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Inclusive of all taxes
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As per GST Act, GST registration is mandatory if turnover exceeds Rs 20/40 lakhs but practically many banks require a GST certificate at the time of opening a bank account.
GST monthly/quarterly return is mandatory for all types of business i.e. even in case of NIL turnover GST return is mandatory to file every month/quarterly.
Yes GST registration Number can be surrendered with valid reason
Yes GST Return (GSTR-3B) is mandatory in any cases, all registered person has to file NIL return in case of NIL sale value
GST is a dual taxation model one is Central Goods and Service Tax and another is State Goods and Service Tax. Both Centre & State Govt. levied a tax on Supply of Goods or Services at one point of Time.
GST is said to be a destination-based or consumption-based tax. Hence, the place of consumption will decide the State that will collect the tax.
GST is depended upon the supply of goods and services. Supply does not mean sale it is inclusive in nature. It includes all form of Supply Such as Sale, Transfer, Barter, Exchange, license, Disposal, Rental, and Lease.
Goods and services tax on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council. Meeting of GST Council is conducted from time to time.
GST would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. One of the primary goals of a taxation regime is always avoidance of "taxation over taxes" or "cascading-effect" of the incident taxes as it adds to the deadweight loss i.e. slump in total surplus of supply chain consisting of supplier, manufacturer, retailer and consumer.
Every taxpayer while paying taxes on outputs may take credit for taxes paid earlier by the supplier on inputs. However, this will not be applicable on supplies related to: (i) motor vehicles when used for personal consumption, (ii) supply of food, health services, etc. unless they are further used to make a supply. The IGST collected will be apportioned between the center and the state where the goods or services are consumed.
Following GST Return is required to file every GST registrered persons.
Audit under GST: Audit by Taxable Person when turnover exceeds 2 crores.