly, depending on turnover and composition scheme.

<b>4. Are GST rates the same for all goods?

No, rates vary: 0%, 5%, 12%, 18%, or 28% depending on the product or service.

<b>5. Can I claim input tax credit?

Yes, if GST was paid on business purchases, you can claim it to reduce your liability.