Goods and Service Tax (GST) is considered to be an indirect tax system which in fact has gradually replaced many indirect taxes in India (such as excise duty tax, Value Added Tax (VAT), and the service tax). The GST is governed by Goods and Service Tax Act.
GST is levied on the supply of goods and services, for every value addition, which is indeed a single domestic indirect tax law for the entire country.
GST is patterned in the following ways: ●Multi-stage ( In the multi-stage, an item goes through multiple change of hands along its supply chain, which begins from the manufacturer to the final sale to the consumer) ●Destination-based tax (Goods manufactured in one state and sold in another state and reaching the final consumer)
A GST Returns is a procedure which explains the details of income that is required to be filed with the tax authorities as per the law. As per the GST laws and regulations, a taxpayer is entitled to submit two GST returns viz and one to be filed on a monthly basis and the other one to be filed annually.
The registered taxpayer under the governance of GST has to file the GST returns which includes the Purchases (GST paid on purchases), Sales, and GST and input tax credit