Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services in India. Introduced in 2017, GST replaced multiple indirect taxes levied by the central and state governments, streamlining the taxation system and promoting ease of doing business. Under GST, businesses are required to register and file regular returns to report their sales and purchases, ensuring transparency and accountability in the tax system.
GST filing involves several steps, including collecting and recording invoices, determining tax liabilities, claiming input tax credits, and submitting GST returns to the tax authorities. Businesses must comply with various GST regulations, such as maintaining proper records, issuing tax invoices, and remitting taxes collected to the government within the prescribed deadlines.
Failure to comply with GST regulations can result in penalties and legal consequences for businesses. Therefore, it is essential for businesses to stay informed about GST laws and regulations, maintain accurate records, and file GST returns accurately and on time.