Complete GST Guide Return in Jaipur

All gst registered businesses have to file monthly or quarterly GST returns and an annual GST return based on the type of business. These GSTR filings are done online on the GST portal.

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What is GST?

The full form of GST is Goods and Service Tax. It is an indirect tax introduced in India from 1st July 2017. It is a value-added tax levied on the manufacture, sale, and consumption of goods and services. Alternatively, GST can be defined as a destination based tax where the tax is collected on the place where the ultimate consumption is done, no matter how long the journey of good otherwise had been!! At every stage of supply, credit for, the taxes already paid on purchases or inward supply is allowed. And, the final payout occurs from the pocket of the consumer of goods or service. There are differential rates prescribed by Central Board of Indirect Tax & Customs (CBIC). There is also a GST council set up to make and implement the by laws

What is the date from which GST came into force in India?

With a lot of constitutional amendments and years of delay the Goods and Service tax finally was made applicable in India from 1st July 2017. Although the foundation was laid way back in 2004 when the idea was initiated by the Kelkar Task Force. Since then, after a lot of discussions, approvals and debates, GST successfully rolled out in the year 2017 as one of the biggest taxation reforms witnessed by the Indian economy after the eve of Independence.

What is the purpose of bringing GST in India?

GST which is the biggest tax reform brought into INDIA post-independence has paved its way to resolving major inherent flaws in the Indian indirect taxation system.

Which indirect taxes have been replaced with the implementation of GST?

With the introduction of GST, the majority of Indirect taxes have been wiped out. The one nation one tax has subsumed in itself many existing taxes both at Central and State Level.

What is the structure or framework of GST in India?

In India, we have the federal government, which means we have ministers at center and state levels. The same modal has been adopted under GST. The government has adopted GST in its Dual or concurrent model. As a result of which, both the Centre and State governments will levy GST simultaneously.

What is SGST?

The full form of SGST is State Goods and Services Tax. It is a tax levied by the State Government on the supplies of goods and services within the same state, i.e., intrastate. The tax liability under SGST will be first set off against SGST or UTGST, and then the balance can be set off against IGST input tax credit only. The tax amount collected under SGST is used by the State Government of the state where the transaction occurred. The State Goods and Services Tax rate shall equal the rate of CGST on a particular product or service.