A GST return is a form that businesses registered under the Goods and Services Tax (GST) law in India must submit for each GSTIN they have. Filing these returns regularly keeps your GSTIN active. The type and frequency of returns you file depend on your taxpayer category, such as regular taxpayers, composition taxable persons, e-commerce […]
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Central Goods and Services Tax (CGST) Act, 2017 Section 10: Composition Levy: Summary: Section 10 allows small businesses to pay taxes at a lower, fixed rate instead of the regular GST rates. This simplified tax scheme is called the “Composition Levy.” Key Points: Eligibility: Businesses with a turnover up to 50 lakh rupees in
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GST rates in India are categorized into five main slabs, each applicable to different goods and services. These rates are set by the GST Council, which revises them periodically based on the economic needs and feedback from various stakeholders. The current GST rate structure includes the following slabs: 0% GST (Nil Rate) This category includes
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Goods and Services Tax (GST) GST is an indirect tax introduced in India on 1st July 2017. It is a value-added tax levied on the manufacture, sale, and consumption of goods and services. Who does GST apply to? GST typically applies to: Businesses: Required to register for GST if their annual
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Tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or other entities to fund public expenditures and government functions. Taxes finance public services and goods such as roads, schools, healthcare, defense, and social welfare programs. Types of Taxes Taxes can be broadly categorized into two main types: Direct
Preliminary Provisions Section 1: Short Title, Extent, and Commencement Section 2: Definitions Administrative Provisions Section 3: Officers under GST Act Section 4: Appointment of Officers Section 5: Powers of Officers under GST Section 6: Authorization of Officers of State Tax or Union Territory Tax as Proper Officer in Certain Circumstances Levy and Collection Section 7:
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The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is an indirect tax that has been implemented in many countries around the world. Here are some key points about GST: ### Key Features of GST 1. **Unified Tax System**: – GST replaces multiple
