GST: The 'One Nation, One Tax' Framework
Goods and Services Tax (GST) is an all-encompassing indirect tax that has streamlined India's complex taxation landscape. Since July 2017, it has integrated multiple taxes like VAT, Service Tax, and Excise into a single unified system.
Structural Classifications
- CGST & SGST: Levied on intra-state supply for Central and State revenue.
- IGST: Levied on inter-state supply and imports.
- Input Tax Credit: Avoiding cascading tax effects for business efficiency.
- Registration Limits: Mandatory for businesses exceeding ₹40 Lakhs turnover (₹10L for special states).
Critical Return Types
GSTR-1
GSTR-3B
GSTR-4
GSTR-9
MasPay provides professional back-office support for GST registration, return filing, and reconciliation. By offering these high-value consulting services, our partners can position themselves as expert financial advisors for local businesses.
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