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GST e Filing

Good and Service Tax Act enacted in 2017 is the recent development for the reformation of indirect taxes in the country. Previously the country levied two types of taxes on the public, Direct Tax, and Indirect Tax. GST is an indirect tax that has replaced other indirect taxes like VAT, Service Tax and Excise Tax. Formulated with an aim to implement “one country one tax”, Goods and Service Tax has now become a single indirect tax law for the entire country.

It has helped improve the competitiveness of products in the market by eliminating several taxes and leveeing just one tax, which is the GST. Moreover, it has fastened the whole process of return filings, applications for refunds, etc. by accommodating an online portal to carry out the same. GST is an attempt by the government to increase the base of taxpayers and improvise the regulation of indirect taxation in the country. 

What are the Components of GST?

Following are the taxes applicable under the Good and Service Tax:

1. GST:-
The tax collected by the Central Government on all transactions within the state.
2. SGST:-
The tax collected by the State Government on all transactions within the state.
3. IGST:-
The tax collected by the Central Government on all the transactions within two different states
(E.g.- Transactions between the states of Maharashtra and Uttar Pradesh).    

For all the transactions within the sale, the tax collected would be divided between the Central and State governments. For those inter-state transactions, the tax levied would be collected by the Central Government. The Central Government will then share the collected tax (IGST) with the state. In the matter of inter-state transactions, since more than one state is involved the Central Government shares the tax with the state that holds the destination of the goods.

GST Registration:
The process of registering one as a normal taxable person is called GST registration. It is mandatory for certain businesses whose turnover exceeds 40 lakhs in an annual financial year (10 lakhs for NE and Hill States). If such businesses carry out business without registering themselves under GST, it is an offense and heavy penalties are applied to such businesses. 

It is a lengthy process and requires financial expertise. Here at YouTax, we are determined to help our customers register their GST hassle-free and rapidly. YouTax is a one-stop destination for all kinds of financial services. All you have to do is reach out to us at our contact number +(91) 8421447373 or visit our website youtax.in

Who needs to get a GST registration mandatorily?
  • Following are a few examples that mandatorily have to register for GST:

    • All businesses whose turnover exceeds 40 lakhs in a financial year. (Businesses related to the supply of Goods)
    • All businesses in the Special Category States (NE and Hill States) whose turnover exceeds 10 lakhs in a financial year. (Businesses related to the supply of Goods)
    • All businesses whose turnover exceeds 20 lakhs in a financial year. (Businesses related to the supply of Services)
    • All businesses transacting inter-state
    • Casual taxable person (one who supplies goods/ services in a state where GST is applicable but does not have a fixed place of business in that state)
    • Non-resident taxable person (one who supplies goods/services to the country in a state where GST is applicable but does not have a fixed place of business in the country)
    • Input service Distributor (office of the supplier of goods/service, who receives tax invoices on input services and issues tax invoices for the distribution of credits on taxes paid on those said services)  
    • E-Commerce aggregator ( E.g. Amazon, Flipkart)
    • A person who supplies via E-Commerce aggregators

Process of registering under GST:

The process of GST registration has to be conducted online through the government website gst.gov.in. The said business can be registered under two categories depending upon the nature of the business, regular and under the composition scheme. It is a complicated procedure with various steps processes including the submission and verification of various documents.  Here at YouTax, we will simplify this tedious procedure and help you obtain your GSTIN and get your business registered under GST.

GST Returns:

 It is a document that holds the account of all the purchases and sales. It holds the details of all the taxes paid on purchases and collected on sales. It is basically a declaration of the income generated through all business transactions. Following are the various types of GST returns that are filed according to the nature of their businesses.

1) GSTR1 – Tax returns for outward supplies made (Regular Businesses)

2) GSTR2 -  Tax returns for inward supplies received (Regular Businesses)

3) GSTR2B – Income Tax Credit (ITC) statement (Regular Businesses) 

4) GSTR3 – Monthly cumulated Tax return (Regular Businesses)

5) GSTR9 – Annual cumulated Tax return (Regular Businesses)

6) GSTR9C – Audit form to be filed when turnover exceeds 2 crores (Regular Businesses)

7) GSTR4 – Quarterly returns for compounding vendors (Businesses registered under Composition Scheme)

8) GSTR9A - Annual composition return form for taxpayers enrolled under the composition scheme    

9) GSTR5 – Return for non–resident foreign taxpayers 

10) GSTR6 – Monthly return for ISDs

11) GSTR7 -  Monthly return for TDS transactions

12) GSTR8 - Monthly return for E-Commerce operators

13) GSTR9B – Annual return form for E-Commerce operators

14) GSTR10 - Final GST return before canceling a registration

15) GSTR 11 – For taxpayers with UNI

16) GSTR1A – Amendment form that is used to correct the GSTR1 document

17) GSTR2A – Auto-drafted tax return based on GSTR1

18) GSTR4A – Auto-generated quarterly tax return based on GSTR1, GSTR5, GSTR7

19) GSTR3A – Tax notice issued to those who have failed to file GST returns on time

The process to do E-filling of GST return:

The whole process has to be conducted through an online platform provided by the government i.e. gst.gov.in. The process of filing a GST return can be a complicated procedure. It involves the filing of various forms like GSTR1, GSTR1A GSTR9, depending upon the nature of the business conducted. Moreover, various types of documents have to be verified and uploaded on the portal for the same. Only after these forms are filed correctly, and the documents are verified accordingly, the tax return document for the quarterly or annual terms can be achieved.

It can definitely be a very lengthy and confusing process therefore it is very important to consult a GST expert. YouTax has been a successful platform where you can easily get assistance for all your tax and finance-related queries.

We at YouTax will assist you to file GST returns without any complications or delay. Here at YouTax, we provide a GST expert specifically to help you understand the whole procedure of GST and file a GST return on your behalf for your convenience. So, pick up your phone and dial +(91) 8421447373 for the best solution for all your GST and finance-related complications.