GST Return Filing

What is filing a GST return?

Businesses that have registered for GST are required to submit GST returns on a monthly, quarterly, or annual basis, depending on their particular industry. Here, information on the sales or purchases of goods and services is required, as well as information about the tax that was collected and paid. GST, a comprehensive income tax system, has been implemented in India, guaranteeing that taxpayer services including registration, returns, and compliance are within budget and precisely coordinated.

Regardless of the business activity, sales, or profitability during the period of filing the reports, all organizations with a valid GST registration in India are required to file GST returns. Consequently, even an inactive entity with a current GST registration is required to file GST returns.

A GST return is a form that a taxpayer must submit to the tax administration authorities detailing all of their income and expenses.

Four forms, including returns for supplies, returns for purchases, monthly returns, and yearly returns, must be submitted by an individual taxpayer who is completing GST returns.

Eligibility requirements

• Who needs to submit the GST returns?

• In India, the following actions must be taken to file a GST return:

• The GST returns must be compulsorily filed by everyone with a valid GSTIN.

• A person must also register for GST and submit GST returns on a mandatory basis if their annual revenue exceeds Rs. 20 lakh.

• The cap on annual turnover in cases involving Special States is Rs. 10 lakh.

GST Registration Types

What are the various GST registration categories in India?

​GSTR-1	Details of the outward supplies of the taxable goods and or services	Monthly / Quarterly (If opted under the QRMP scheme)
GSTR-3B	Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer	Monthly / Quarterly
CMP 08	Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act	Quarterly
GSTR 4	Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act	Annually
GSTR 5	Returns to be filed by a Non-resident taxable person	Monthly
GSTR 6	To be filed by the input service distributor to distribute the eligible input tax credit	Monthly
GSTR 7	Is filed by the government authorities	Monthly
GSTR 8	Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them	Monthly
GSTR 9	Annual return for a normal taxpayer	Annually
GSTR 9C	​Certified reconciliation statement	Annually
GSTR 10	Is filed by the taxpayer whose GST registration is cancelled	Is filed by the taxpayer whose GST registration is cancelled
​​GSTR 11	​Details of the inward supplies are furnished by a person who has UIN and also claims a refund.	Monthly

Due dates for filing the GST returns

What are the due dates for filing GST returns?

GSTR 1 : The 11th of Subsequent of that month

GSTR 3B : The 20th of that subsequent month

CMP 08 : 18th of the month succeeding the quarter of the specific fiscal year.

GSTR 4 : 18th of the month succeeding the quarter.

GSTR 5 : 20th of the subsequent month

GSTR 6 : 13th of the subsequent month

GSTR 7 : 10th of the subsequent month

GSTR 8 : 10th of the subsequent month

GSTR 9 : 31st December of the Fiscal year.

GSTR 10 : Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.

GSTR 11 : 28th of the month that is following the month for which the statement was filed.

GST Return Filing Process

How to file the GST returns?

Leading business service platform in India, ACCOUNTKART provides end-to-end GST services. We have aided tens of thousands of business owners in registering for GST and filing GST returns.

• A dedicated GST advisor is appointed to the company when GST return filing is outsourced to ACCOUNTKART.

• Every month, this committed advisor would get in touch with you to gather the relevant data, prepare the GST returns, and assist with filing the GST returns.

Why Accountkart for Filing GST returns?

Depending on whether the government portal is accessible and the client has submitted the necessary paperwork, filing GST returns can take anywhere from one to three working days.

Return Filing under the Composition Scheme

All individuals registered under the Composition Scheme are expected to file GSTR 4 annually through the GST Common Portal or a GST Facilitation Centre and pay taxes using CMP-08 on a quarterly basis. The 18th of the month following a quarter is the deadline for Composition Scheme enrollees to submit their GST returns. Due dates for the GST return for the composition plan would therefore be 18 April, 18 July, 18 October, and 18 January. A Composition Scheme supplier's GST return must include information on:

• Interstate and intrastate inbound supplies, broken down by invoice, from both registered and unregistered parties

• Combined information about supplies sent abroad.

