https://www.taxtmi.com/article/detailed?id=14866 GST is a destination based indirect tax on supplies, distinguishing intra state taxation into central and state components and inter state taxation under an integrated mechanism. Registration is mandatory on crossing prescribed turnover thresholds or for specified activities, while voluntary registration permits claiming input tax credit. ITC allows set off of tax on inputs against output liability, subject to record keeping and reconciliation. Compliance requires timely filing of specified returns, payment of liabilities, reconciliation between returns, and statutory audits for larger taxpayers, with ongoing monitoring of regulatory changes. en-us Thu, 24 Jul 2025 08:42:34 +0530 Thu, 24 Jul 2025 08:42:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=14866 GST is a destination based indirect tax on supplies, distinguishing intra state taxation into central and state components and inter state taxation under an integrated mechanism. Registration is mandatory on crossing prescribed turnover thresholds or for specified activities, while voluntary registration permits claiming input tax credit. ITC allows set off of tax on inputs against output liability, subject to record keeping and reconciliation. Compliance requires timely filing of specified returns, payment of liabilities, reconciliation between returns, and statutory audits for larger taxpayers, with ongoing monitoring of regulatory changes. Articles Goods and Services Tax - GST Thu, 24 Jul 2025 08:42:34 +0530 https://www.taxtmi.com/article/detailed?id=14866