GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore busineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.
E-Tax Book Solutions is the leading business services platform in India, offering end to end GST services from registration to return filing. E-Tax Book Solutions can help you file GST returns in India. The average time taken to file a GST return is about 1 - 3 working days, subject to government processing time and client document submission. Get a free consultation on GST return filing by scheduling an appointment with an E-Tax Book Solutions Advisor.
With the implementation of GST in India, the indirect taxes would be streamlined and standardized. Under GST regime, businesses would no longer have to obtain multiple VAT registration in different States or obtain a separate VAT and Service Tax registration. A single GST registration would be sufficient across India for selling or purchasing goods or providing services.
subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. This would make tax collection and compliance easy for businesses across the country.
Currently, many businesses like restaurants, computer sales and services businesses have to comply with both VAT and Service Tax regulations. This creates a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. Under GST, the distinction between goods and services will be gone – making doing business easy.
Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.
GSTR-1 return must be filed by all persons registered under GST. In GSTR-1, the taxpayer must provide details of all sales and upload details of invoices issued to GSTN.
GSTR-2 return must be filed by all persons registered under GST. In GSTR-2, the taxpayer must provide details of all purchase and upload details of purchase invoices issued to GSTN.
GSTR3B return must be filed by all persons registered under GST for the months of July to December. Easily create and file GSTR3B return from LEDGERS.