Goods and Services Tax (GST) is a comprehensive multi stage tax system levied on the supply of goods and services or on every value addition. It is a single indirect tax law for the entire country .The main purpose for the introduction of the aforesaid law was to replace the various indirect taxes such a value added tax (VAT), service tax, excise duty etc. .The Goods and Services Act was passed in the parliament on 29th March 2017 and came into effect on 1st July 2017.
It is mandatory that a business having a turnover of above Rs 40 Lakh has to register. The turnover threshold is Rs 10 lakh for the businesses functioning in the hill states and north eastern states .The registration is very simple and can be done online on the GST portal .it is a criminal offense to do business without a GST registration. Heavy penalties shall be levied for non-registration.
Once the registration is complete, a GST number is issued .The government doesn’t charge any fees when it comes to registration of GST
Under the new GST rules, GST returns are the Goods and Services Tax Returns forms that taxpayers need to file with the income tax authorities of India. This document furnishes all the purchases, sales, tax paid on purchases and tax collected on sales. Filing the tax returns is now automated and can be filed online using the software provided by the Goods and Service Tax Network (GSTN)
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