1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Goods and Services Tax is levied on the purchase and supply of goods and services. At each stage, value keeps getting added to a product, and this value addition is paid by the final consumer who is charged by the last dealer or retailer. The GST has to be filed by the manufacturers and retailers by filling up the GST return form. Th GST return form can be submitted through the Goods and Services Network. The taxes an be filed by following the new GST rules.
1. The last date for filing GST annual returns of FY 18-19 has been extended till the last week of June, 2020.
2. The last date for filing GSTR-3B - due for March, April, May 2020, and composition returns - has been extended till the last week of June, 2020.
3. There will be no interest, late fee, or penalty for companies with less than Rs. 5 crore turnover; For the bigger companies, interest will be 9%.
4. The last date to opt for a composition scheme has been extended till the last week of June, 2020.
5. The due date for payments under the ‘Sabka Vishwas’ scheme has been extended to June 30, 2020
The new GST regime has made the entire procedure of GST returns filing into a completely automated process. The GST returns can be filed through the GST Network. For manufacturers or retailers to file the GST return through this portal, they are required to fill up the GST forms.
You can follow these steps listed below to file your GST Returns online:
Visit the Goods and Services Network portal.
Based on your state code and PAN issued on your name, a GST identification number will be issued to you by the GST network
Upload the invoice received by you on the GST Network
A reference number is issued against each invoice
After uploading the invoices, you will b required to fill up the details regarding an outward return, inward return and cumulative monthly return
If there are any errors in the GST form that you have filed, then you can correct them before submitting the form
For example,
If you file your outward supply with GSTR1 through information section at GSTN before 10th each month, the details of the outward supplier will be available to the recipient in the form of GSTR 2A
The outward supplies details have to be verified and validated and in some cases modified in the form of GSTR 1A
The GSTN stores all the information that is provided by the filing individual and they combine all the details check whether they add up to maintain registers for reference.
GSTN has also shared an excel template with them to show how to file returns, This portal free of cost and the outward and inward suppliers details can be shown and uploaded on the portal. The preparing of the excel sheet can be done offline and it has to be again uploaded on the portal.