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Goods and services tax (GST) is a tax on goods & services sold or consumed. If your business is registered for GST, you have to collect this extra money from your customers. You need to pay this to the Taxation Office periodically.
Key Point :- GST is indirect tax, Amount paid by seller to govt but ultimately bear by end consumer.
INDIA - As per Indian law every person will require to register under GST whose turnover of business exceed 40 lakes rs. in a financial year with some exceptions as specified under GST Act.
AUSTRALIA - Register for GST if you run a business or enterprise that has a turnover of $75,000 or more per year. run a not-for-profit organisation that has a turnover of $150,000 or more per year.
India
GST Registration under Composition : This scheme is generally for small businessess with less compliances and less cost involded.Businesses withannual turnover upto 1.5 cr can take registration under this scheme.
GST Registration under Regular scheme : Other than above scheme businesses can take registration under this but in this extra complianes required.
India
1. PAN Card of Applicant( Proprietor, Firm, Company)
2. Aadhar of applicant (if Individual)
3. Passport size photo of applicant (If Individual)
4. Rent Agreement /NOC/Lease Deed for registered office address
5. Utility Bill for Ownership of Registerd office proof.
6. Board Resolution in case of Company.
7. DSC Require in case of company.
India : Different different GST rates are prescribed for different goods (3, 5, 12, 18, 28 etc.) and for service provider GST rate is 18% only.
Australia : Most of the goods / service are taxable @10%
India :
Under Composition : CMP-08 to be filed quarterly and also one annual return to be filed with GST Department.
Under Regular : GSTR-3b to be filed monthly and GSTR-1 monthly or quarterly depends on turover and also annual return GSTR-9 to be filed annualy. GST audit is also complusory if exceeds prescribed turnover limit.
Australia :
Once registered, companies are required to file periodic GST returns, known as Business Activity Statements (‘BAS’). The frequency of these depends on the trader’s turnover, and is determined at the time of registration.
