Good and Services in India, GST Return Or GST File

GST is one of the most significant tax reforms in the history of India.

-Finance Minister Arun Jaitley-

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, etc.

Every business man who are doing the business in India  should have the GST certificate. 

A person Liable to obtain GST Registration and Compulsory Registration

A supplier whose turnover in Financial year exceed forty lakh rupees.

A supplier is from special category states, and whose turnover exceed 10 or 20 lakhs they have to obtain GST certificate.

A supplier is providing a taxable services and turnover is exceed  10 or 20 lakhs they have to obtain GST certificate.

A casual taxable person engaged in taxable supply

Persons liable to pay tax under reverse charge mechanism;

A non-resident taxable person engaged in providing taxable supply;

A person liable to pay tax under section 9 (5) of the Act;

Input Service Distributor

E- Commerce operator.

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The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. 

The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally. 

 GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180. 

Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government. 

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST. 

GSTIN is a tax registration number under GST. Whereas, the Goods and Service Tax Network (or GSTN) is an organization which manages the entire IT system of the GST portal. 

Is GST beneficial for Indian economy? 

The introduction of the Goods and Services Tax will be a very noteworthy step in the field of indirect tax reforms in India. By merging a large number of Central and State taxes into a single tax, GST is expected to significantly ease double taxation and make taxation overall easy for the industries.