GST

                                        GST

WHAT IS GST:-

                         GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST has replaced almost 17 of the existing state and central excise duty, additional customs duty, VAT, entertainment tax, service tax, etc.

 GST FULL FORM:

                           GST full form is Goods and Services Tax.

  How to  GST LOGIN:

                            GST login portal or GSTN hosted at https://www.gst.gov.in/ is a website where all the activities like GST can be done. Activities like GST registration, return filing, payment of taxes, application of refund, etc. can be done on the GST login portal.

  

How to apply for GST REGISTRATION:

                                                 In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs is required to register as a normal taxable person. This process of registration is called GST registration. One can do registration through https://www.gst.gov.in/.

What Is GST Return:

                                       A GST Return is a document containing details of income that is required to be filled as per the law with the tax authorities. Under the GST law, a taxpayer has to submit two returns on a monthly basis and one such return annually. All returns have to be filled online.

GST RETURN FILING PROCEDURE:

                                                               A GST Return Filing is a return document that contains details of the income of the taxpayer. The document is used tax authorities to calculate the tax liability of GST taxpayer. A GST Return Filing the form has to include the following details in it:

*Output GST(on sales)

*Sales

*Input tax credit(GST paid on purchases)

*Purchases

          

WHAT IS GST CHALLAN:

                                             A GST Challan is a document created during the transportation of goods from one place to another which may or may not result in sales. Generally, three copies of GST challan are created:

*Original: For the buyer.

*Duplicate: For the transporter.

*Triplicate: For the seller.

GST CHALLAN GENERATION:

STEP1: Login to the GST Portal.

STEP2: Enter details of GST the payment you would like to remit.

STEP3: Verify GST payment details.

WHAT IS GST ACT:

                      GST Act is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods And Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017.

HOW TO FILL GST RETURN:

                                                      A GST Return Filing is a return document that contains details of the income of the taxpayer. The document is used tax authorities to calculate the tax liability of GST taxpayer. A GST Return Filing form has to include the following details in it:

*Output GST(on sales)

*Sales

*Input tax credit(GST paid on purchase)

*Purchase

HOW TO GET GST NUMBER:

                                                       To obtain GST NUMBER, one needs a valid mobile number, an email address and PAN(Permanent Account Number)for the business.

One can get GST NUMBER from hhtp://www.gst.gov.in/.

  HOW TO GET GST REFUND:

                                                      GST refunds are processed normally within a period of 30 days from filing GST refund forms.When the GST refunds arise out of export of goods or services then authorized officer can issue a provisional refund order through GST form RFD-04 of ninety percent of the GST refunds claim.

 WHAT ARE THE RULES OF GST:

                                                           GST is one indirect tax for the entire country. So, before Goods and Service Tax, the pattern of tax levy was as follows:

Under the GST regime, the tax is levied at every point of sale. In the case of intrastate sales, central GST and State GST are charged.

ADVANTAGE OF GST:

                                                  The service of GST has many advantages of GST. They are the following:-

1.     Up and coming of Regular National Market.

2.     Disposal of Falling Impact of Assessments.

3.     Expanded Exclusion Cutoff for Little dealers or Specialist co-ops.

4.     Decreased Duty Compliances as Number of Expense forms to be Recorded Under GST Has Descended.

5.     Enrolment and Recording Returns Under GST Made Straightforward as Everything is Done On the web.

The Disadvantage of GST:

                                        There are many disadvantages to the GST. They are the following:-

1.     Remuneration to misfortune making States for a long time: It has been suggested that the Focal The government will repay the misfortune emerging out to States on the usage of GST for a time of five years.

2.     Consistency: You have to document returns 3 times each month for each state in which you work. That implies at any rate 36 filings in a year for each state.

                                                                                                 

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                                                                                                  BY:-Manish Vicky