Goods and Service Tax (GST) is the biggest and most awaited tax reform in India. It may also be known as Good and Simple Tax because of its simplicity. GST abolished various multiple taxes like Central Excise Law, Service Tax, VAT, Entry Tax, Octroi, Custom etc. into one tax, reduces tax complexities, single return etc. GST brought together state economies which improve overall economic growth of the country.
GST is a consolidated indirect tax which levy on manufacturing, Trading and consumption of goods as well as services. GST repealed all indirect taxes levied on goods and services by states and Central. Now Businesses are required to obtain a GST Identification Number in every state they are registered.
Around 160 countries have GST in place, around the world. GST is a destination based taxed meaning thereby that the tax is collected by the State where goods are consumed. GST came into force in India w.e.f. July 1, 2017. Under GST both States and Central levies tax on Goods or Services or both.
Non compliance of GST provisions will attract the Penalties, Interests, fine and penalties but also affect the continuity user’s business and compliance rating.
GST Number of the company needs to be mentioned in each and every tax invoice. Further, if the buyer has the GST number and wants to avail GST input, must given his GST number to the supplier. The GST refund and GST liability is automatically calculated by the system based on the GST Return GSTR-1 and GSTR-2 filed by the assessees.
GST Registration in India is completely online and simple. For GST Registration one can visit www.gst.gov.in or contact Filing Samadhan. Filing Samadhan will assist the client in obtaining GST Registration on time in easy steps.
Under GST various returns needs to be furnished. Some of the GST Returns / GST Return Forms are as under:-
Form GSTR-1 : Under GSTR-1 business needs to declare the details of all the outward supplies of goods and services effected during the previous month. The due date of filing GSTR 1 is 10th of succeeding month.
Form GSTR-2 : GSTR-2 is a monthly return that summarizes the details of inward purchases of taxable goods and/or services. The due date of filing GSTR 2 is 15th of succeeding month.
Form GSTR-3 : GSTR-3 is the monthly summary of sales and purchases along with the tax liability. The due date of filing GSTR 3 is 20th of succeeding month. GST-3 can only file after making the GST payment and any penalty (if any). The GST liability is automatically calculated by the GST portal.
Form GSTR-4 : GSTR-4 is quarterly return, which a dealer registered under composition scheme of GST is required to furnish. The due date of filing GSTR 4 is 18th of succeeding quarter.
Form GSTR-5 : GSTR-5 is a monthly return for registered non-resident taxable person. The due date of filing GSTR 5 is 20th of succeeding month.
Form GSTR-6 : Every Input Service Distributor needs to file GSTR 6 return by 13th of the succeeding month.
Form GSTR-7 : Every registered taxable person who is required to deduct tax at source under GST shall furnish a return in FORM GSTR-7. The due date of filing GSTR 7 is 10th of succeeding month.
Form GSTR-8 : GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST. The due date of filing GSTR 8 is 10th of succeeding month.
Form GSTR-9 : GSTR-9 is an Annual Return to be filed by the persons registered under the GST. The due date of filing GSTR 9 is 31st December of succeeding Financial Year.
Form GSTR-10 : GSTR-10 is the return to be filed by the registered taxable persons who have opted for the cancellation of the GST registration. GSTR-10 needs to be filed within three months of the date of cancellation or date of cancellation order, whichever is later.
Form GSTR-11 : GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies. The due date of filing GSTR 11 is 28th of following month for which statement is filed.
Filing Samadhan will assist you in preparation and filing of GST returns.
Business Registration Proof
KYC of the Directors / Partners / Proprietor
Bank Account Details of the Business
Digital Signature Certificate of Directors / Partners / Proprietor