Goods and Service Tax
GST Registration
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.All the businesses supplying goods whose turnover exceeds Rs 40 lakh in a financial year are required to register as a normal taxable person. However, the threshold limit is Rs 10 lakh if you have a business in north-eastern states, J&K, Himachal Pradesh and Uttarakhand. The turnover limit is Rs 20 lakh, and in case of special category States, Rs 10 lakh, for the service providers.
GST Return filing
GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government). All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions.
GST Annual Compliance
GST Annual Return is to be filed by all registered taxpayers including composition tax payers. (Sec 44 (1) & (2)). Annual return is a consolidation of periodical returns and reconciliation with books of accounts. Persons not required to file Annual Return (Sec 44(1) Rule 80(1)), Input Service Distributors, TDS Deductors (Sec 51), TCS Collectors (Sec 52)