GST has a six-tier rate structure for goods and services, with rates ranging from 0% to 28%. The tax rate is determined based on the type of goods or services. The major tax rates are currently 5%, 12%, 18%, and 28%, with gold being taxed at 3%. Some items are taxable at 0%.

SGST stands for State GST, CGST stands for Central GST, and IGST stands for Integrated GST. For intrastate transactions, both SGST and CGST are levied equally. For interstate transactions, IGST is applicable. 

A person must register for GST if their annual revenue exceeds INR 40 lakh. If you want to take advantage of ITCs but your sales are under INR 40 lakh, you can voluntarily register for GST. The cap in the northeastern states is INR 10 Lakh. Also, it is necessary for interstate sales or purchases of goods or services. 

Small firms with a turnover of up to INR 1.50 Crore are eligible for the composition scheme. This indicates that these companies are exempt from charging and paying ordinary tax rates. Instead, they are free to discharge their GST obligations at 1% for manufacturers and traders and 5% for restaurants. 

Those who willingly register have many benefits. They are eligible for an input tax credit. They are unrestricted in their ability to conduct interstate business. They may sign up on e-commerce websites and expand their business. Overall, they will be more competitive than unregistered enterprises.