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My Registration

Keywords - GST registration, GST return filling

What is GST Registration all about?

Are you aware of the incident that has led to one of the greatest tax reforms in India? Yes, it is in 2017 that has marked the implantation of goods and services tax. AS you know that GST, i.e., goods and services tax is a comprehensive amount that is levied on the supplying of goods and services. Therefore, regardless of whether you are a trader, service provider, or manufacturer; it is mandatory to opt for GST registration.

An Insight into GST Return!

GST return refers to a specific document that includes every type of payment along with receipt and GST invoice. That too for a specific period! As a taxpayer, you will be liable to declare every type of transaction that is related to the revenue of the business. Based on the reports produced, the concerned authority will calculate the total amount of tax that needs to be paid by the respective organization.

In this age of the internet, business owners will be able to file their GST through online mode. At the time of carrying on with GST return filing, the following details are required to be produced to the concerned authority:

  • The total amount of sales and purchase
  • GST paid by the customers
  • GST paid by the organization against the purchases to be made

Once you are done with the filing, it will become easy to check the status online followed by complying with the requirements accordingly.

What are the Various Types of Returns Applicable under GST?

Additionally, it is becoming very important to have a proper understanding of the entire process. Choosing the correct forms before initiating the GST return filling will also help in this regard. Every type of return has a different purpose and due date. In total, ten different types of GST returns have been mentioned in a nutshell as under:

  1. GSTR-1 – It is inclusive of the details regarding taxable goods and services.
  2. GSTR-2 – It is inclusive of inward taxable goods and services including the ITC claims.
  3. GSTR-3 – It includes information that is crafted every month. The returns are based on finalized details that are all about inward and outward supplies.
  4. GSTR-4 – It is all about the details that are related to return filing that takes place every quarter.
  5. GSTR-5 – In is GST return filing for non-resident foreign individuals.
  6. GSTR-6 – It serves as the form for input service distributors for filing returns.
  7. GSTR-7 – It facilitates return filing to authorities that initiate TDS.
  8. GSTR-8 – It is known for carrying out supply details for e-Commerce operators including the tax amount collected.
  9. GSTR-9 – It serves as a form for filing annual returns.
  10. GSTR-9A – It contains details required for filing of annual returns that are relative to the compounding taxable individual already registered.

After gaining an insight into the types of GST returns, it is high time to gain an insight into the process required for filing GST returns. The GST network is known for storing every information that has been registered by sellers and buyers. Thus, companies engaged in the supply of goods and services need to file returns to prevent any type of misconception.

Step by Step Procedure for Filing GST Return

Once you are done with getting an insight into the overall concept of GST return, it is high time to come across the procedure of filing the return. All taxpayers must file their tax returns to the GST department every year. Filling of tax returns has become an automated procedure.

You may either file the GST return by making generous usage of the website or by downloading the app. Below is a step-by-step procedure related to the filing of GST returns online:

  1. Entering the identification number - Logging in to the GST portal by visiting the website gst.gov.in. The fifteen-digit GST identification number issued based on state and PAN number must be entered properly.
  2. Uploading of invoices - Uploading of the invoices on the GST portal on the website. An invoice reference number will be issued against every invoice.
  3. Filing of returns online - Once done with the uploading of the invoices, several returns have to be filed online. Those returns include inward return outward return, and cumulative monthly return. In case of any error, you will be able to correct the same and re-file the return.
  4. Filing of outward supply return - The outward supply returns in the GSTR-1 form has to be done on or before the 10th of every month. The details will be made available in GSTR-2A to the respective recipient.
  5. Validating the details - The recipient must not set back from verifying, validating, and modifying the details related to outward supplies. The details must also file every detail related to debit and credit notes.
  6. Furnishing details related to inward supplies - The recipient must furnish the details related to inward supplies of taxable goods and services in the respective GSTR-2 form. The supplier may either reject or accept the modifications of the details related to inward supplies reflected in GSTR-1A.

These are some important steps that you need to follow at the time of filing GST returns online.

Is there any Penalty Charged for the Late Filling of GST Return?

Failing to file the return on time may result in the levying of a heavy penalty on the taxpayer. According to the rules of GST, the person will be charged a minimum of ₹100 every day against every SGST and CGST. In total, an amount of ₹200 will be levied on the taxpayer daily.

The taxpayer needs to pay an interest of 18% per annum plus the late fee. The period will be inclusive of the day following the filing deadline till the actual date of payment made.

What Makes MyRegistration the Best Place for Carrying Out GST Return Filing?

Logging in to MyRegistration will help you manifold in this regard. We comprise a group of highly trained expert professionals that will keep no stone unturned in serving you the best. For further discussion, feel free to give us a call or air an email at our official email address. Our representatives will get back to you asap!