Approximately Rs.1.06 lakh crore was generated as GST revenue in March 2019. Such funds are collected by the Income Tax department on a monthly or quarterly basis, depending on the annual turnover of a business.
All companies have to file for such returns either online or offline, provided annual turnover is higher than Rs.20 lakh.
Nonetheless, understanding GST meaning and its importance are vital before learning about the application process. Goods and Services Tax is a unified indirect taxation regime, launched by the union government of India in 2017.
It is expected to reduce the hassles of tax payment and subsequent collection, as well as to decrease the tax liability in some instances.
Companies with an annual turnover of higher than Rs.1.5 crore is required to invoice all purchases and sales and thereby make liable tax payments every month, while businesses generating revenue lower than Rs.1.5 crore can do so every quarter.
Entrepreneurs should know about the dates of such GST return filing, as a missed deadline can lead to penalty charges of up to Rs.10,000.
After understanding GST meaning and how to register for GST online, individuals should know about the requisite forms to be filed and the last date for filing the same on the GST portal.
Knowing the GST meaning and filing for the same on time can help companies meet their tax obligations on time.
A substantial impact of GST on the working capital of businesses is generated; as a result, effectively leading to more efficient inventory management and better accessibility of raw materials.
The intrinsic concept of GST is not to just facilitate a single business but to increase operational fluidity of the whole business environment.
GST returns are also considered as a vital document to opt for business loans to increase accessible working capital, expand the operational structure, etc.
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Thus, having a general idea of GST meaning and benefits of filing the same on time can effectively increase the profitability of a business venture, through efficient management of tax burden.
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