Goods and Service Tax

GST, a new indirect tax regime has its impact over small or large scale business. It will be levied on both goods and services and replace current indirect taxes such as excise, VAT, service tax. Having difficulties in GST filing? Kindly Contact us.We simplify your works

Goods and Service Tax has been implemented in India from 1st July, 2017.Within the stipulated due date, every registered person has to file returns for the specified tax period .Under the new GST regime, nearly 1 crore busineses in India have obtained GST registration. Irrespective of business activity or sales or profitability during the return filing period the return filing is made mandatory. The submission and processing of return is an important link between the taxpayer and tax administration. Thus, understanding of the whole return process under GST Regime becomes need of the day.

The GSTR1 & GSTR2 forms contain details relating to sales and purchases of/from various types of suppliers/vendors, exports/imports, sales/purchase returns, debit & credit notes etc.GSTR3 form is a monthly return which will be a consolidation of Forms 1, 2, 6 & 7 along with details from ITC ledger, tax liability & cash ledger, whereas GSTR4 form is specifically for compounding taxpayers and GSTR5 is for Non-resident tax payers. GSTR8 is for filing Annual return in which every registered taxable person shall furnish return for every financial year.

• GST registration holder is 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.
• The tax liability of GSTR-3B must be paid by the last date of filing for that 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 .

With GST implementation, the last set of credits will have to be transferred. To do this, you must furnish proof of his/her last return filed under the old regime. You will, therefore, need to make sure that all input taxes paid are included in it, by doing so, you will be claiming the credit of the same under the new regime.