GST Return

Every registered taxable person is required to electronically file details of outward supplies of goods or services, or both, using Form GSTR-1 on or before the 10th day of the month following the tax period. If a supplier exceeds the maximum threshold limit, they must first register under GST.

GST, or Goods and Services Tax, signifies a significant indirect tax reform in India, addressing the urgent need for streamlining the country's tax system. The incorporation of various Central and State taxes into a single tax aims to eliminate issues such as double taxation, multiple taxes, classification challenges, and more, fostering the creation of a common national market. GST, which came into effect on July 1, 2017, is a comprehensive, multi-stage, and destination-based tax applied to the manufacture, sale, and consumption of goods and services at a national level.

Types of GST Annual Return Filing:

• GSTR-1: Details of outward supplies paid till the 10th of each month.
• GSTR-2: Details of inward supplies paid till the 15th of each month.
• GSTR-3: Monthly return paid till the 20th of each month.

GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, and GSTR-10, each catering to specific categories of taxpayers and transactions.

Advantages of GST Annual Return Filing:

• Streamlined compliance.
• Single tax system nationwide.
• Higher threshold limit for GST registration.
• Composition Scheme for small businesses.
• Avoidance of penalties and fees for non-filing or late filing.
• Claiming Input Tax Credit for taxes paid.

ETaxwala is a comprehensive business and legal services platform specializing in GST Annual Return Filing, offering a range of tax filing services such as Income Tax returns, PF, TDS, and ESI returns.

Our services ensure specialized and tailored assistance for each individual, making GST return filing convenient from the comfort of your home. With top-rated tax experts, ETaxwala provides a free consultation upon simple registration.

Details Required for GST Annual Return Filing:

• GSTIN.
• Name.
• Period of Return filing.
• Aggregate turnover of the taxpayer.
• Outward supplies transaction details (invoices wise and consolidated).
• Inward supplies transaction details.
• Details of debit and credit notes issued, if any.

Registration Process:

Preparation: ETaxwala tax experts collect necessary documents and information.

Return Preparation: ETaxwala prepares your returns based on the provided information.

For Approval: Prepared returns are sent to you for approval.

GST Return Filing: Upon approval, our tax experts file your GST returns.

FAQs:

Q. How can I apply for GST Registration?


Ans: - You can apply for GST Registration online. For personalized assistance, the ETaxwala team can guide you through the process.

Q. What is the threshold limit for GST Registration?


Ans: - Every supplier is required to be registered under this Act if they make a taxable supply of goods or services or both, and if their aggregate turnover in a financial year exceeds twenty lakh rupees. For the North region or Sikkim, the threshold limit is Ten Lakh rupees.

Q. Can a person without GST Registration claim Input Tax credit and collect GST?


Ans: - No, a person without GST Registration cannot claim Input Tax credit and is not allowed to collect GST.

Q. If a person is operating in different states with the same PAN number, can he operate with a single registration?


Ans: - No, if a person is operating in different states with the same PAN number, they must obtain separate registrations for each state.

Q. Can a person having multiple business verticals in a state obtain separate registration for each business vertical?


Ans: - Yes, a person with multiple business verticals in a state may obtain separate registration for each business vertical, subject to certain conditions.