There has been a lot discussed about the GST in the past few months. It was no doubt a demand of the time that the system requires a simple tax structure and hence GST was levied by the government of India removing many other taxes to have simple and effective tax structure. The Goods and Service Tax is known as one of the effective value added tax which is levied on domestic goods and services.
There is yet a lot of confusion regarding this tax as it is very new for the people. Even the professionals are also in a dilemma when some tricky points come up. Hence it is much necessary to know more about the GST and have a thorough understanding of the same. Let us discuss below to wipe away all the confusions regarding GST.
The most common trouble faced by people is during the filing of GST return. The service tax return filing procedure is still a foggy affair for many people which leads them to wrong assumptions and negativity towards the government. Some of the important aspects are discussed here that can help to have a better understanding of the concept and make it more fruitful.
How to file GST returns?
The return of GST is to be filed only by the online procedure according to the government of India. According to the GST Act of India, all individuals under the taxpaying category are bound to file tax returns for every purchase along with the tax paid for it. All the steps involved in the procedure of filing tax returns are transparent and easy to understand by the individual. However, there are different categories allotted to different individuals where the amount of tax to be paid differs.
The online form consists of four pages where purchase returns, return for supplies, annual returns and monthly returns are to be filed. The type of forms differs as it depends on the type of transaction and registration attempted by the individual taxpayer. According to the recent GST rule, small taxpayers will have to file their returns file quarterly.
According to the new GST Act of India, there are eleven types of returns under which the taxpayers have been divided into.
File GST returns online:
To fill the form online, you need to visit the online site of the GST page by the Government of India. You need to follow all the information given on the page to fill in the blank areas.
File GST returns with GSTN:
The Goods and Service Tax Network has developed applications and software which helps to fill automated details on the GSTR forms. It stores all the information of the taxpayers and registers the information of the suppliers and the buyers. The network has come up with a simple excel sheet template to make the filing of returns easier for business. You can prepare the data while offline, but you need an internet connection while uploading it. The workbook can be easily downloaded from the government portal site without any charge.