GST Filing Process Online in Bangalore

GST Filing Process Online in Bangalore


The Goods and Services Tax is a comprehensive indirect tax that has replaced multiple taxes in the country. It has helped the Indian government achieve its 'One Nation One Tax' goal by simplifying the taxation system. It is a multi-stage tax that is levied on every stage of value addition of goods and services. It is monitored by the Central Board of Indirect Taxes and Customs (CBIC).

Depending on the type of products and services, the GST rate is different. Luxury and comfort goods are taxed at higher slab rates while essential items have lower or even nil rate slabs. The CBIC has created a scheme called composition scheme for small taxpayers to make it easier for them to pay their taxes. Companies with an annual turnover of Rs 1 Crore can register under this scheme. However, they must fulfil a set of conditions to avail this facility.

GST has three components, CGST, SGST, and IGST. CGST is collected on the sale of products and services conducted within a state. It replaces taxes like Entry Tax, State Sales Tax, Entertainment Tax, etc. SGST is charged on the sale of goods and services in the Union Territories, including Andaman and Nicobar, Chandigarh, Dadra and Nagar Haveli, and Sikkim. The Integrated Goods and Service Tax is charged on inter-state sales and is shared between the centre and states.

 

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