- GST is a comprehensive, multi-stage, destination-based tax in India
- GST replaces many indirect taxes and simplifies the tax structure
- GST has three categories: CGST, SGST, and IGST
- Businesses with turnover above ₹40 lakhs must register for GST
- Documents required for GST registration include PAN card, business registration proof, and bank statement
- GST returns are documents filed by taxpayers to calculate tax liability
- Types of GST returns include GSTR-1, GSTR-2A, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, and GSTR-9
- GSTR-1 is a return for outward supplies of goods and services
- All registered taxpayers must file GSTR-1 except for certain categories
Source: taxilla.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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