GST stands for Goods and Services Tax. It is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected by the business or seller and forwarded to the government. The GST is usually taxed as a single rate across a nation. 

Filing a GST return is important for several reasons. It is a source for collecting financial statistics of organizations, helps to scrutinize relevant cases effectively and efficiently, and serves as a basis for future policy making. Filing a GST return also helps in making future compliance procedures, evasions can be better tracked, and it is an effective mode of procuring information from taxpayers. For the return filer, it is necessary to adhere to legal compliances, helps in calculating the correct tax liability of self and others, and is a tool for claiming Input Tax Credit (ITC).