What is GST and How to file GST Return
GST Return And Registration Services are the biggest and most significant indirect tax reformation of the existing tax structure in India. After GST, the earlier multiple categories of taxes, TDS Return Online Filing on goods and services have been replaced by a single tax. Before the application of GST, the rules and regulations of VAT used to be different for different states and was also of a layered format. But, now all differences have been put to rest by replacing them with a national level uniform structure – the GST.
Benefits of GST Return and Registration Services
- GST has been introduced mainly to do away with the cascading effect of tax on tax for businesses dealing with goods and services
- The cost of goods is expected to decrease after GST
- The overall process has been simplified
- Technology is expected to speed up the entire process starting from GST registration to GST filing for returns. The online GST portal must be accessed to all who are affected by this new tax structure.
- GST attempts to be beneficial for small businesses. The threshold for registering for GST has been raised by the government, exempting all small businesses with a lesser turnover.
- The unorganized sector will also be regulated by the GST structure
- E-commerce industry will also be covered under specific GST guidelines
How do you register for GST?
All business dealing with goods or services and with a turnover of more than the threshold limit of INR 20 are required to register. This threshold level is INR 10 lakhs for North Eastern states and hilly states. This process is called GST registration. There are certain clauses which mandate certain businesses to register for GST irrespective of their annual turnover. And every business that was registered under the pre-GST laws like VAT, Excise or Service Tax has to get registered under GST compulsorily.
What documents and details are needed to register for GST?
- PAN of the applicant
- Certificate of business registration or incorporation
- Identity and address proof along with photographs
- Address proof of place of business
- Bank statement showing displaying name, address and transactions
- Digital signature (Class II) of the authorized signatory
What is the process of filing returns under GST?
After you have registered under GST, you need to file returns. Filing GST returns are crucial since delay or noncompliance of any sort can result in heavy penalties being levied and impacts refund. Under GST, a taxpayer has tofile returns on a quarterly/ monthly basis,and one yearly GST return. GST is considered to be of immense significance in India since it aims at uniting all state economies to improve the overall financial condition of our country. It is essential for all those applicable, to maintain compliance with GST norms to avoid huge penalty and legal action.
