What are the criteria for GST?
The Criteria for GST registration are as follows:
The turnover threshold for GST registration: Annual turnover above INR 40 lakhs.
Types of supply under GST: Taxable, exempt, and zero-rated for both goods and services.
Registration for GST: Mandatory for businesses exceeding the threshold and for those supplying to other states.
GST rates in India: Classified into four categories.
Input Tax Credit reduces overall tax liability.
It is essential to note that the GST criteria in India are subject to change based on the Government's revisions to the GST rules.