[vc_row css=”.vc_custom_1587532982278{padding-top: 60px !important;}”][vc_column][amwal_section_title title=”Online GST Return Filing – An Overview” text_position=”center”][/amwal_section_title][/vc_column][/vc_row][vc_row css=”.vc_custom_1587533085164{padding-top: 20px !important;padding-bottom: 40px !important;}”][vc_column width=”1/4″ css=”.vc_custom_1481792125454{padding-top: 40px 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width=”3/4″ css=”.vc_custom_1481792131878{padding-top: 40px !important;}”][vc_column_text]According to the GST law, each person/Company/LLP enrolled under the GST Act needs to outfit the subtleties of deals, buys and the expense paid by petitioning for GST comes back with the authoritative specialists.
As a specialist/firm, one of your main goals will be to do is GST bring documenting back. Henceforth, realizing the ropes can assist you with making the procedure smoother and less difficult. While documenting a GST return, you should give all the points of interest identified with your business exercises, similar to the assessment obligation announcements, charge installments and furthermore some other related data according to guidelines gave by the legislature.
The GST return recording process must be done electronically in the GST entry. An office must be offered for the manual procedure of GST return documenting errands. This office helps the business citizen in India to set up the arrival disconnected and afterward transfer it on GSTN through the assistance community. There are additionally different segments of GST returns documenting that you have to think about.
The GST return for the most part incorporates buys, yield GST on the business, input charge credits according to GST paid while making the buys, and furthermore incorporates the all out deals. So as to record the GST return, the buy solicitations and GST consistent deals are required.
What are GST returns?
Any person who applies for GST registration will also have to make a GST return filing. The GST return is basically a document which is needed as per the Indian tax authorities of law, to be filed. It will be used by the authorities of tax for the purpose of calculating the tax liability.
Who is eligible for GST returns?
Business owners and dealers who are registered under GST must file two monthly GST returns and one annual GST returns. The nature of the business also dictates the GST that is to be filed. GST returns are of various types and late filing of GST returns will result in a penalty of Rs.100 per day till the day the GST returns are filed. Once filing is done, any tax liability must be promptly paid to the government.
GST Input Tax Credit Reconciliation
GST or Goods and Services Tax is an indirect tax that depends on the value added at each stage of the supply chain of a particular service or goods until it reaches the customer or consumer. With GST, tax is imposed at various stages and to nullify the cascading effect, it is designed in a way that is meant to refund all parties that are involved in the various stages with the exception of the final consumer. This element that is employed to offset the tax liability is called an input tax credit.
An insight into the GST filing procedure in India
Any business person who has taken the registration, but has not crossed the limit of exemption will have to comply with the step-by-step GST billing process.The Government has given threshold limit for goods and services which will be based on aggregate turnover 40Lakhs in case of services and 20Lakhs in case of Goods, provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.
Special category states include,
State of Jammu and Kashmir and States of Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand.
Once the taxpayer crosses the limit of exemption, he/she will start filing for GST returns. Even in cases where no taxable supplies are received or made during a particular period, the taxpayer will have to file the NIL return. So, there is no way that you can avoid GST filing. If you miss out filing the return of one period, then you will not be able to file the next period’s return.
Let us simplify GST in this way- Any business will have to file monthly GST return twice and annual return once.This implies that as a total, you will have to file GST returns 26 times a year. The GST portal issues 4 different types of forms for filing the GST returns. They are:
- Return for purchases
- Return for supplies
- Annual returns
- Monthly returns
In case of small business taxpayers in India who have opted for a composition scheme, they just have to file GST returns on a quarterly basis. Return filing process can be done online.
Benefits of GST Return Filing
Elimination of the cascading effect
The introduction of GST into the Indian tax system has done away with several other taxes like central excise duty, service tax, customs duty and state level value added tax. Thus a single GST has eliminated the cascading effect of tax on tax .
Higher threshold benefits
Before GST was introduced, VAT or value added tax was applicable for any business that had an annual turnover of 20 lakhs. Services that saw a turnover of less than 10 lakhs did not have to pay service taxes.
Startup Benefits
Earlier startups with an annual turnover of 5 lakh had to pay VAT which would be very difficult for a business during the initial stages. But as GST has replaced VAT, businesses can set off the service tax on their sales.
E-commerce for quick supply of goods
Startups are making a strong presence online offering their services and products through their websites. Under VAT, there were many types of VAT laws, and the supply of goods through online, that is, E-commerce was never a well-defined one. For instance, if you need to deliver goods to various states, then you will have to file the VAT declaration first. After that, you will need to provide registration details about the trucks which deliver the goods. In many instances, goods end up being seized by the authorities due to lack of proper documents. GST has now removed all such confusing processes.
Regulations and accountability
The pre-GST period witnessed a disorganized tax filing system. Presently, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST. This has resulted in industries becoming more accountable and tax filing laws are better regulated than before.
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Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.[/vc_column_text][vc_empty_space height=”20px”][/vc_column][/vc_row][vc_row css=”.vc_custom_1587534174497{background-position: 0 0 !important;background-repeat: repeat !important;}”][vc_column width=”5/12″ bg_full_width=”yes” css=”.vc_custom_1480065050342{padding-top: 100px !important;padding-bottom: 100px !important;background-image: url(http://creative-wp.com/demos/amwal/wp-content/uploads/2016/11/home2-bg-contact.jpg?id=9429) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][amwal_section_title title=”GST Returns” light_skin=”true”]Get your GST return filing done every month and every year at the lowest price in India.[/amwal_section_title][/vc_column][vc_column width=”7/12″ css=”.vc_custom_1587534804529{padding-top: 33px !important;padding-bottom: 0px !important;padding-left: 30px !important;}”][vc_column_text]
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