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The Goods and Services Tax is a value-added tax on goods and services sold domestically for consumption. The GST is paid by both consumers as well as the businesses selling goods and services to the government. It is a common tax used by most of the countries globally. It integrates different tax lines like Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc. into one consolidated tax. It deters multiple tax layers imposed on goods and services.
With GST, the tax assesses pay a single, uniform tax on goods and services across the country. There is an elimination of the cascading effect of taxes. With the implementation of GST, it leads to a uniform tax, resulting in the creation of a common national market. It helps in reducing litigation and regulating the unorganized sector, providing a smooth assessment of tax.
If your business turnover exceeds Rs. 40 lakhs (Rs. 10 lakhs for North East and hill stations), you are required to do GST registration. There are certain documents required while registering. After verification of all information, a certificate of registration will be issued to you.
GST return is a document containing all the details of your sales, purchase, tax collected on sales and tax paid on purchases. All business owners who have registered under the GST system must file GST returns.
If the annual turnover of a registered taxpayer is more than Rs. 2 crores* in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.
Special Note: For the purpose of finding out the turnover limit for Financial Year 2017-18, it has been clarified in the government’s press release dated 3rd July 2019. It shall cover the period 1st July 2017 to 31st March 2018 and excludes the first quarter of FY 2017-18.
*For businesses with an annual turnover of less than Rs 5 crore, filing of GSTR-9C for FY 2018-19 is waived off.
