How to get HSN Code, GST Online Registration Procedure, GST Rates: Good and service tax (GST) has been launched by Narendra Modi led the BJP government to consolidated all types of taxes to make it one which is known as GST. Currently, GST is having 4 Taxing Slab which is of 5%, 12%, 18%, and 25%. Most of the consumer goods are free from taxes or under 5-12%. But most of the luxury goods are under 25% slab. Diesel, Petrol, LPG, and Alcohol are out of GST till now.
GST Online Registration Process
There are two types of registration under the GST Regime the 1st is Casual Registration and the second one is Compulsion registration. You will have to pay a fine of 100 of the Taxing amount for GST Aviation.
In Casual GST Registration, someone has to deposit an advance amount that is equal to the expected GST liability during the time of 3 months and it can be extended or renewed. In compulsion registration, someone has to deposit flat charges under this category. The Input tax credit cannot be obtained under this category.
How to Get HSN Code?
HSN code is the short form of Harmonized System of Nomenclature developed by the World Customs Organisation. Each and every business require to clarify the list of goods they are dealing with the proper HSN Code. In the GST registration also HSN code is required to verify the product/business details.
GST Rates 2020-21
Currently in GST rates are applicable in 4 Slab which is of 5%, 12%, 18%, and 25%. Most of the consumer goods are free from taxes or under 5-12%. But most of the luxury goods are under 25% slab. Diesel, Petrol, LPG, and Alcohol are out of GST till now.