GST Filing Return
GST stands for “Goods & Services Tax” and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST is basically a tax on final consumption. Main objective of GST is to consolidates all indirect tax levies into a single tax except customs (excluding SAD), replacing multiple tax levies overcoming the limitations of existing indirect tax structure and creating efficiencies in tax administration.
One of the reasons to go the GST way is to facilitate seamless credit across the entire supply chain and across all states under a common tax base. Current framework allows limited inter-levy credits between CENVAT (Tax on manufacture) and Service Tax. However, no cross credits are available across these taxes and the sales tax / Vat paid (on Input) or payable (on Output).
Therefore, GST is a broad based and a single comprehensive tax levied on goods and services consumed in an economy. GST is levied at every stage of the production - distribution chain with applicable set offs in respect of the tax remitted at previous stages.
GST may define as a tax on goods & services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services, the seller or service provider may claim the input credit of tax which he has paid while purchasing the goods or procuring the service.
How to File GST Returns?
GST Return filing procedure is quite straight forward. The registered taxpayer is required to login on GST portal with their login credentials. Once logged in, go on the returns page and file the respective forms by filing in the required information. The computed tax liability is also paid off at the time of final filing of the returns.
Steps to file your GST Returns
- Login with your user id and password on the GST Portal for gst e filing.
- Just proceed with the GSTR-3B Return tab & insert your sales amount with the tax & purchase amount with the input credit.
- Just make the payment of the GST by creating the challan & submit the gst e filing.
Benefits of GST Return Filing
- GST will reduces compliance cost and increase voluntary compliances.
- GST will removes cascading effect of taxation and also distortion in the economy.
- GST would result in abolition of multiple types of taxes on goods and services
- GST will reduce effective rates of tax to one or two floor rates.
- It will reduces litigation and corruption.
- It will be helpful to reduces administrative cost for the Government.
Frequently Asked Questions
What is Covered in this package?
We are going to undertake, Preparation of Return and filing of Return.
What are the forms need to be filed in GST?
There are three forms need to be filed per month.
- GSTR 1 i.e. Sells Return
- GSTR 2 i.e. Purchase Return
- GSTR 3 i.e. Computation and Payment of GST
What is Periodicity of Returns?
Under GST Regime Returns need to be filed everymonth. However in case of Composition dealers it has to be filed every quarter.
What will be process for GST Return Filing ?
It will depends on business of entity however common process will be as follow:
- Step 1 - Computerisation of Data: In case client has not maintained data in any accounting software or Excel, then first of all all data will be entered in our GST software.
- Step 2 - Preparation of Return: Once all required data is there we will compile it in required format and cross check correctness of data using our software tools.
- Step 3 - Upload of Return: Once Data is correct and complete in all aspects the form will be uploaded to GSTN server and filing procedure will complete.
- Step 4 - Follow up and Correction: We will keep a tab and do required correction if there is any discrepancy in GST Return, However any discrepancies in Vendor filing need to be followed up and corrected by client itself.
What is Composition Scheme? For whom it is?
Govt has notified an easy to follow scheme for small manufacturer, traders and Service providers who has an yearly turnover not more then 75 Lakhs in a year. Govt has notified an easy to follow scheme for small manufacturer, traders and Service providers who has an yearly turnover not more then 75 Lakhs in a year. It has benefit of like
- Non maintaince of records
- Filing Return Quarterly instead of monthly
- Lower tax rate
i.e. for Manufaturer 2% Others 1% Restaurants 5%.
What are the Services Covered under Composition Scheme?
Currently, there is only one Service covered under compostion scheme i.e. Restaurants.
How should I decide whether I should Go for Composition Scheme or Not?
There are Several Factors need to be considered while deciding to choose composition Scheme, Such as Supply chain, Margin in the business, other Competitors Registration has been done or not, We advise you to contact our expert before you take this decision There are Several Factors need to be considered while deciding to choose composition Scheme, Such as Supply chain, Margin in the business, other Competitors Registration has been done or not, We advise you to contact our expert before you take this decision.