There was a time when the businessmen
had to file a number of returns and get numerous registrations for various
businesses. For a number of years, there was a discussion that the indirect
taxes have to change and the debate to change the tax system.
The demand for
the same was raised by the experts and various leaders in different businesses.
Considering the requirement from the same the government has taken accurate
measures and levied the system of GST to have a uniform tax system. Any person
having a registration under the GST regime shall have to provide at regular
intervals the information of sales as well as purchases coupled with tax paid
and also tax collected by submitting return forms online. Prior to submitting
the return, it is necessary to pay the tax due otherwise filing of such return
shall be rejected.
Meaning of GST return
GST return forms for business can be said to be a
document including information about income that any taxpayer shall have to
submit to the office of the income tax authorities. All such details are utilized
by the said department to evaluate tax liability.
Under
this GST regime any taxpayer is required to submit GST returns as given below:
1.
Sales
2.
Purchases
3.
Input tax taken on purchases
4.
Output GST taken on sales
In
order to submit GST returns, invoice of purchase as well as sales may be needed
as per GST compliant. You are able to create invoices on GST system software
with ease of convenience.
People who have to submit
GST returns
Within
this GST system, all common businesses have to submit three monthly returns
along with a single yearly return. On adding up, they have to file 37 returns
within a year.
An
interesting thing about the act is that you can manually impart information of
a single monthly return that is GSTR-1. Two other returns are GSTR-2, and
GSTR-3 shall be auto-populated by obtaining details from GSTR-1 submitted by
the taxpayer (you) as well as by vendors.
One
more thing there exists separate returns needed to be submitted by composition
dealers on the basis of being special cases.
Return Forms
GST
return may be submitted by utilizing varied forms which are dependent on the
sort of transaction and also registration pertaining to the taxpayer. Return
forms that are to be submitted by any taxpayer are as follows:
GSTR-1
GSTR-1 return form may be filed by such person
as being registered in relation to taxable supplies imparting details
concerning supplies that are outward of goods and also services. The GSTR-1
form shall have to be filed by a particular supplier. On the other hand, the
buyer has to verify the auto-populated information regarding purchase found in
the form and carry out modifications in case needed. The form may be containing
details enlisted here:
It is necessary to reveal the business name,
state the period with regard to which this return shall be filed, GSTIN – goods
and also services taxpayers’ identification number.
No comments:
Post a Comment