Impact of GST on the Indian Economy

The Goods and Services Tax or GST came into effect on the 1st of July 2017. The aim of introducing the tax was to replace all the existing indirect taxes with a single comprehensive tax. Through GST, all indirect taxes such as central excise tax, service tax, VAT and entertainment tax were consolidated. This major step has helped the citizens of India to file their taxes easily without the hassles they faced earlier. And, this article will discuss the impact of GST on the Indian economy. What is GST? Goods…

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How to get GST number?

Introduction According to the current GST rules and regulations, every company that provides products and services to the customers has to register under GST or Goods and Services Tax. So, if you are a business owner having an annual turnover of above Rs. 40 lakh, you need to register under the GSTN (Goods and Services Tax Network). The annual turnover rate for businesses running in the North-Eastern states and hill states is Rs. 10 lakh. In this article, we will look at the various steps on how to get a…

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How to file GSTR 9?

The implementation of Goods and Services Tax (GST) on July 1, 2017, was aimed at revolutionizing the taxation system in India. Through the ‘one nation, one tax’ policy of GST, the burden of taxes has been reduced not on the citizens alone but the business owners as well. This is because now a single tax is levied on the supply of goods and services (right from the manufacturer to the consumer), which has made it is easier to understand how much tax is to be paid. GST can be easily…

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How to file GSTR 1?

Introduction The Goods and Services Tax (GST) was introduced in India to reduce the taxation problems faced by the general citizens and the business owners. Notably, GST diminished the cascading tax effect by abolishing the ‘tax on tax’ practice. This has, in turn, enhanced the revenue structure and amount as more people are paying their taxes properly. Undoubtedly, it has significantly boosted the economic growth of the country. When it comes to GST return filing, there are various forms, such as GSTR 1, GSTR 9 and GSTR 2. You need…

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GST Filing – Know How To File GST Returns

The enforcement of Goods and Service Tax (GST) as on 1st July 2017, has led to one of the greatest tax reforms in India. GST is a comprehensive tax imposed on the supply of services and goods, which seeks to replace all other forms of indirect tax, including VAT, purchase tax, central excise duty, central sales tax, etc. All manufacturers, service providers and traders need to register under GST return filing. GST returns refer to the documents that the taxpayer files based on a period with the income tax authorities.…

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GST Refund Process

The GST (Goods and Service Tax) regime in India has made filing and the monthly payment of your company’s taxes easy. Since business transactions take time to process, you might end up paying more taxes than you owe. When this happens, you can claim a refund on your GST from the government. Here is a simple case of excess tax payment – Mr Avinash is liable to pay an amount of INR 50,000 as GST for the month of August. Due to a mistake, he ended up paying INR 5…

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