If a registered person chose to pay tax under the composition scheme as of the start of a fiscal year, the taxpayer is required to submit monthly GST returns on the 10th, 15th, and 20th of each month, as well as monthly returns up until the earlier of the due date for submitting the return for September of the following fiscal year or the deadline for submitting the annual return of the year prior. As a result, even if a GST taxable person chose a composition plan starting in April, the taxpayer must continue submitting monthly GST returns until September.

Benefits of choosing Accountkart for the GST returns

Dedicated GST Advisor

You will be assisted by a relationship manager with knowledge of the industry you work in as you register for and file your GST returns. They will support you with particular chores like uploading invoices and make sure your filing is finished on time.

The need to submit GST returns

Our software makes sure that you receive timely notifications before the deadline after which a penalty may be assessed. Additionally, your GST advisor will remind you on a regular basis to ensure that no deadlines are missed.

GST Status Reports each month

The GST advisors will provide clients with monthly reports outlining the status of GST return filing, including GSTR-3B, and the next steps.

By LEDGERS, GST returns

The GST software, LEDGERS, prepares GST returns to ensure that they are hassle-free, error-free, and filed on time.

Filing of GSTR-1 and GSTR-3B

GSTR-1 is a quarterly return that every company is required to submit. The GSTR- 1 due dates are based on turnover. Businesses can file their quarterly returns if their sales are up to Rs. 1.5 Crore.

Reconciliation of Input Tax Credits

Businesses will be able to take advantage of the input tax reconciliation mechanism offered by the government to achieve tax incidence neutrality and guarantee that such an input tax element does not come into the cost of manufacturing or the cost of providing goods and services.

Accounting conventions and online records

Accountants will record all of your financial transactions and invoices in LEDGERS so that you can easily file all of your returns, including ITR, TDS, and GST.

Penalties

Which fines, late fees, and interest rates apply?

If any violations are made, a penalty must be paid in accordance with GST.

DELAYED FILING

A charge known as a late fee may be applied if the GST returns are filed late. A penalty of Rs. 100 under CGST and Rs. 100 under SGST, or Rs. 200 per day, is applicable to violations of the Goods and Service Tax. A yearly interest rate of 18% must be paid in addition to the late fee. It is based on the tax that must be paid.

NON-COMPLIANCE

The subsequent returns cannot be filed if the taxpayer is not filing the GST returns. Therefore, it is preferable to file the GST returns to avoid paying expensive fines and penalties.

For 21 offenses with no intention of fraud or tax evasion

An offender who is not paying taxes or is making short payments must pay a penalty of 10% of the amount of tax due subject to a minimum of Rs.10,000.

For 21 offences that have the purpose to defraud or evade taxes

A fine for tax evasion or short-deduction may be imposed on the offender.

The taxpayer must submit the Nil GST returns even if there is no business.

Delegate GST Compliance

To reduce your compliance load and concentrate your efforts on expanding your business, outsource your GST compliance to ACCOUNTKART. Your GST compliance will be upheld using ACCOUNKART on the LEDGERS GST platform, giving you access to real-time business data wherever you are. Additionally, LEDGERS can effortlessly sync and function with other online and offline programmes you frequently use.

How is the service going to be provided?

Your company will be given a specialised GST Accountant. The accountant will compile all the data each month and submit your GST reports.

What returns are going to be filed?

For regular taxpayers who are GST-registered, we will file GSTR-3B returns and GSTR-1 returns. We will help composition dealers file their GSTR-4 returns.

What will be my obligation?

Only the data or paperwork needed to complete your GST return will be your responsibility. You can check the calculation and approve the submission after we've finished preparing it.

Will you offer assistance with the GST Input Tax Credit?

Yes, we will give you a reconciliation of your input tax credits. The same might be used to confirm the input tax credit receivable for your company.

Will you offer assistance with GST refunds?

Yes, we offer assistance with processing GST refunds to clients who purchase our annual package for filing GST returns.

Will you offer assistance with GST payment?

Yes, we offer assistance with GST payment challan production for clients that purchase our GST return.

Find GST Filing Return Due Dates for GSTR 1 to GSTR 11

GSTR-1 (Monthly)

11th of every month

Taxpayers with a monthly revenue of more than Rs. 1.5 crores are required to file GSTR 1 returns on the eleventh of each month.

