GST Filing, Returns & Consultation

What is GST Returns?

GST stands for “Goods & Services Tax” and is proposed to be a comprehensive indirect tax levy on manufacture , sale and consumption of goods as well as services at the national level. GST is basically a tax on final consumption Main objective of GST is to consolidates all indirect tax levies into a single tax except customs (excluding SAD),replacing multiple tax levies overcoming the limitations of existing indirect tax structure and creating efficiencies in tax administration.

One of the reasons to go the GST way is to facilitate seamless credit across the entire supply chain and across all states under a common tax base. Current framework allows limited inter-levy credits between CENVAT ( Tax on manufacture) and Service Tax. However, no cross credits are available across these taxes and the sales tax/Vat paid (on input) or payable (on Output).

Therefore , GST is a broad based and a single comprehensive tax levied on goods and services consumed in an economy. GST is levied at every stage of the production- distribution chain with applicable set offs in respect of the tax remitted at previous stages.

GST may define as a tax on goods & services , which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services , the seller or service provider may claim the input credit of tax which he has paid while purchasing the goods or procuring the service.

How to File GST Returns?

GST Return filing procedure is quite straight forward. The registered taxpayer is required to login on GST portal with their login credentials. Once logged in, go on the returns page and file the respective forms by filing in the required information. The computed tax liability is also paid off at the time of final filing of the returns.