Blogs of Category GST

On July 13, 2022, the Ministry of Finance issued Notification No. 05/2022-Central Tax (Rate), introducing key changes in the GST rules related to the renting of residential property. These changes are crucial for businesses and individuals renting residential properties, especially those registered under GST. The updated rules introduce Reverse Charge Mechanism (RCM) for certain rental agreements, with an 18% GST rate now applicable under specific circumstances.

Goods and Services Tax (GST) is a significant tax reform in India, aimed at creating a unified taxation system. For businesses to comply with GST regulations, proper registration is essential. This guide details the step-by-step process of registering as a GST taxpayer, whether as a Normal Taxpayer, Composition Taxpayer, SEZ Unit, or others.