Are you sure you want to report this content?
GST return contains all the details of sales, purchases, tax collected on sales, and taxes paid on assets which are mandatory to be filed by all registered taxpayers. Once you file GST return online, you must pay the consequential tax liability - the money owed to the government.
Who needs to file a GST return?
Details of sales and purchases of goods and services, as well as taxes paid and collected, must be provided by all registered persons, traders, organizations, and businesses. Such details are provided by online GST filing services near me, and based on this, the tax authorities calculate the tax liability.
Under the GST regime, all registered dealers must file returns, regardless of the type of business, turnover, or profitability during the reporting period. Even inactive firms that have obtained registration under GST must file their GST return filing online.
With two monthly and one annual return, the total number of yearly turnover GST returns per year varies from 9 quarterly GSTR-1 filers, including GSTR-3B and annual returns. There are separate GST returns that need to be filed in exceptional cases, such as for composition dealers who have to file their GST returns online five times a year.
GST is a multi-stage destination-based tax structure that replaces multiple indirect taxes such as VAT, service tax, and excise duty in the country and provides a unified platform for indirect tax structure across India.
Importance of GST Return
The delinquent tax will be levied on the taxpayer if the return is not filed by the deadline. As per the GST law, the late Fee for Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) is Rs 100 daily. Therefore, the total fine would be Rs 200 per day with a maximum of Rs 5,000. However, it is subject to change with notice from the government.
If a taxpayer has yet to file the GST return, he cannot file the return later. For example, a new rule 59(6) has been added, which prohibits the filing of GSTR-1 if GSTR-3B still needs to be filed. The GSTR-1 return filing facility will be blocked for taxpayers who have not filed GSTR-3B in the last two filing periods.
The entire GST return filing is through a portal created by the authority. You should keep your receipts, bills, and list of accounts. The process is easy to understand and follow because the business or entrepreneur is first registered for GST.
GST filing services near me- Check online.
Offenders who do not pay tax or pay a small amount will have to pay a fine of 10% of the amount paid, subject to a minimum of Rs 10,000. Hence, we recommend you file your online GST filing services near me on time to avoid heavy penalties.
The government has dramatically reduced the complexity of corporate tax returns by subsuming various taxes into one tax GST. In the previous tax regime, companies were required to file multiple returns for miscellaneous indirect taxes (VAT, VAT, Service Tax). Since GST is a unified single tax system, there are fewer returns and less hassle for businesses in filing returns.
GST implementation has also been centralized and standardized, The Tax Heaven making it easier for new businesses to start in India. Therefore, the GST return is applicable across India, eliminating the need for companies to file multiple indirect tax returns.
43 Launches
Part of the Society collection
Published on March 21, 2023
(0)
Characters left :
Category
You can edit published STORIES
Are you sure you want to delete this opinion?
Are you sure you want to delete this reply?
Are you sure you want to report this content?
This content has been reported as inappropriate. Our team will look into it ASAP. Thank You!
By signing up you agree to Launchora's Terms & Policies.
By signing up you agree to Launchora's Terms & Policies.