GSTR-1 (Quarterly)

13th of every quarter

Taxpayers with a revenue of less than Rs. 1.5 crores are required to file quarterly returns by the thirteenth day of each quarter.

CMP-08- Quarterly-Composition Scheme

18th of every quarter

CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore on 18th of every quarter.

GSTR-4- Annual-Composition scheme

30th April

The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.

GSTR-9- Annual returns

31st December

The deadline to file an annual GST return for the fiscal year is December 31. All organisations are required to do this.

GSTR-1 Return

All taxpayers with regular GST registration must submit GSTR 1, or a return of outbound supplies. The 10th of every month is the deadline for submitting a GSTR 1 return. The GST return due dates for July, September, and October depart from the regular schedule.

GSTR-2 Return

All taxpayers with regular GST registration are required to file GSTR2, or returns of inward supply. The 15th of every month is the deadline for submitting a GSTR 2 return. The GSTR2 return due dates for July, September, and October depart from the regular schedule.

GSTR-3 Return

After submitting GSTR1 and GSTR2 returns, a taxpayer is required to submit GSTR3, or the monthly GST return. Every month on the 20th, GSTR3 is due. The GSTR2 return due dates for July, September, and October depart from the regular schedule.

GSTR-4 Return

Taxpayer enrolled under the GST composition scheme is required to submit GSTR4 return. The 18th of October, January, April, and July is the deadline for the quarterly GSTR4 tax return.

GSTR-5 Return

Persons who have registered under GST as non-resident taxable persons are required to file a GSTR5 return. Every month on the 20th, GSTR5 is due.

GSTR-6 Return

GSTR6 return must be filed by persons registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.

GSTR-7 Return

All taxpayers who are required to deduct tax at source are required to file a GSTR7 form (GST TDS). Only a few government entities are required to deduct tax at source under GST after registering. GSTR7 is therefore only required of firms that have registered for GST TDS. Every month on the tenth, GSTR7 is due.

GSTR-8 Return

Taxpayers who are required to collect tax at source must file a GSTR8 form. Operators of online stores must collect tax at the source. As a result, anyone running an online business needs to register for TCS, collect tax at source, and file a GSTR8 return by the tenth of every month.

GSTR-9 Return

All regular taxpayers are required to file GSTR9, which is the annual GST return. If the firm has a turnover of more than Rs. 2 crores, the information provided with GSTR9 must be audited. GSTR9 must be submitted no later than December 31.

GSTR-10 Return

Any person whose GST registration has been revoked or given up must submit a GSTR10 return. Within three months of the date of the cancellation order or surrender, GSTR10 must be filed.

GSTR-11 Return

People with Unique Identity Numbers are required to file GSTR11. For the purpose of seeking a refund on incoming goods, consulates, Embassies, and UN Bodies are each given a GST Unique Identity Number.

GST Return Filing FAQ's

1. Who needs to submit GST returns?

Every individual or organisation registered for GST would be required to submit a GST return for the specified time period. To be in compliance with GST requirements, even organisations with a GST registration but no activity must submit a GST Nil Return.

2. How frequently must I submit GST returns?

Regular taxpayers must submit GSTR-1 (details of outgoing supplies), GSTR-2 (details of inward supplies), and GSTR-3 (general tax return) (monthly return). The 10th of every month would be the deadline for GSTR-1, the 15th would be the deadline for GSTR-2, and the 20th would be the deadline for GSTR-3. Compounding taxpayers are required to submit GSTR-4 on the 18th of the month following the quarter every three months. All individuals or companies registered under GST are required to submit an annual return in addition to their monthly or quarterly reports. The 31st of December following the conclusion of the fiscal year is the deadline for filing the yearly GST return. The GST reconciliation statement must be prepared in the event that assessors are required to adhere to auditing regulations.

3. How can I submit my GST returns?

GST returns must be electronically filed. Additionally, it would be possible to prepare the returns in advance and post them online.

4. Is a GST return revision possible?

A GST Return wouldn't go through any steps or be revised. The return for the current month must include all unreported invoices from the prior tax period, together with any relevant interest.

5. What is the cost of failing to submit GST returns?

The GST Department will keep track of all GST Return non-filers, and the relevant GST authorities will receive a list of defaulters for follow-up and enforcement action. The GST law would also impose an automatic late fine on late and incomplete filers of GST Returns.

