GST Return

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced many indirect taxes that previously existed at both central and state levels. Here’s an overview of GST:

What is GST?

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. It is a destination-based tax, which means it is collected at the point of consumption rather than the point of origin.

Key Features of GST

1. Single Tax Structure: Replaces multiple indirect taxes like excise duty, service tax, VAT, etc.
2. Destination-Based: Tax revenue accrues to the state where goods or services are consumed.
3. Dual GST Model: Central GST (CGST) levied by the central government and State GST (SGST) levied by state governments.
4. Input Tax Credit: Businesses can claim credit for taxes paid on input goods or services used in their business operations.
5. Threshold Exemption: Small businesses with turnover below a specified limit may be exempt from GST registration.