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The Goods and Services Tax (GST) is a tax on goods and services consumed in India. GST is an indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. GST has been in force from 1st July, 2017 based on the Goods and Service Tax Act passed by the Indian Parliament on March 29, 2017. In India, GST return can be completed online through QwikFilings.com. GST Return filing can be done online in 1 day at a affordable price of just Rs. 1499.
A 'taxable person' under the GST Act is someone who conducts business in India and is registered or needs to be registered under the GST Act. A taxable person can be an individual, HUF, company, firm, LLP, an AOP/ BOI, any corporation or Government company, body corporate incorporated under the laws of a foreign country, co-operative societies, local authorities, governments, trusts, or artificial juridical persons. All registered GST taxable persons need to file GST return monthly or quarterly.
These are the important documents you need to File GST Return in India.
GST return has to be filed by all those businesses or individuals or freelancers who are registered and having GST number. Points to be kept in mind while filing GST Return are as follows:
Who has to file GST Return : Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration and file GST Return every month or quarterly. GST Return ahs to be filed in gst portal www.gst.gov.in
Input Tax Credit (ITC): If GST filer has paid any gst, then they should ensure that the GST input credit tax (ITC) shows on their gst portal after login. Otherwise they have to contact the other party and ask them to give gst input credit tax.
GST Submit & File: Before submission of GST return, the gst filer has to ensure that all GST sales are captured and invoices are uploaded. GST payable and GST paid on input tax credit difference has to be depisuted vide challan online. Then GST can be submitted with EVC or DSC.
GST Return can be filed monthly or quarterly under the QRMP scheme.
GST Return has to be filed by all registered GST businesses, whether small or big and whether having any sales or no sales.
Casual Taxable Persons: The GST Act defines as a casual taxable person as a person who occasionally supplies goods or services in a State or a Union territory where the entity has no fixed place of business. Hence, persons running temporary businesses in fairs or exhibitions or seasonal businesses would fall under casual taxable person under GST.
Non-resident Taxable Persons: Non-resident taxable person (NRI) under GST is any person or business or not-for-profit supplying goods or services but have no fixed place of business or residence in India. Thus, any foreign person or foreign business or organisation supplying goods or services to India would be a non-resident taxable person – requiring compliance with all GST regulations in India.
E-Commerce Operators: Electronic commerce operator is every person who, owns, operates or manages digital or electronic facility or platform for electronic commerce. Thus, any person selling through the internet can be termed as an eCommerce Operator requiring GST registration irrespective of business turnover.
GSTIN or Goods and Services Tax Identification Number (GSTIN) is provided to entities having GST registration number. GSTIN is 15 characters in length. The allocation of GSTIN is based on PAN and State of the applicant. In a GST registration number, the first two digits represent the State Code. The following next 10 digits represent the PAN of the applicant.
GST Certificate is issued to people who are registered under GST. Those are having GST registration certificate are mandatorily required to display the registration certificate prominently at their place of business. Downloading GST certificate is a pretty easy process through the GST Portal. Login to the GST Account and and go to User Services. In User Services, click on View / Download Certificate to download GST registration certificate.
Step by Step Goods & Services Tax Registration (GST) Registration Process in India
Bank Loans: GST registration and GST return filing serve as proof of business activity and create a track record for a business. Banks and NBFCs lend to businesses based on GST return data. Hence, GST registration can help you formalize your business and get credit and loans.
Input Tax Credit: Businesses having GST registration are eligible to collect GST from customer for the supply and offset the liability against GST taxes paid while purchasing various goods and services. Hence, GST return can help you save on taxes and improve margins.
No Late Fees and Fines: Paying gst is the duty of every citizen and registered business in India. Avoid late fee adn fines by paying gst on time to government. Avoid prosecution and gst penalty.
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