Learn GST Basics with Videos – GST Videos

GST or Goods and Services Tax is a comprehensive tax levied on the supply of goods and services in India. It has brought about a revolutionary change in the taxation system of India, replacing multiple indirect taxes with a single tax regime.

With the introduction of GST, businesses have to be more vigilant and adhere to a set of regulations to avoid penalties. Hence, it is important for all businesses, especially small and medium businesses, to have a basic understanding of GST and its rules and regulations.

In this article, we will take you through the basics of GST, who should file GST returns, and why.

What is GST?

GST is a value-added tax levied on the supply of goods and services across India. It is a comprehensive tax that brings all indirect taxes such as excise duty, VAT, and service tax under one roof. It has been introduced to simplify the tax system, increase transparency, and reduce the burden of businesses.

GST is divided into two main components:

Central GST (CGST) - levied by the Central Government on intra-state supplies of goods and services.
State GST (SGST) - levied by the state government on intra-state supplies of goods and services.

IGST or Integrated GST is levied on inter-state supplies of goods and services.

Who is required to register for GST?

Businesses that have an annual turnover of more than Rs. 20 lakhs (Rs. 10 lakhs for North Eastern states) are required to register for GST. It is mandatory for businesses involved in the supply of goods or services to register for GST. Failure to register for GST can lead to penalties and legal action.

Why is it important to file GST returns?

Businesses that are registered under GST are required to file GST returns on a regular basis. GST return is a document that contains details of the sales and purchases made by the taxpayer during a particular period. It is important to file GST returns regularly as it helps the government to keep track of the transactions made by businesses and ensures compliance with the GST law.

Additionally, businesses that do not file GST returns on time are liable to pay interest and late fees. Non-filing of GST returns can also lead to legal action and penalties.

Learn GST Basics with Videos – GST Videos

If you are a small business owner or a startup founder and looking to learn the basics of GST, videos can be a great resource. There are several videos available online that explain the basics of GST in a simple and easy-to-understand language. These videos cover topics such as the basics of GST, registration process, filing of GST returns, and much more.

Watching these videos can help you gain a better understanding of GST and its rules and regulations. It can also help you to avoid common mistakes and ensure compliance with the GST law.

Conclusion

Having a basic understanding of GST and its rules and regulations is important for all businesses, especially small and medium businesses. GST has simplified the tax system and brought transparency to the tax regime. Filing of GST returns on a regular basis is essential to ensure compliance with the GST law and avoid penalties.

If you are looking to learn the basics of GST, videos can be a great resource. There are several videos available online that can help you gain a better understanding of GST and its rules and regulations.