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What is GST Return?
A return is a document that consists of details of income that is the taxpayer is needed to file with the tax administrative authorities. This is used by the tax authorities to quantify the tax liability.
Under GST, a registered dealer has to file GST Return which includes the following:-
- Sales
- Purchases
- Output GST(On Sales)
- Input tax credit(GST paid on purchases)
- To do GST Return Filing, GST compliant sales and purchase invoices are essential.
Who is eligible for GST Return?
- In the GST regime, any structured business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
- The number of GST return filling vary for quarterly GSTR-1 filers. The number of GST filling online for them is 17 in a year.
- There are separate returns essential to be filed by the special cases such as composition dealers whose number of GST fillings is 5 in a year.
What is the process of monthly GST return?
The Indian tax authorities need tax payers to reconcile their GST invoices with their customers and suppliers through online clearing system. The monthly process is shown below:-
- Tax payers submits their sales transactions via GSTR-1 on 10th of each month
- Customers review sales transactions in GSTR-2a and approve
- Customers files their GSTR-2
- Any invoices not modified or agreed by the customers may be review by the tax payer in the GSTR-1a
- When the tax payer and customers approve, the GSTR-3 is created and taxes are due on the date 20th of every month
How much is the payment of GST?
Tax payers must remit any net GST due on 20th of each month following the reporting month. This is done by doing the submission of form GSTR-3.
What is GSTR-3b?
It is the simple return in which the summary of outward supplies along with input tax credit is defined and payment of tax is affected by the taxpayer. This needs to be submitted on a monthly basis which is staggered from the month of January 2020 onwards. Previously 20th of the next month to all the taxpayers.
What is the mandatory document required to fill up GST returns?
The given list shows document which is required for GST Return Filling:-
- List of Invoices(B2B Services, B2C Services)
- Customer GSTIN
- Type of invoice
- GST Rate
- Taxable Value
- Place of supply
- Amount of CGST, IGST, SGST, and GST Cess applicable
- Consolidated intra-state and inter-state sales.
- HSN wise summary details
- Summary of requisite documents i.e. Debit and Credit Note.
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- All the returns will be filed in a proper manner
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- Answers for all your questions and concerns
These are some of our commitments join hands with us to know more about our services and start-up your any kind of business in very less time and come in the market soon with full-on potential.
Frequently Asked Questions
The main purpose of GST is to cut back the cascading result of a tax on the value of products and services and construct a typical, cooperative, and undivided Indian market to create the economy stronger and powerful.
Here is one of the simplest example, in case a product is sold for Rs.2,000 and GST rate applicable to it is 12%, then net price of the product would be Rs.2,000+12% of Rs.2,000 = Rs.2,000 + Rs.240 = Rs.2,240.
GST and VAT square measure each counter approach taxation systems by the Government to charge the taxes on merchandise and services beyond the state. The previous legal system,i.e worth side tax, was the tactic of applying taxes on merchandise whereas the products and services tax is about to change this course of action towards customers.
You can always go for GST Return Filling using different methods which consists of an OTP from your registered phone number.
As per the CGST Act, suppliers of assessable merchandise and services square measure needed to be registered below GST within the State or Union territory, from wherever the assessable provide of products or services is created. However, provisions are provided within the GST Act for getting GST registration for branches.