Answer :
Answer: Below
Step-by-step explanation:
GST, or Goods and Services Tax, is a consumption tax levied on the supply of goods and services in India. It is applicable on almost all goods and services that are bought and sold for use or consumption. Here’s a breakdown of how GST applies to articles or items purchased by you and your parents:
GST Rates: GST is levied at different rates depending on the type of goods or services. The rates commonly include 0%, 5%, 12%, 18%, and 28%. Some items may attract additional cess.
Monthly Purchases: If you and your parents have made purchases throughout the month, each item or service would have GST applied based on its respective category and GST rate.
Calculation: To calculate the total GST paid for the month, you would typically sum up the GST amounts paid on each individual purchase. The GST amount can be found on the invoice provided by the seller, where it is shown as a separate line item.
Input Tax Credit (ITC): If you or your parents are registered under GST (e.g., as a business), you may be eligible for Input Tax Credit on the GST paid for purchases that are used for business purposes. This can be claimed while filing GST returns.
Filing and Payment: Businesses registered under GST are required to file regular GST returns (monthly, quarterly, or annually based on turnover) and pay the GST collected after adjusting for ITC.
Compliance: It’s important to comply with GST regulations to avoid penalties. This includes issuing GST-compliant invoices, maintaining proper records of purchases and sales, and filing GST returns on time.