Good & Service Tax Filing

GST or Goods and Services Tax is a new taxation system introduced in India on 1st July 2017. By this tax filing system, one does not have to go through the previous complicated taxation system.

GST is all by means one unified taxation system that is applied to every product in this country. The process of filing the e-taxation is also simple. A complete described e-filing format has been given hereunder.

Every trader will need to file the return before the 10th of every month. After the 20th of that month the previous month tax return will be shown along with input credit points.

Process of the GST Filing

  • Traders have to file returns once in a month and have to pay taxes. Every trader filing under GST will get input credits and the process will be completely automatic. As mentioned before the entire process of return filing is done online. If the trader keeps an excel sheet documenting the e-filings, then after the certain month the filing will be converted automatically into returns. You will need to do this by using an offline software.
  • Now if a trader sells a product to a certain retailer, for such cases the returns will be shown in a very simple manner. Rate wise turnover will be shown through a detailed summary. If a trader has a turnover of fewer than 50 lakhs per month, then the trader need not show any returns for every month. The trader can show the total turnover after every three months. 
  • Traders selling specific items have to give details after each selling. The details have to be given in the specific invoice. If the trader inputs his sales details in the GST form filing before 10th of every month, then the details of the complete purchases made by his customers will be seen after 11th in his GSTR-2 form. It means that the entire process is automatic.
  • In the 20th of every month the auto-updated GSTR-3 form will be available for update with the payment. After the due date, the incoming supplies and outgoing supplies are then matched according to the data updated in the GSTR-3 form. After that, the final tax credit form will be given in GST MIS-1.
  • If the input tax credit is of excess claims or false claims, the trader will be communicated from the GST MIS-1. Any sort of unfair means will be added as tax liability with interest on it. But, if within a certain time, it is corrected, the added tax liability will be lowered.
  • You can get input tax credit if any trader shows his return within the 10th of every month. Even if the selling person does not include his invoice in the product you will get to show it the GSTR-2 return and will get the full advantage of input tax credit.
  • Being a businessman, it is a duty for to deal with such traders who will pay the taxes to the government after collecting it from you. Every such trader will be given a rating from the government by seeing which you can decide to trade or not to with that trader.

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