File Due Returns In Time

File Due Returns In Time

In the last year the government has introduced GST to the economy, and since then it has in much limelight. The software makers also have made necessary changes and now offer them with the latest version as per the GST slab. GST—the goods and service tax has been imposed in India, introducing a big reformation in relation to returns, filing and much more in connection with the indirect tax system. All taxpayers who come under it are required to file many returns pertaining to goods as well as services tax – GSTR- at given time in order to abide by the tax regime of GST India. With such developments, taxpayers shall have to renew their attitude towards compliance which may bring up several queries as ways to comply with this new tax system and appropriately handle things as compared to today’s approach.

Below are discussed some points to look into the rules and regulations of new tax regime – GSTR- pertaining to GST return filing procedure and also abide by rules so that all process runs smoothly.

An Introduction to GST Returns

Every dealer who is registered under this system will be required to submit returns relating to GST within a given time frame. The timeline provided for submitting the file and also kind of form required shall differ with respect to the category the dealer falls in and also its legal status. Online tax accounting can also be carried out easily. Nevertheless, several features related to GSTR are to be followed by all taxpayers as:

GST Returns with the Process

You find nearly 11 kinds of forms related to GST returns, in addition, having some subset of forms meant for changes. Below are enumerated some important points regarding the process of filing in general.

Any registered taxpayer is needed to impart information concerning supply made outward every month by filing the GSTR-1 form on 10th of succeeding month. The period amid 11th to 15th of the previous month is meant for making corrections by submitting GSTR-2A form
filed on the 15th of every succeeding month. With the intention of doing it, in each month taxpayers are provided a short time of 6 days to file and also validate many GSTR forms. It is a monotonous process especially by way of manual procedure.

Every 20th of succeeding month, GSTR-3 is an auto-populated form which shall be accessible for filing and also the payment. Subsequently, the supplies made inwards shall have to be again verified with the supplies made outward imparted through the supplier to be accepted for input tax credit by means of GST ITC-1 form. By this form, claims are to be addressed.

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