How To File GST ?

The Complete Guide to Filing GST with Ease anding Common Pitfalls.

Introduction

A tax levied indirectly on the delivery of goods and services is known as the goods and services tax, or GST. Every value addition is subject to this multi-stage, destination-oriented tax, which replaces a number of other indirect taxes such as VAT, excise duty, service taxes, etc.

Every value addition is subject to the comprehensive, multi-stage, destination-based Goods and Services Tax Law in India. For the whole nation, there is only one domestic indirect tax law, or GST.The tax is imposed under the GST framework at each point of sale. Both state and central taxes are applied to sales within the same state. The Integrated GST is applicable to all interstate sales. The regulatory authority overseeing all modifications and adjustments pertaining to indirect taxes is the Central Board of Indirect Taxes and Customs (CBIC).

What will happen? If I don't file an income tax return.

What Is Income Tax Return (ITR)

An Income tax return (ITR) is a form document which is important for business, individuals or entities use to report their income to the tax authorities of a particular country. it provides detail information about taxpayer’s income and show their all-monetary activity like credit, debit, sales, purchase, liabilities, investment, and other financial details. An income tax return (ITR) is a document that you file with the government. This return informs the government about your income, investments and the tax payable. this is most important process. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.

Who Need To File Income Tax Return (ITR)

Every person having taxable income and whose accounts are not liable to audit must file an Income Tax Return. If total income exceeds Rs. 5 lakh, it is mandatory to file the return online.

Who Is Eligible For Income Tax Return (ITR)

All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs.

Why You Should File Income Tax Return (ITR)

Filing returns is a sign that you are responsible. Not just that, it also makes it easier for individuals and businesses to enter into subsequent transactions since their income is recorded by the tax department with applicable tax, if any, having been paid. If you do not file an Income tax return, you cannot carry forward or set off your losses. Filing of the Income-tax return not only helps you but also helps the nation. The tax that you pay is used by the government to build infrastructure and to improve other facilities of the nation such as medical, defense, etc.

Blog