GST Consultants in Cooke Town

We are GST Consultants in Cooke Town.

The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.

Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.

What is GST Return?

GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has to pay off the tax liability.

Who should file GST Returns?

GST returns has to be filed by all the business entities who are registered under the GST system. The filing process has to be identified on the basis of the nature of the business.

The registered dealer who part of the following activities needs to file a GST return:

1. Sales
2. Purchase
3. Output Goods and services tax (on Sales)
4. Input Tax Credit with GST paid on the purchase

How to File GST Returns Online?

From manufacturers and suppliers to dealers and consumers, all taxpayers have to file their tax returns with the GST department every year. Under the new GST regime, filing tax returns has become automated. GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR forms. Listed below are the steps for filing GST return online:

Step:1 Visit the GST portal (www.gst.gov.in).
Step:2 A 15-digit GST identification number will be issued based on your state code and PAN number.
Step:3 Upload invoices on the GST portal or the software. An invoice reference number will be issued against each invoice.
Step:4 After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online. If there are any errors, you have the option to correct it and refile the returns.
Step:5 File the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before 10th of the following month.
Step:6 Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the recipient.
Step:7 Recipient has to verify, validate, and modify the details of outward supplies, and also file details of credit or debit notes.
Step:8 Recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2 form.
Step:9 The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.