The Goods and Services Tax or GST is a uniform tax system that has supplanted many of the duties in India like the VAT, service tax. GST registration is mandatory for all businesses whose turnover exceeds 20 lakhs. Also, businesses with turnover up to 1.5 crore can opt for the Composition scheme and pay 1% tax . On enrollment, every one of the citizens is assigned a one-of-a-kind PAN-based 15-digit Goods and Services Tax Identification Number (GSTIN).
