Goods and Services Tax (GST)
Government brought a massive taxation reform by implementing Goods and Services Tax (GST) system in 2017 with the object of ‘One Nation One Tax’ and to remove the cascading effect of tax.
It is an indirect tax that has presumed all the other prevailing Central & State level indirect taxes in India. As the name indicates, it is a comprehensive tax which is levied on the supply of goods and services. It has also relaxed the Inter-State taxation system.
Applicable Laws under GST Regime –
- Central Goods and Services Tax Act, 2017
- Integrated Goods and Services Tax Act, 2017
- State Goods and Services Tax Act, 2017
- Union Territory Goods and Services Tax Act, 2017
Takeaway GST Compliances –
- GST Registration (Click Here to Read in Detail)
- GST Return Filing (Click Here to Read in Detail)
- E-Way Bills (Click Here to Read in Detail)
- E-Invoicing (Click Here to Read in Detail)
Generally, every regular business has to mandatorily file monthly GST Returns along with Annual GST Return. The number and type of GST Return to be filed by businesses shall be as prescribed by law.
Implications of Non-Compliances
To prevent tax evasion and any kind of tax corruption, GST has come up with strict penalties for offenders. Delay in filing GST returns leads to considerable fines and punishments. Taxpayers have to pay late fee as well as interest in case of delay in submission of GST returns and payment of taxes.Seek Assistance on GST Returns Filing