GST Registration in Nungambakkam - Filingpoint

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GST stands for Goods and Services Tax, and it is a national indirect tax that was designed to replace multiple taxes at a federal level. The tax is collected and levied by both the central and state governments.

The new tax is applied to most goods and services, and it is based on the concept of value addition. This means that dealers pay tax on the value of their product or service, but they get credit for the input taxes paid at previous stages in the supply chain. The tax is then passed on to the final consumer, which makes it a relatively transparent tax.

When you sell to customers in other countries, it is important to keep careful records of your transactions. The details of these records are used to determine whether you must add tax and, if so, how much. In addition, some countries require that you file returns every quarter or month. The insight of a business attorney can be helpful in managing these records and making sure you are complying with the law.

The GST registration process is simple and straightforward, and most businesses can register themselves through the government's online portal. However, a business may wish to engage an accountant or consultant to assist with the process. Once registered, a business will have to submit a GSTR return (Goods and Services Tax Return) on a monthly basis. This return contains details of all the sales, purchases and refunds made by a company. It also includes the tax paid on imported goods and services.

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