Goods & Services Tax
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition.GST would be applicable on “supply” of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
GST Monthly Return Filing Procedure
It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States [including Union territories with legislature] would be called State GST (SGST). Union territories without legislature would levy Union territory GST (UTGST).
An Integrated GST (IGST) would be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre so that the credit chain is not disrupted.
# Step 2 :Details of outward supplies furnished by the supplier shall be made available to the recipient in FORM GSTR 2A.
# Step 3 :Recipient shall verify, validate, modify the details relating to outward supplies and may also file details of credit or debit notes.
# Step 4 :The person shall file the outward supply return in GSTR 1 before tenth of the month succeeding the said tax period.
# Step 5 :Details of outward supplies furnished by the supplier shall be made available to the recipient in FORM GSTR 2A.
# Step 6 :Recipient shall verify, validate, modify the details relating to outward supplies and may also file details of credit or debit notes.
Documents Required for Online GST Return Filing in India
For GST return filing, there is no formal set of documents required. The GST returns shall be completely dependent upon the invoices created under GST. Hence, creation of invoices shall serve as base for filing the GST return in India.Further, to file the GST return, you must follow a standard guidelines:
- Prepare each and every invoice as per the GST law.
- Further, each product shall be categorized as per the HSN code.
- Try to maintain invoices details in a format given in the GST software.
- Once invoices are uploaded, you can easily file the monthly returns.
Mandatory Requirements for GST Return Filing Online
As we all know that compliances under GST are more complex than ever before. Each month, company needs to file at-least three returns monthly. Further, each and every invoice shall be uploaded on the GSTN portal. Hence, the mandatory requirements for GST return filings are as follows:
- You need to prepare a complete details of all purchases made during the month which is to be filed by 15th of the month.
- You need to prepare a complete details of all sales made during the month which is to be filed by 20th of the following month.
However, the two categories of people are not allowed to revise the returns which are as follows:
- Person required to deduct TDS
- Registered non taxable person
Revised return shall not be allowed after the due date for furnishing of return for the month of September or second quarter, as the case may be, following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.
GST RETURN FORMAT