Is Your Business Ready For GST?

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Asked by Maxabout Team 138 Rep.

Should You be Worried due to the Implementation of GST?

Naman Vashisht answered
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    The GST is a general tax which is applicable throughout the country. It is said to replace all the indirect taxes. As such the entrepreneurs and businessmen will face no problem as they no longer need to deal with multiple indirect taxes.

    As far as the GST is concerned, all the suppliers of Goods And Services are subject to a GST tax. Any dealer with a turnover of above 20 lakhs has to mandatory register under the GST. It will also enable the business to claim input tax credit. Failing to register, the person is subject to penalties form government. The limit is INR 10 lakhs for North Eastern states.

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