GST 2.3.8.4

GST stands for Goods and Services Tax. It is a value-added tax levied on most goods and services sold for domestic consumption.

GST is a comprehensive indirect tax that is applied throughout the supply chain, from the production/manufacturing stage to the final consumption stage.

Businesses that have an annual turnover exceeding a certain threshold (varies by country) generally need to register for GST.

Some of the advantages of GST include the elimination of cascading taxes, simplification of tax structure, and increased transparency in the tax system.

CGST (Central Goods and Services Tax) is levied by the central government, SGST (State Goods and Services Tax) is imposed by the state government, and IGST (Integrated Goods and Services Tax) applies to inter-state transactions.

Goods and services are categorized into different tax slabs (such as 5%, 12%, 18%, or 28%) based on their nature and purpose as defined by the respective tax authorities.

Yes, businesses can claim input tax credit for taxes already paid on inputs used in their operations, provided they follow the necessary compliance requirements.

Compliance requirements under GST involve activities such as obtaining registration, issuing accurate invoices, filing regular returns, and maintaining proper records.

The frequency of filing GST returns varies by country. It can be monthly, quarterly, or annually, depending on the turnover of the business.

Non-compliance with GST regulations can result in penalties, fines, and even legal consequences, depending on the severity and frequency of the violations.