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GOODS AND SERVIES TAX

The Goods and Services tax was introduced in India on the 1st of July 2017.
This Tax would simplify the levying of taxes like Excise Tax, Service Tax, VAT, CST and Octroi, by bringing them together under one tax, the Goods and Services Tax paid at the percentages of 5,12,18, and 28 for different goods and services. The goal as Prime Minister Narendra Modi stated was to introduce the concept of ‘One Nation, One Tax’ with the implementation of GST.
Mandatory GST Registration Requirements:
Any business that has a turnover of Rs. 40 lakhs and above per annum Is required to pay the Goods and Service Tax. Businesses selling products and offering services online are also required to pay GST, regardless of their annual turnover.
Businesses may voluntarily register under GST if they wish to, even If they are not required to do so under law.
Main Components of GST:
The Goods and Services Tax is divided into the following components:
1. Central Goods and Services Tax (CGST): This is the tax that is paid to the Central Government. This tax is levied, when the good or service is manufactured and sold within that particular state. For Example: X produces goods in the State of Karnataka and sells them in Karnataka. A percentage of the GST paid will be CGST and will go to the Central Government.
2. State Goods and Services Tax (SGST): This percentage of tax is paid to the State Government in which the purchase is made. This tax is levied, when the good or service is manufactured and sold within that particular state. For Example: X produces goods in the State of Karnataka and sells them in Karnataka. A percentage of the GST paid will be SGST and will go to the Karnataka State Government.
3. Integrated Goods and Services Tax: Integrated Goods and Services Tax is levied when the product or service is sold outside the state in which it was produced. For example, A manufactures goods in Tamil Nadu and sells them in the state of Maharashtra. I Such a Case, IGST will be levied.
Forms to be filed:
1. GSTR -1: This form is filed to inform the Government how much sales has taken place during that month or that quarter. Those tax payers that have a turnover of 1.5 crores per annum and not above may submit the GSTR-1 every quarter. Those tax payers whose turnover is more than 1.5 crores, he/she must file GSTR-1 on a monthly basis.
2. GSTR-3B: It is a document that contains your total purchases and sales for a month. This form tells the Government, what your tax liability to the government is.

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