GST Filing Registration
The basic meaning of “GST Return Filing” is “maintaining financial accounts” per year. A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for a specific period. Bookkeeping and GST Return Filing can be divided into several fields including financial GST Return Filing, managing general GST Return Filing, professional GST Return Filing, chartered accountant, auditing, tax GST Return Filing and cost GST Return Filing. A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
Benefits Of GST Filing Registration :
●GST eliminates the cascading effect of the tax.
●Higher threshold for registration.
●Composition scheme for small businesses
●The Simple and easy online procedure
●The number of compliances is lesser
●Defined treatment for E-commerce operators
●Improved efficiency of logistics
●The Unorganized sector is regulated under GST
Every registered taxable person who crosses the threshold limit for payment of taxes.
A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for a specific period.
Late fees are Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.
Any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year. In the GST return, one has to manually enter details of one monthly return GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
GSTR-1:- monthly return for outward supplies GSTR-2:- monthly return for inward supplies GSTR-3:- monthly return containing details from other monthly returns filed the taxpayer GSTR-4:- quarterly return GSTR-5: - variable return to be filed by Non-Resident Taxpayers GSTR-6:- monthly return to be filed by input service distributors.
GST Filing Registration Process :
1. Make sure that you are registered under GST and have the 15-digit GST identification number with you based on your state code and PAN. In case you do not have this number, first register online to get it.
2. Next, visit the GST portal.
3. Click on the ‘Services’ button.
4. Click on ‘Returns dashboard’ and then, from the drop-down menu, fill in the financial year and the return filing period.
5. Now select the return you want to file and click on ‘Prepare online’.
6. Enter all the required values including the amount and late fee, if applicable.
7. Once you have filled in all the details, click on ‘Save’ and you will see a success message displayed on your screen.
8. Now click on ‘Submit’ at the bottom of the page to file the return.
9. Once the status of your return changes to ‘Submitted’, scroll down and click on the ‘Payment of tax’ tile. Then, click on ‘Check Balance’ to view cash and credit balance, so that you know these details before paying tax for respective minor heads. Next, to clear your liabilities, you need to mention the amount of credit you want to use from the credit already available. Then click on ‘Offset liability’ to make the payment. When confirmation is displayed, click on ‘OK’.
10. Check the box against the declaration and select an authorized signatory from the drop-down list. Now click on ‘File form with DSC’ or ‘File form with EVC’ and then click on ‘Proceed’. Make the payment in the next step for your respective GST form.