6. Who needs to submit a GSTR 1 Return?

All taxpayers are obliged to file a GSTR1 return under GST, with the exception of an input service distributor, a non-resident taxable person, a casual taxable person, and a person paying tax under the GST composition system. Learn more about filing GSTR1 returns.

7. How long do I have to file my GSTR 1 return?

Typically, GSTR1 returns are due on the 10th of each month. The GSTR1 return deadline for the month of July 2017 is, however, October 10th. The GST Council has not yet established the deadline for submitting any other GSTR1 returns.

8. What details must be included into GSTR 1?

The taxpayer must include the following information in their GSTR1 return: Taxpayer's basic information including GSTIN. Time frame during which the return is relevant. invoice-level details B2B bills B2C bills worth more than Rs. 2.5 lakh B2C bills with a value under Rs. 2.5 lakh invoices for export HSN Code by HSN Code Summary of Documents Issued

9. What does "details of outer supplies" mean?

Details of outward supplies, as used in the GST, refer to data relevant to sales transactions in a month, such as issued invoices, debit notes, credit notes, and updated invoices.

10. GSTR 1 Return: Is it correctable?

Yes, if an error or omission is found in a GSTR1 return that has been filed by a registered taxable person, the return may be corrected. In the tax period in which the error or omission is discovered, the correction may be lodged. If there is a shortfall in tax payment, tax and interest can also be paid at the time the error or omission is discovered.

11. What is the deadline for rectifying a GST return?

A taxpayer may correct a GST return up until the month of September following the end of the financial year to which the information belong or until the sooner of the submitting of the pertinent annual return.

12. Where should invoices be uploaded to the GST portal?

All B2B transactions (whether interstate or intrastate) must include invoice-level information such as the customer's GSTIN, the item-by-item value of the supply, the amount of tax that applies, the location of the supply, the date of the invoice, and the invoice number. Suppliers must upload invoice level details akin to B2B invoices for all B2C supplies (including those to non-registered government bodies, consumers, and individuals dealing in exempted, NIL-rated, or non-GST goods or services) when the supply value exceeds Rs. 2.5 lakhs. State-wise summary of supply statements must be filed for invoices with a value of less than Rs. 2.5 lakhs. Every invoice with a value of Rs. 50,000 or more must compulsorily include the buyer's address must, by law, accurately represent the invoice uploading process on the GST gateway.

13. How should the invoice reference the HSN Code?

HSN code (4-digit) for Goods and Services Accounting Codes (SAC) for Services must be compulsorily mentioned by all taxpayers with turnover in the preceding financial year above Rs. 5 Crore

For the first year of operations of GST, self-declaration of turnover of previous financial year will be taken as the basis as all India turnover data will not be available in the first year. From the 2nd year onwards, turnover of previous financial year under GST will be used for satisfying this condition. For taxpayers with turnover between Rs. 1.5 Crores and Rs. 5 Crores in the preceding financial year, HSN codes may be specified only at 2-digit chapter level as an optional exercise to start HSN codes may only be supplied as a starting optional exercise at the 2-digit chapter level. Beginning with the second year of GST operations, all taxpayers with a prior financial year's revenue between Rs. 1.5 Crores and Rs. 5.0 Crores will need to provide a 2-digit chapter level HSN Code. No matter their annual revenue, all taxpayers have the option to utilize an HSN code at the 6- or 8-digit level. Compounding dealers may not initially be obliged to specify HSN at the 2-digit level as well. For exports and imports, 8-digit HSN Codes and Accounting Codes for services will be required. Taxpayers with revenue below the threshold of Rs. 1.5 Crore must include a description of their goods or services, if applicable. Whenever appropriate, might be. The letters G and S stand for goods and services, respectively, to distinguish between the HSN code and the Service Accounting Code (SAC).

GST REGISTERATION

GST Registration

A tax on products and services used in India is known as the Goods and Services Tax (GST). In India, the GST has mostly superseded other indirect taxes including excise duty, VAT, and services tax. Based on the Goods and Service Tax Act, which was approved by the Indian Parliament on March 29, 2017, GST became effective on July 1st, 2017.

