Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
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|GST Registration||GST Filing|
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is a destination-based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government. The tax replaced existing multiple Central and State Government taxes.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance minister of central and all the states. GST is meant to replace a slew of indirect taxes with a unified tax and is therefore expected to reshape the country's 2.4 trillion-dollar economy. GST tax rates vary from 0% - 28% depending on the type of service or Nature of Goods Your business is selling. The GST is paid by consumers, but it is remitted to the government by businesses selling goods and services. In effect, GST provides revenue for the government.
BENEFITS OF GST REGISTRATION
The basic meaning of “GST Return Filing” is “maintaining financial accounts” per year. Bookkeeping and GST Return Filing can be divided into several fields including financial GST Return Filing, managing general GST Return Filing, professional GST Return Filing, chartered accountant, auditing, tax GST Return Filing and cost GST Return Filing.
Connect with an expert at Legaldocs and provide the necessary information to prepare your Gst filing statement.
Our expert will prepare a GST return statement based on the information provided and send it to you for your approval.
GST return will be filed with the tax authorities once it has been approved by you.
ELIGIBILITY FOR GST RETURN FILING
The best part in this system one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. Compounding taxpayers have to file returns quarterly which is for every three months and regular taxpayers such as, foreign non-residents, casual taxpayers and Input Service Providers (ISD) have to file returns monthly.
BENEFITS OF GST RETURN FILING FROM LEGALDOCS