GST stands for Goods and Services Tax, which is a comprehensive indirect tax levied on the supply of goods and services.
CGST and SGST are the two components of GST. CGST is levied by the central government, while SGST is levied by the state government.
GST is applicable to all businesses that are involved in the supply of goods and services, except for those that fall under the exempted category.
Businesses with an annual turnover of less than Rs. 20 lakhs are exempted from GST registration, while those with a turnover of up to Rs. 1.5 crores can opt for the Composition Scheme.
GST registration can be done online through the GST portal. Once registered, businesses need to file GST returns on a monthly or quarterly basis, depending on their turnover.
GST returns include details of sales, purchases, and taxes paid. Late filing of returns can attract penalties and interest.
GST has simplified the tax structure in India and has made it easier for businesses to comply with tax regulations.