Mitron, in 2 days, GST will be launched. One nation, one tax. This is the greatest tax reform undertaken by an Indian government in 70 years since independence. Things will be really messy in the initial few days we are basically changing an entire economic system. Stay patient, don’t succumb to rumors and read, find out all the details from official Government of India sources. Talk to your CA - most important. Eventually, GST will add 1-2% to our GDP growth rate and is the biggest economic reform attempted in India since the opening up of the economy in 1991. All the best to everyone!
[MOST IMPORTANT: My CA said if you make less than 20 lakh rupees/year and have a work-at-home job or are a freelancer, you DON’T have to register for GST]
[If you make over 20 lakhs/year from your freelance business, you will need to register. However, if you make say 15 lakhs/year from your freelance business and 10 lakhs/year from other sources of income, such as bank interest income, dividend income, income from a job which gives you a total of 25 lakhs/year- you DON’T have to register for GST. GST is only for your business income. Remember the VAT/sales tax we have till now? GST is that only, except that different states have different VAT and sales tax, GST is one VAT, one sales tax for all states.]