Taxable person under GST

A person who conducts business in India and is registered or is required to be registered under the GST Act is referred to as a "taxable person" under the GST Act. An individual, HUF, company, firm, LLP, an AOP/ BOI, any corporation or Government company, a body corporate formed under the rules of a foreign nation, cooperative societies, local governments, trusts, or artificial juridical persons are all examples of taxable individuals.

GST Registration Turnover Limit

Regardless of turnover, anyone or any company can voluntarily register for GST. If a person or organization sells more goods or services than a predetermined threshold, GST registration is required.

Service Providers: GST registration is necessary for any individual or organization that generates an annual total of more than Rs. 20 lakh in revenue from providing services. The GST turnover cap for service providers in special category states has been set at Rs. 10 lakhs.

Goods Suppliers: Per notification No. 10/2019, anyone engaged in the exclusive supply of goods with annual gross revenue of over Rs. 40 lakhs is required to register for GST. The supplier must meet the following requirements in order to be eligible for the Rs. 40 lakhs turnover limit:

• Should not be offering any services.

• In the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Pondicherry, Sikkim, Telangana, Tripura, and Uttarakhand, the provider shall not be involved in making intra-state (supplying commodities within the same state) deliveries.

• Should not be a part of the tobacco, pan masala, or ice cream supply chains.

When the turnover reaches Rs. 20 lakhs, or Rs. 10 lakhs in special category states, the provider of products would be forced to register for GST if the aforementioned requirements are not met.

• Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand are listed as special category states under the GST.

• Turnover in the aggregate is calculated as follows: Turnover in the aggregate is equal to (Taxable Supplies + Exempt Supplies + Exports + Inter-State Supplies) - (Taxes + Value of Incoming Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).

• The PAN is used to calculate aggregate turnover. Therefore, even if a single person operates many businesses, the whole turnover must be added up.

Types of GST Registration

There are different GST registration categories, including regular, occasional, non-resident, and E-Commerce operators. Regardless of the turnover threshold, casual taxpayers, non-resident taxpayers, and E-Commerce businesses must register for GST.

• A casual taxable person is someone who occasionally provides goods or services in a State or a Union territory where the entity does not have a fixed place of business, according to the GST Act. As a result, individuals operating transient businesses at fairs or exhibitions or seasonal enterprises would be considered casual taxable people under the GST.

• Non-resident Taxable Persons: Under the GST, a non-resident taxable person (NRI) is any individual, business, or organisation that provides goods or services but does not have a permanent home or place of business in India.

• E-Commerce Operators: Anyone who owns, runs, or oversees a digital or electronic facility or platform for electronic commerce is considered an e-commerce operator. Therefore, regardless of business revenue, anyone who sells online can be considered an E-Commerce Operator and is therefore required to register for GST.

What is GSTIN?

Organization with a GST registration number is given a GSTIN, or Goods and Services Tax Identification Number (GSTIN). GSTIN has a length of 15 characters. Based on the applicant's PAN and State, a GSTIN is assigned. The State Code is represented by the first two digits of a GST registration number. The applicant's PAN is represented by the next 10 numbers.

Download GST Registration Certificate

To individuals who have registered for GST, a GST Certificate is supplied. Those who have obtained a GST registration certificate are legally required to display it clearly at their place of business. The GST Portal makes downloading a GST certificate very simple. User Services can be found after logging into the GST Account. To download the GST registration certificate, select View / Download Certificate under User Services.

Register for GST through ACCOUNTKART

There are numerous GST registration categories, including standard

• Through Account kart, you can get your GST registration in less than 7 working days. To start the process, enter your name, phone number, and email address.

• A GST specialist will get in touch with you as soon as we get your request to learn more about your business, the state in which it is located, and to address any issues you might have.

• The GST specialist will also gather and check the paperwork needed to apply for GST registration. As soon as the payment is started, the GST registration process begins, and all of your applications are uploaded to the GST Portal.

• The GST registration is obtained in 3 to 7 working days. Since everything is online, there is no requirement for physical presence.

Penalty for NOT Obtaining GST Registration.

Any individual or organization that exceeds the aggregate turnover threshold is required to register for GST within 30 days of becoming subject to registration requirements. A penalty of Rs. 10,000 can be imposed for lateness or noncompliance, and the input tax credit earned during the wait will be lost.

Documents Required for GST Registration

Sole proprietor / Individual	Owner's PAN card Owner's Aadhar card a picture of the owner (in JPEG format, maximum size – 100 KB) Account information* Address verification
​LLP and Partnership Firms	All partners' PAN cards (including managing partner and authorized signatory) Copies of partnership agreements All partners and authorized signatories are shown in a photograph (in JPEG format, maximum size – 100 KB) Proof of addresses for partners (Passport, driving license, Voters identity card, Aadhar card etc.) Authorized signatory Aadhar card evidence of the authorised signatory's appointment In the case of LLP, registration certificate / Board resolution of LLP Account information Address proof of principal place of business
HUF	1. PAN of HUF card 2. PAN card and Karta's Aadhar card 3. a picture of the owner (in JPEG format, maximum size – 100 KB) 4. Account information Address verification for the primary place of business
Company (Public and Private) (Indian and foreign)	1. PAN of the Company Ministry of Corporate Affairs issues a certificate of incorporation. 2. Articles of Association / Memorandum of Association 3. PAN card and authorised signatory's Aadhar card. Even in cases when foreign corporations or branches are registered, the authorised signatory is required to be an Indian. 4. Address and PAN card evidence of each Company director 5. Each director's and authorised signatory's picture (in JPEG format, maximum size – 100 KB) 6. Board resolution designating the authorised signatory or another document attesting to their appointment (in JPEG or PDF format, with a maximum size of 100 KB) 7. Account information 8. Address evidence of the main site of business

Benefits of GST Registration

The following are some of the benefits of GST registration are as follows:

Bank Loans: GST registration and submission of GST returns serve as evidence of business activity and build a business's track record. Based on information from GST returns, banks and NBFCs lend to businesses. Therefore, GST registration might assist you in formalising your company and obtaining financing.

Supplier On boarding: GST registration is frequently a requirement throughout the supplier on boarding process in order to become a supplier of reputable businesses. Consequently, GST registration can aid in increasing your revenue.

E-Commerce: Having a GST registration would enable you to sell online as it is a requirement to do so on sites like Amazon, Flip kart, Snap deal, Zomato, Swiggy, and others.

Input Tax Credit: Organizations that have registered for GST are allowed to charge GST to customers for their purchases and claim an input tax credit for the GST they have already paid on other products and services. Therefore, GST registration might lower your tax bill and increase your profit margins.

Documents Required For GST Registration

Electricity Bill:

Latest electricity bill for the premises where GST registeration is applied for

Telephone Bill:

Latest Telephone bill for the premises where GST registration is applied for in some states

Property Tax Receipt:

Latest Property tax receipt for the premises where GST registration is applied for

Lease/Rent Agreement:

If property rented or leased ,lease or rental agreement is required.

Passport Size Photo:

Passport size photo of the authorized signatory under GST

Partnership Deed:

If applicant is a company, LLP, Partnership deed must be submitted.

Incorporation Certificate:

If applicant is a company or LLP Incorporation certificate must be submitted

PAN Card:

PAN card of the authorised signatory under GST.

Aadhaar Card:

Aadhaar Card of the authorised signatory under GST.

Consent Letter:

If the property is taken by a person without rental agreement.

GST Registration FAQ's

1. What is the cut-off date for GST registration?

Within 30 days of fulfilling the requirements, an entity that must be registered under GST must submit an application for registration. Prior to starting a business, casual taxpayers and non-resident taxpayers must register with the GST.

2. Who is the principal signing with authority?

The person in charge of doing tasks on the GST portal on behalf of the taxpayer is known as the principal authorised signatory. It might be the business's promotion or another dependable person suggested by the business's promoters.

3. Is PAN a requirement to register for GST?

Yes. PAN is required in order to register for GST. The proprietor's PAN may be utilised in the case of a proprietorship. PAN must first be issued for the entity in the event of an LLP, Company, Trust, or another type of legal entity. PAN is not necessary for foreign individuals or foreign businesses to register for GST, nevertheless. Based on the other documents presented to confirm existence, a GSTIN with a set expiration date will be given to non-resident taxable persons.

4. How long is a GST registration valid?

There is no time limit on a GST registration. As a result, it will be valid until it is revoked, returned, or suspended. Only non-resident taxable individuals and occasional taxpayers who register for GST have a validity period that is established by the authorities when issuing the GST registration certificate.

5. Can someone who has not registered for GST still collect GST?

No, only those who have registered for GST are permitted to collect GST from clients. Even the input tax credit on the GST paid is not available to someone who is not registered for GST.

6. What is an E-way bill, exactly?

An electronic document known as an "E-way bill" is used to prove the transfer of items worth more than Rs. 50,000. It is accessible to a supplier or a person shipping products. Part A contains information such as the GSTINs of the supplier and recipient, the location of delivery, the value of the products, the HSN code, and the justification for the transportation, and Part B contains information about the vehicle and mode of transportation.

7. What advantages do E-way bills offer?

There is no longer a need for state boundary checks because the interface is entirely digital. It will make it easier for items to move more quickly and improve truck turnaround times, which will save expenses for the provider.

8. When should an electronic way bill be produced?

Prior to the start of the transport of the goods, an e-way bill must be generated in accordance with rule 138 of the CGST Rules, 2017.

9. Is creating an E-way bill required?

In all circumstances when the value of the consignment exceeds Rs. 50,000, an E Waybill must be generated. On the other hand, it is not necessary to produce one if the products are being carried using a non-motorized mode of transportation or if they are being moved from a port, airport, air cargo facility, or land customs station for customs clearance.

10. What is the cost of failing to produce an E-way bill?

A penalty of Rs. 10,000 or the amount of tax sought to be collected from the taxable person who moves any products without the cover of specified documents (an e-way bill is one of the listed documents)

11. What is a composition scheme, exactly?

Small firms that are registered under the GST composition system are eligible to pay quarterly fixed-rate GST payments and submit quarterly GST returns. Small taxpayers who provide both goods and services, or both, to the final consumer with a lesser turnover would often be subject to the composition levy.

12. What are the requirements for eligibility?

Any current tax payer whose yearly revenue did not exceed Rs. 1.5 crore in the fiscal year before. Service providers, casual taxpayers, and non-resident Indians are not eligible, with the exception of restaurants and caterers.

13. Is it possible to use the composition method to obtain an input tax credit?

A dealer who chooses a composition scheme is not included in the credit chain and so is not eligible to claim any input tax credits. He cannot claim ownership of his input materials.

14. For how long will the plan be in effect?

As long as all of the legal requirements are met, the composition scheme's validity will depend on the choice that a taxpaying person chooses to exercise. However, those who are eligible for the programme might choose to reject it by merely submitting an application.

15. How will the total turnover be calculated?

It will include the value of all taxable supply and be calculated on an all-India basis. Reverse charge on inbound supplies as well as federal, state/union territory, and integrated taxes and cess would be excluded.

16. What is interstate supply, exactly?

When the supply location is situated in a different state than the delivery location, there has been an interstate supply of products or services. The inter-state supply also covers exports of goods and services as well as the provision of commodities or services by a SEZ entity.

17. What is intra-state supply, exactly?

When the site of the supply is in the same state as the supplier, it is considered to be an intra-state supply of products or services. The provision of goods or services to SEZ units or developers, as well as imports and exports, are not included in intra-state supply.

18. What is the SGST?

According to the SGST Act, intrastate supplies of goods and services are subject to the State GST or SGST. The corresponding state government is in charge of running it. Only SGST or IGST input tax credits may offset SGST liabilities.

19. What is the CGST?

In accordance with the CGST Act, intrastate supplies of goods and services would be subject to central GST, or CGST. Therefore, the federal and state governments would combine their taxes with a suitable revenue-sharing.

20. What exactly is IGST?

The tax imposed by the IGST Act on the provision of any products or services during interstate trade throughout India is known as the Integrated GST or IGST. In addition, the IGST would apply to all supplies of goods and services made during importation into India and exportation of goods and services from India.

Important Points you need to Know about Income Tax Filing

What exactly is ITR?

The Income Tax Return, or ITR, is a document used by taxpayers to report their income and tax payments to the income tax department. A taxpayer must submit an ITR on or before the due date. The ITR form relevant to a taxpayer is determined by the kind of taxpayer, such as individuals, HUFs, corporations, and so on, and you choose the ITR depending on the nature and type of income as well as total income. Before filing the ITR, every taxpayer should calculate the tax owed and make payments. In the event of a carry forward of losses and set off of carried forward losses, you must submit an ITR.

When submitting your ITR, go through form 26AS for information on TDS and other income, such as FD interest. You should also have your form 16 to fill out the details of your pay and tax saving deduction claims.

ITR Types

Based on the kind of taxpayer and income, the government specifies seven different ITR forms:

• Individuals residing in India with a total income of up to Rs 50 lakh should file Form ITR-1. Individuals with income from salary, residential property, and other sources are eligible to submit ITR-1. ITR-1 cannot be filed by an NRI. Salaried taxpayers may submit their ITR using Form 16.

• Individuals and HUFs must file ITR-2 for any income other than income from a business or profession. Individuals and NRIs with income from wages, real estate, capital gains, and other sources are eligible to submit ITR-2. Salaried persons who have profits or losses from stock purchases and sales should complete Form ITR-2.

• ITR-3 is used by people to declare their earnings from a company or profession. Salaried persons who earn money from intraday trading in stocks or from futures and options must submit Form ITR-3. Individuals may utilise ITR-3 to record income from salary, real estate, capital gains, business or profession (including presumptive income), and other sources.

• Individuals, HUFs, and partnership businesses must file Form ITR-4 to report their income under the presumptive taxation structure. ITR-4 is used to report revenue from a firm with a turnover of up to Rs 2 crore that is taxed under section 44AD. In addition, ITR-4 is for income from a profession with a turnover of up to Rs 50 lakh that is taxed under section 44ADA. ITR-4 may be filed by a freelancer who works in a notified profession.

• ITR-5 forms are available for partnership businesses, LLPs, AOPs, and BOIs. Business entities such as LLPs, partnership companies, AOPs, and BOIs may submit ITR-5 to disclose revenue from their businesses and professions as well as any other source of income.

• ITR-6 is the income tax return used by businesses to report income from their company or profession, as well as any other sources of revenue.

• ITR-7 is the income tax return for corporations, partnerships, and trusts that seek income tax exemption.

ITR Frequently Asked Questions

My income is already subject to TDS; do I need to pay any more tax while completing my ITR?

TDS on income may vary from the actual tax due on earned income. TDS rates are often a predetermined proportion of payments, while your income is taxed at slab rates. If the TDS is smaller, you may be required to pay the remaining tax. If the TDS is too high, you may be eligible for a refund. In any event, while completing your ITR, you should total your yearly income from all sources and determine the tax due/refund claim.

Is there any interest owed on the tax owed based on my yearly income?

If your tax due before claiming TDS exceeds Rs 10,000, you may be liable for interest. The interest obligation is 1% each month determined on the tax balance. You may lower your interest obligation by paying your taxes on time. Before submitting the ITR, you must pay the remaining tax as well as any interest owed.

You may avoid paying interest by organizing your tax payments under 'advance tax' throughout the fiscal year.

How can I seek a tax rebate under Section 87A and a TDS refund?

If your total income after tax deductions and exemptions is less than Rs 5 lakh, you may receive a tax refund. The maximum rebate available is Rs 12,500. In this scenario, you may request a refund of the TDS you paid on your income.

Should I file an ITR if I suffer a loss from a company, a home, or the sale of stock?

Yes, you should submit an ITR if you have losses from a company, the sale of stock, or interest paid on a house loan. An ITR filing allows you to set off the loss and carry it forward to future years. Please keep in mind that you must submit your ITR on or before the due date.

What is the penalty for submitting an ITR after the deadline?

The late cost is Rs 5,000 for submitting a return beyond the due date but before December 31, 2020. For the fiscal year 2020-21, a late charge of Rs 5,000 is levied for returns filed between 1 December 2020 and 31 December 2020. For returns filed between 1 January 2021 and 31 March 2021, the late cost is Rs 10,000.

The late filing charge, however, should not exceed Rs 1,000 if a taxpayer's total income does not exceed Rs 5 lakh.