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.
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