GST stands for Goods and Services Tax, which is levied on GST would be a very significant step in the field of indirect tax reforms in India. By collecting a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. The Goods and Services Tax is governed by a GST Council and its Chairman is the Finance Minister of India. It is a destination based tax on use of goods and services. It is projected to be applicable to all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In short, only value addition will be taxed and burden of tax is to be borne by the final consumer. So apply for new GST registration online.
Simpler Tax system
Reduction in prices of goods & services due to elimination of cascading
Uniform prices throughout the country
Transparency in taxation system
Increase in employment opportunities
Diminution in multiplicity of taxes
Mitigation of cascading/ double taxation
More efficient neutralization of taxes especially for exports
Development of common national market
Simpler tax system
Collected by the Central Government on an intra-state sale (Eg: Within Maharashtra )
SGST (State Goods & Services Tax): Collected by the State Government on an intra-state sale (Eg: Within Maharashtra)
IGST (Integrated Goods & Services Tax): Collected by the Central Government for inter-state salfont-family (Eg: Maharashtra to Karnataka)
As a businessman and a taxpayer, you must declare the income that you receive from carrying out business transactions. GST (Goods and Services Tax) returns is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST (Goods and Services Tax) returns, you will need to pay the resulting tax liability (money that you owe the government). You can do GST Filing with us.
All business men and dealers who have registered under the GST act must do GST return filing according to the nature of their business or transactions.
Required Documents for GST Registration
Passport Size Photograph
Aadhar Card
Business Address Proof
PAN Card
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