GST stands for the Goods and Services Tax, and is an indirect tax in India. The GST is a destination-based, multistage tax.
GST is collected from the point of sale, which can be an intra-state sale or an inter-state sale. It applies to all sales that take place during the supply chain
The first step in GST Return Filling is to register with the GST portal and receive your 15-digit GST identification number. Your PAN or state code will be sufficient. The next step is to fill out the details of your inward and outward supplies. Moreover, you will have to specify your amount of taxable supply and the amount to be refunded if you’ve made any late payments. There are three steps in the process.
The GSTR-1 contains the details of your inward and outward supplies. You must fill part seven and part eight of the GST Form. Then, you should complete part nine and part ten of the form. The GSTR-1 is the most important document to complete, because it requires you to provide details of outward and inward taxable goods and services. It will also need to be validated and updated. You must also fill out the relevant GSTR-1 if you made any amendments to your taxable supply.
The GSTR-3B is the simplest return. It summarizes outward supplies and declares an input tax credit, which affects the taxpayer’s payment. The deadline for filing the GSTR-3B is the 20th of the following month. After that, the deadline will be staggered. Until Dec 2021, the date for filing the GSTR-3B will remain the same for all taxpayers. This will make it easier for businesses to get the necessary information and prepare their returns.
The GSTR-4 form asks for details of taxable inward and outward supplies. You will also have to mention any amendments made into your return. The next step is to check the amount of tax payable and make the payment. Lastly, you will need to sign with EVC and DSC of your Authorised Signatory.
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