Goods & Service Tax – The Tax Mantra

Goods & Service Tax

GST is an indirect tax that has replaced many other indirect taxes and levies in India, such as excise duty, services tax, additional Custom duty, Value Added Tax, Surcharges. The Goods and Services Tax (GST) is a tax on goods and services consumed in India. GST was implemented with effect from 01.07.2017 based on the Goods and Service Tax Act passed by the Indian Parliament on March 29, 2017. GST has been levied keeping in mind the objective of ‘one nation one tax’.

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GST Registration

GST registration is mandatory for businesses exceeding a certain threshold to collect and pay taxes under the Goods and Services Tax Act.

GST LUT Filing

GST LUT (Letter of Undertaking) is filed by eligible exporters to undertake export transactions without payment of IGST.

Revocation of GST Cancellation

A business whose GST registration has been cancelled may apply for revocation of cancellation within a specified period.

GST Return Filing

Businesses registered under GST must file regular tax returns, detailing their purchases, sales, and taxes collected and paid to the government.

GST Registration Cancellation

GST registration may be cancelled if the business is no longer operating, or if it violates GST regulations or fails to file returns.

GST Annual Return

GST Annual Return is a summary of a taxpayer's transactions for a financial year. It includes sales, purchases, and input tax credit.

GST Audit

GST Audit is an examination of a taxpayer's financial records to ensure compliance with GST laws and regulations. It includes verification of returns and documents.

GST Invoicing

GST invoicing is the process of issuing invoices that comply with GST laws and regulations. It includes details of the transaction and taxes

Eway Bill

Eway Bill is a document required for movement of goods worth over Rs. 50,000 in India. It includes details of the consignment and transporter.

GST Refund

GST Refund is the process of claiming back excess GST paid on purchases or exports. It is initiated by filing a refund application.

GST e-Invoicing

GST e-invoicing is a system that generates, validates, and shares invoices electronically with the GST system. It streamlines the invoicing process.

Input Tax Credit

Input tax credit (ITC) is the credit claimed by a taxpayer for GST paid on purchases used for business purposes.