Everything You Need To Know About GST For Your Restaurant
What is GST? Itu2019s been nearly two years since GST was imposed and the functioning of many sectors in our country has changed ever since, the Restaurant Industry being one of them. The Goods and Service Tax, commonly referred to as GST, is the sole uniform tax imposed on all goods and services (other than the exempted ones). To put it simply, now thereu2019s a single tax paying system in place of Central and State indirect taxes namely, VAT, Service Tax, and more. A unified tax structure is to be followed by restaurants irrespective of their turnover. Itu2019s a four-tiered tax structure of 5%, 12%, 18% and 28%. As someone belonging to the restaurant business, you must know which tax category your restaurant belongs to. Getting your restaurant registered online for GST can now be done with minimum efforts.Find out how in this blog post by Limetray's content team.
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