About GST Return
GST is a consumption based tax and a comprehensive indirect tax which shall levy on supply of goods and services. This taxation system is supposed to make one taxation system within the entire country for all product and services. This would be the biggest tax reform since independence and a boon to the economy as it will eradicate the shortcomings of the current tax structure and provide a single tax on supply of all goods and services.
GST return is filed with GST department furnishing the details of sales, purchases and tax paid and collected and all the other information required under the law. Further, GST return filing would be mandatory for all the person registered under GST Act irrespective of the fact whether there was any sale or any other activity made during the period otherwise late fees of INR 2000/- per month will be levied.
GST return are documents which are filed with GST department stating every information which is required under law. Further, every registered person shall need to file GST return online and which is recommended via software. If your turnover is more than 20 lakh, then you need need to get registered and file 3 monthly GST return.
GST Return filing Online Process
|Step- 1 Submit GSTR -1 (First step is to file GSTR – 1 which your buyer can see in GSTR – 2)||Step- 2 Get Buyer’s Approval (Your buyer shall approve, modify details which you can see in GSTR 1A.)||Step- 3 Monthly Return (Once details are approved, then you should file GSTR – 3.)|
Advantages of GST Return filing Online
All businesses, as of now, be it goods or services, have to comply with various VAT and service tax regulations across the state, which only adds to the complexity of the whole procedure of running a business. With the introduction of GST, the difference between goods and services will be gone.
Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs. 20 lakhs.
GST Exemption for Startups and Small Businesses
Earlier businesses crossing an annual turnover of Rs 5 lakh (Rs 10 lakh in some states) have to have VAT registration and VAT payment as a necessity. This multiple VAT regulations across states is bound to be confusing. The problem will, however, not exist when GST comes into the picture. Once implemented, businesses with a supply turnover of less than Rs. 20 lakh would not have to register for GST or even collect it.
Integration of Multiple Taxes
At present goods and services are taxed under various VAT registrations that exist, in various forms, across various states in India. Each state has a separate VAT rate, regulations, procedure, etc. in addition to the VAT and sales tax, there are others that businesses must adhere to like CST, purchase tax, luxury tax, etc. Under the GST regime, all these taxes will under one umbrella and be made into one single tax.
Types of GST Return and their Due Dates
There are several returns to be filed under GST law. Most common are GSTR 1, GSTR 2 and GSTR 3, because they need to file them monthly.
Details about GST Return
|GSTR- 1||Outward return (Details about your sales/ Supplies made during month)||10th of next month||Registered person except few|
|GSTR- 2||Inward return (Details about your purchases made during month)||15th of next month||Registered person except few|
|GSTR- 3||Month return (for cumulative records of inward and outward made during month)||20th of next month||Registered person except few|
|GSTR- 4||A return by Composite dealer (a person availing such service with supplies < 50 lakh)||18th of next quarter||Composite dealer only|
|GSTR- 5||Monthly return by Non resident taxable person||13th of next month||Registered non resident|
|GSTR- 6||Monthly return by input service distributor||13th of next month||Input service distributor|
|GSTR- 7||Person who are required to deduct TDS||10th of next month||Prescribed persons|
|GSTR- 8||E-commerce market places who are required to deduct TDS||18th of next quarter||Registered person except few|
|GSTR- 9||Annual Return||31th of next year||Every Registered Person|
Frequently Asked Questions (FAQs)
How Registration Seva help in GST Return ?
Registrationseva can help in GST return filing in a very less time and affordable price.
What is GST Return filing process?
1. Every Registered person has to file GSTR-1 by the 10th day of the subsequent month which can be seen by the buyer in GSTR-2A
2. After buyer’s approval and submission in Form GSTR-2 by 15th of the subsequent month, supplier can modify the details in GSTR 1A.
3. By the 20th of the subsequent month, return GSTR-3 will be available for submission along with the payment.
When is payment of taxes to be made by the Supplier?
Payment of taxes by the normal taxpayer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited in the Cash Ledger and the taxpayer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit entry number in his return. For Example-Payment of taxes for the month of March shall be paid by the 20th of April.
What happens if the taxable person files the return but does not make payment of tax?
In such cases, the Return is not considered as a valid return.
How will business returns be filed under GST Law?
Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme and a taxpayer registered as an Input Service Distributor.
Documents required to process?
Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/Limited Liability Partnerships (LLP)/One person company (OPC):
1. PAN card and Registration Certificate of the Company/LLP.
2. Memorandum and Articles of Association incase of Company and LLP agreement incase of LLP.
3. Copy of Bank Statement
4. Declaration to comply with provisions and copy of Board Resolution.
5. PAN and ID proofs of the Directors/Designated Partners.
6. Registered Office Documents (Copy of Electricilty bill or Water bill, No objection certificate from owner, Rent agreement, if premises are rented).
Documents required for Sole proprietorship/Individual:
1. PAN Card and ID proof of Individual.
2. Copy of Cancelled Cheque or Bank Statement.
3. Declaration to comply with provisions.
4. Registered Office Documents ((Copy of Electricilty bill or Water bill, No objection certificate from owner, Rent agreement, if premises are rented).
Information Required ?
Information Required (Only information NO Documents Required)
1. Login ID and Password (if generated earlier)
2. Name of the proposed unit
3. Objects of business for which registration is required.
4. Email ID and phone number of Director/partner/Individual.
5. Any other information as may be required.