File GST Returns Online In India@99
File GST Returns
Online In India@99
Online GST Return is an Indirect Tax which
has replaced many Indirect Taxes in India. The Goods and Service Tax Act was
passed in the Parliament on 29th March 2017. The Act came into effect on 1st
July 2017; Goods & Services Tax Law in India is a comprehensive,
multi-stage, destination-based tax that is levied on every value addition.
In simple words, Goods and Service
Tax (GST) is an indirect tax levied on the supply of goods and services. This
law has replaced many indirect tax laws that previously existed in India.
Under the GST regime, the tax is
levied at every point of sale. In the case of intra-state sales, Central GST
and State GST are charged. Inter-state sales are chargeable to Integrated GST.
Now let us try to understand the
definition of Goods and Service Tax – “GST is a comprehensive, multi-stage,
destination-based tax that is levied on every value addition.”
Multi-stage
There are multiple
change-of-hands an item goes through along its supply chain: from
manufacture to final sale to the consumer.
Let us consider the following case:
- Purchase
of raw materials
- Production
or manufacture
- Warehousing
of finished goods
- Sale
to wholesaler
- Sale
of the product to the retailer
- Sale to
the end consumer
Goods and
Services Tax Network (GSTN)
The GSTN software is developed by
Infosys Technologies and the Information Technology network that provides the
computing resources is maintained by the NIC. "Goods and Services
Tax" Network (GSTN) is a nonprofit organisation formed for creating a
sophisticated network, accessible to stakeholders, government and taxpayers to
access information from a single source (portal). The portal is accessible to
the Tax authorities for tracking down every transaction, while taxpayers have
the ability of connect for their tax returns.
The GSTN's authorised capital is ₹10
crore (US$1.4 million) in which initially the Central Government held 24.5
percent of shares while the state government held 24.5 percent. The remaining
51 percent were held by non-Government financial institutions, HDFC and HDFC Bank
hold 20%, ICICI Bank holds 10%, NSE Strategic Investment holds 10% and LIC
Housing Finance holds 11%.
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