GST

GST, or Goods and Services Tax, is an indirect tax levied on the supply of goods and services in India. It is a comprehensive, destination-based tax that has replaced various indirect taxes like service tax, central excise duty, and state-level VAT (Value Added Tax). Here's an overview of GST:

GST Structure

1. Central GST (CGST): Levied by the central government on intra-state supplies of goods and services.
2. State GST (SGST): Levied by the state governments on intra-state supplies of goods and services.
3. Integrated GST (IGST): Levied by the central government on inter-state supplies of goods and services and imports.

Types of GST

1. SGST/CGST: Applicable for intra-state transactions.
2. IGST: Applicable for inter-state transactions.

GST Rates

GST is levied at multiple rates, including 0%, 5%, 12%, 18%, and 28%, depending on the type of goods or services.

GST Registration

Businesses engaged in the supply of goods or services with an annual turnover exceeding the prescribed threshold must register for GST. Threshold limits vary based on the type of business and location.

GST Return Filing

Registered businesses are required to file various GST returns, including:

• GSTR-1: Monthly or quarterly return for outward supplies.
• GSTR-3B: Monthly summary return for tax payable and tax paid.
• GSTR-2A and GSTR-2B: Auto-generated monthly inward supplies return.
• GSTR-9: Annual return consolidating the entire year's details.

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