GST refers to Goods and Service Tax. Act for GST in India was passed in the Lok Sabha on 29th March 2017 and came into effect from 1st July 2017. GST act in India had replaced many indirect taxes in India. It is aimed to reduce the multi-point taxation on goods and services.
REGISTRATION- Every business carrying a taxable supply of goods or services is entitled to register under GST ACT.
Returns- All the registered businesses have to file return monthly, quarterly or annually for GST in India, depending upon the type of business.
GST return must contain all the following.
- GST inputs (On Purchase paid)
- GST outputs (On Sales)