GST Return Filing
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GST Return Filing
Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law.
With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC).
Regulations
Regulations for GST Return Filing
When the GST is calculated, the tax paid by the supplier is deducted from your tax liability. But to avail this benefit, it is important for both parties to record the transaction in the returns filed. The input credit can be availed only when returns are filed on time.
In the new GST method, the taxes paid and collected are to be filled in one single form. Usually, taxes are collected in the form of IGST, SGST and CGST. The online filing is now simplified. This is expected to be simplified further in the near future.
The GST network has introduced a rating system. This is available online. All GST registered businesses are given a rating based on timely compliance. Those with regular GST filing are given a higher rating. The compliance ratings are publicly available on the website.
Returns must be filed on time without any delay. Any delay in filing returns attracts a penalty starting from Rs. 50 per day. Even if a business has no tax liability it is important to file a NIL return to avoid penalty. Besides the penalty the delay also attracts interest at the rate of 18% on the outstanding tax liability.
ONLINE GST FILLING
Documents required For Online GST Return Filling
Types of GST Returns Filing
FREQUENTLY ASKED QUESTIONS
Explore GST Return Filing
Is it mandatory to file GST returns?
Filing of GST returns is mandatory. There are no exceptions. If you are a registered dealer you have to file your returns regularly. Non filing can lead to penalties and on further delay it an lead to cancellation of the GST number.
What are the modes of payment for GST?
Tax Payment or any penalty, fees, etc. are accepted through the following modes;
- Internet Banking
- NEFT or RTGS
This amount shall be credited to the electronic cash ledger of the registered dealer.
What are taxable events under the GST Act?
Any supply i.e. transaction such as the sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration, of taxable goods or services, needs to be considered as a taxable event under the GST Act.
Is it mandatory to file Annual Returns?
All taxpayers filing a return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, and TDS/TCS deductors, are required to file an annual return (GSTR-9) along with the monthly return.
What information is required to file GST return online?
All Invoices should carry the HSN code for supply of goods and Accounting Code in case of services. This should be uploaded in the return. The information should carry all details of Sales, purchase and any other expenses for the period for which the filing is done.
How should the data be provided for filing the returns?
Depending on which software is in use, the data will be needed in CSV format. But there is no reason to stress. At EOB, we will understand your current procedure and find a suitable way to collect data. Our job is make your business compliance simple
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