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GST stands for goods and service tax is an indirect tax which prescribes in India on the supply of goods and service. Dabble taxation system remove by government and single taxation system impose by government the is GST simply say that tax for the final goods.
The tax comes in force from 1 July 2017 through 101 amendment of the constitution by the Indian government.
Gst replace the existing multiple tax.
What Is GST RETURN ?
Ideally is a document that will contain all the details of your sales, purchases, tax collected on sales and tax paid on purchases. Once you file GST returns, you will need to pay the resulting tax burden.
Types of GST RETURN
Regular Businesses
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GSTR1- Tax return for outward or sale it is consisting of b2b and b2c ales including purchase under reverse charge and stock transfer during tax period.
GSTR2- Monthly return for inward supplies received.
GSTR3- Consolidated monthly tax return (it contains The taxpayer’s basic information like NAME, GSTIN, period to which the return pertains, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST,interests, penalties, and fees).
GSTR3B- Temporary consolidated summary return of inward and outward supplies that the Government of India has introduced as a relaxation for businesses that have recently transitioned to GST.
GSTR9- Annual consolidated tax return
GSTR9C- which business person Audit form that needs to be filed by every taxpayer who aggregate turnover exceeds Rs. 2 cores in a financial year.
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What is GST compliance
The GST compliance refers to grants by the government to a business so that other businesses can see how compliant they are with the tax department. This account will be calculated based on parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc.
This account will be updated at periodic intervals, and their details will be published in a public domain that all businesses can access.
This will allow small businesses to choose the most GST-compliant seller for their business effort.
Composition Businesses
GSTR4- Quarterly return for compounding seller.It contains the total value of supply made during the period covered by the return, along with the details of the tax paid at the compounding rate.
GSTR9A- Annual composition return form that has to be filed by every taxpayer who is enrolled in the composition scheme.
Benefits of the GST Compliance account
Earning government trust - When you have a business, When your business has a better compliance account, you not only have a better chance of earning the government’s trust, but you also are more likely to earn the trust of clients you could be doing business with in the future.
Effect on GST network - It is a small step in the beginning, but consider the impact that thousands of businesses can have on the GST network if they all collectively work towards GST compliance.
Effect on GST ecosystem - If individual business owners work to follow tax laws, then they will help the entire GST ecosystem to stay compliant.
3 Steps to Maintain GST Compliance account
If you abusiness man you might to understand the significance of GST compliance, how to maintain your GST compliance account let us discuss.
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You always remember that your sales and purchase or inward outward transaction should be update on monthly GSTR-1 and GSTR-2.
You should file your gstr-1 and gatr-2 for a particular month on 10th to 15 the the following month.
File your GSTR-1 and GSTR-2 on time
Pay your tax dues
You should remember when you file the tax return you should check your privies due.
According to section 27(3) of the GST legislation, filing a GST return with existing tax dues will make the next return invalid.
Submit yearly Return
If you filing the GSTR-1 and GSTR-2 on a monthly basis, you should also submit a consolidated yearly return called the GSTR-9.
