Goods and services tax or GST is a comprehensive indirect tax that is applied on the supply of goods and services, right from the manufacturer to the seller. GST has replaced many indirect taxes in India. It is a value-added tax levied on the manufacturer, sale, and consumption of goods and services.
Goods and services tax offers benefits to the government, industries, and people of India. Some of the benefits are as under:
In GST registration, the supplier or service provider gets 15 digits unique number called GSTIN and also gets a certificate of registration. Every taxpayer needs the GSTIN number to pay tax. Registration is the process to get a GSTIN number.
In GST, the term assessment means a determination of tax liability under the GST act. Assessment is divided into 6 different types in GST, some of them are Self-assessment, Provisional assessment, Summary assessment, scrutiny of returns, etc.
In GST, consultants are a person who gives services to the payers by the online method. A consultant should register on the GSTIN portal and must have a certificate before he starts to practice.
Your sales, purchases, tax collected on sales (output tax), and tax paid on purchases will all be detailed in your GST return (input tax). You must pay the subsequent tax liability after filing GST returns (money that you owe the government).