Accounting and Finance with Aishira

Welcome to Finance with Aishira! 👋 Welcome back to Finance with Aishira , where Commerce, Accounting, Finance, Taxation, and Business concepts are explained in the simplest way possible.  What Is a GST Return? A GST Return is an official document filed by a GST-registered taxpayer that contains details of business transactions during a particular tax period. It generally includes information such as: Sales (Outward Supplies) Purchases (Inward Supplies) GST collected from customers (Output Tax) Eligible Input Tax Credit (ITC) GST payable GST already paid Other information required under the GST law In simple words, a GST Return tells the government what business activities took place during a particular period and how much GST is payable. 💡 Aishira Explains Imagine your school asks every student to submit a monthly progress report. The report doesn't create your marks. It simply tells the teacher: Which subjects you studied. How many tests you took. How you performed during the m...

Welcome to Finance with Aishira! 👋 Welcome back to Finance with Aishira , where Commerce, Accounting, Finance, Taxation, and Business concepts are explained in the simplest way possible. What Is GST Registration? GST Registration is the process through which a business gets officially registered under the Goods and Services Tax (GST) system. Once the registration is approved, the government issues the business a unique identification number called the GST Identification Number (GSTIN). After obtaining GST Registration, an eligible business can: Collect GST from customers (where applicable). Issue GST tax invoices. Claim eligible Input Tax Credit (ITC) . File GST Returns. Comply with the GST laws and regulations. In simple words, GST Registration officially brings a business into India's GST system. 💡 Aishira Explains Imagine you're participating in a national sports tournament. Before you can compete, you first need to register with the organisers. Once your registration i...

Types of GST in India – CGST, SGST, IGST & UTGST Explained (Complete Beginner's Guide) Welcome to Finance with Aishira! 👋 Welcome back to Finance with Aishira , where Commerce, Accounting, Finance, Taxation, and Business concepts are explained in the simplest way possible. What Are the Types of GST? Although we commonly say GST (Goods and Services Tax) , the tax is divided into four different components : CGST (Central Goods and Services Tax) SGST (State Goods and Services Tax) IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax) These are not four separate tax systems.  Instead, they are different parts of the same GST framework , designed to ensure that tax revenue is shared correctly between the Central Government , the State Governments , and certain Union Territories . The type of GST charged mainly depends on where the supplier and the customer are located . 💡 Aishira Explains Imagine you and your friend order food online. The total bi...