All you need to know about GST in India
2017 is a historic year in the Indian taxation history. It is the year that simplified the entire nation into a single tax regime that conforms to the international tax framework across the globe. The Goods and Services Tax (GST) came as a great step in the movement towards solid economic reforms in the country. This move was strongly supported by the industry as well and has since brought along several far-reaching impacts.
How to file GST returns
GST returns can be filed online by accessing the portal www.gst.gov.in. There are several software and apps that are designed to help you in filling out appropriate GSTR forms.
Returns can be filed easily by following these stepwise guidelines given below:
– Register online by visiting the GST portal and updating your PAN to receive your unique 15-digit GSTIN as per your State.
– Upload all invoices on the portal to generate an invoice reference number for each invoice separately.
– Fill out appropriate forms for outward return, inwards return and consolidated monthly returns. Check for errors and file the returns.
- Outward supply returns are to be filed using GSTR-1 form on or before the 10th of the succeeding month. Details supplied thereof will be made available to the recipient in GSTR-2A, who shall duly verify and validate the information supplied therein along with additional details such as credit or debit notes.
- Details of inward supplies are to be made using the GSTR-2 form, which will be made available to the supplier for subsequent acceptance or rejection. Any modifications will be made available to the recipient in GSTR-1A.
Living in the GST realm, however, can be a challenge for a business if you are not familiar with GST-related terms, and what this umbrella tax system entails. Here are some of the important definitions and GST- related terminology defined in a comprehensive manner for your ready reference: