Goods and Services Tax is what GST stands for. India's GST is an indirect tax system that combines all of the country's indirect taxes, like VAT, Service Tax, Central Excise Duty, and Entertainment Tax, into one. It has been put into place based on the idea of one tax for one nation. It is your legal duty to file your GST returns on time and accurately if you are registered for GST. With the advent of e accounting and taxation with gst, firms can easily keep track of and collect input tax credits at every level. This technique makes sure that tax is only charged on the value added, not on the whole transaction amount.
The four main parts are: Central GST (CGST), State GST (SGST), Integrated GST (IGST), and Union Territory GST (UTGST). CGST and SGST apply to transactions inside a state, while IGST applies to transactions between states:
The CGST Act, which was passed in 2017, is the main law in India that governs how GST is collected, charged, managed, and followed.
Under the Goods and Services Tax (GST) Act, Proprietor GST filing is mandatory—even if no sales were made during the period (in which case, a NIL return must be filed). Filing on time helps you:
Stay away from late fees and interest charges.
Claim the Input Tax Credit (ITC)
Keep a clean record of compliance
Work with clients, vendors, and tax authorities with confidence
GSTR-1: Details of outward supplies (sales) filed monthly or quarterly based on turnover.
GSTR-3B: A summary return of monthly sales, purchases, ITC, and tax payable. Filed monthly by all regular taxpayers.
GSTR-9 (Annual Return): Filed annually if your turnover exceeds the specified threshold (currently ₹2 crore for most businesses).
Did you get a GST notice because you didn't file, your data didn't match, you had ITC problems, or you paid late? Don't worry; we're here to help. It's very important to respond to GST notices correctly and on time to prevent fines, lawsuits, or having your registration canceled.GST notice compliance involves responding to official communications from tax authorities regarding potential issues or discrepancies in your GST filings or compliance.
Answering notices such GST ASMT-10, REG-03, CMP-05, and so on.
Filing returns that are missing or fixing wrong data
Writing and sending professional responses with paperwork
Representing your case in response to show-cause notices
Help with penalties, ITC mismatches, and problems with compliance
Once a company is registered under GST, it is required to file GST returns periodically. GST filing involves reporting details of sales, purchases, tax collected (output tax), and tax paid (input tax credit) to the government. Company GST filing is done online using the GSTIN through the official GST portal, authenticated via digital signature (DSC) or OTP.
Maintain accurate and up-to-date records of all sales and purchase invoices, debit/credit notes, and payment vouchers. These records form the foundation for return filing.
Determine the total taxable value, compute eligible Input Tax Credit (ITC), and calculate the net GST payable.
File the applicable GST returns (GSTR-1, GSTR-3B, GSTR-9, etc.) on or before the due dates to avoid late fees and penalties.
If there was no business activity during the period, a nil return is still required to be filed in order to remain in compliance.
You must pay interest (18% annually) and late fees (₹50 per day or ₹20 for NIL returns) on the outstanding tax balance until you file the return.
While GSTR-9 is filed annually, GSTR-1 and GSTR-3B are typically filed monthly or quarterly, depending on turnover.
No comments yet. Be the first to comment!
