Overview of GST Return

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a taxpayer has to submit two returns on a monthly basis and one such return annually. All returns have to be filed online. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS). Under GST, a registered dealer has to file GST returns that include: Purchases, Sales, Output, GST (On sales) and Input tax credit (GST paid on purchases).

In addition, you also need to understand and choose the right form before you initiate the GST return filing procedure. There are 11 types of returns applicable under the GST regime and each form has a different purpose and due date. For example, you will have to file GSTR-1 by the 10th of every month in case you are filing details of outward supplies of taxable goods. Once you have this information and know your GST number, choose the appropriate GST form and file GST online by the due date.

Mandatory Documents for Online GST Returns

The list of documents required for registration of GST for various businesses are as follows: Proprietorship • PAN Card and address proof of proprietor LLP • PAN Card of LLP • LLP Agreement • Partners’ names and address proof Private Limited Company • Certificate of Incorporation • PAN Card of Company • Articles of Association (AOA) • Memorandum of Association (MOA) • Resolution signed by board members • Identity and address proof of directors • Digital Signature The following can be shown as proof of address of a director:- • Passport • Voter Identity Card • Aadhar Card • Ration Card • Telephone or Electricity Bill • Driving License • Bank Account Statement All these works as identity proof, one can use a PAN Card, Aadhar Card as identity proof. For address proof, any of the director’s can show their voters ID, passport, telephone bill, electricity bill and telephone bill.

FAQ’s On GST Returns

What is GST?

The Goods and Service Tax (GST) is an Indirect tax levied on the supply of goods and services. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017.GST has replaced many Indirect Taxes in India. Goods and Services Tax is an one tax policy of Government that covers Value Added Tax, Destination Tax and other multiple taxes.  

What are the Benefits of Goods & Services Tax?

Creation of unified national market. Mitigation of ill effects of cascading. Elimination of multiple taxes and double taxation. Easy in compliance process. More transparency & accountability. Reduced compliance cost.  

How to Gain to manufacturer & exporters?

As majority of central & state taxes are subsumed in GST with full set off input goods & services, and complete phase out of central sales tax would reduce the cost of locally manufactured goods. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports.  

What is GSTIN?

GSTN stands for Goods and Service tax Network (GSTN). GSTIN is a unique identification number given to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.  

Can I have multiple Registrations?

Yes. A person with multiple business verticals in a state may obtain a separate registration for each business vertical (in each state).  

How to get GST certification?

GST certificate is provided by the Government only in soft-copy format. Once GSTIN is allotted, GST certificate can be downloaded from the GST Portal at anytime by the taxpayer.  

Does GST apply to all Businesses?

Yes, GST applies to all service providers, manufacturers, and traders. It extends to any dealers, bloggers, and writers, import-export businesses, all kinds of startups and companies, whether they are LLPs, proprietorships, partnerships or private limited companies. It also applies, regardless of the threshold limit, • Businesses operating outside their home state • A business not registered to the state • Businesses paying a reverse charge • Input service distributor • E-commerce operators • Aggregators selling services under own brand name (Uber , for example) • Online sellers • Suppliers or agents

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