GST Filing
GST Filing:
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The Goods and Services Tax (GST) is an indirect tax paid on goods and services in India. The Goods and Services Tax (GST), implemented on July 1, 2017, applies to all Indian service providers (including freelancers), merchants, and manufacturers. Several central taxes, including Service Tax, Excise Duty, CST, and state taxes, such as Entertainment Tax, Luxury Tax, Octroi, and VAT, have been consolidated into a single tax, GST, which went into effect on July 1, 2017. GST will be levied at every stage of the supply chain, with full set-off advantages available. The GST procedure is online and requires no physical interaction.
This taxation system seeks to simplify the multiple taxes paid on things, making it easier for taxpayers, collectors, and others. It also simplifies tax filing because taxpayers just have to file for one tax. Before beginning the GST filing process, it is critical to understand what a GST return entails for business owners and service providers. GST returns fundamentally refer to the submission of all GST. Every person covered by the GST Act must submit their turnover to the GST Department of India. This is referred to as a return, and it includes information about every sale and transaction by the business.
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GSTIN –
A 15-digit distinctive code that is provided to every taxpayer is the GSTIN. The GSTIN will be provided based on the state you live at and the PAN
Types of GST
The four different types of GST are given below:
1.Central Goods and Services Tax
CGST is charged on the intrastate supply of products and services.
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2.State Goods and Services Tax
SGST, like CGST, is charged on the sale of products or services within a state.
3.Integrated Goods and Services Tax:
IGST is charged on inter-state transactions of products and services.
4.Union Territory Goods and Services Tax:
UTGST is levied on the supply of products and services in any of the Union Territories in the country, viz. Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and Chandigarh. UTGST is levied along with CGST
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Various Returns & Due Dates under GST-
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Non Filing of returns attracts Penalty & Interest under the GST act, and TAX BARR will get all your GST filings according to the tax structure and avoid the occurrence of penalties to businesses.
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Benefits of GST filing
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Scheme offers
It offers a composition scheme for small businesses. Small firms with an annual turnover of less than 1.5 crores can choose for composition scheme.
2. Reduction of Tax
It Aids in Reducing the Tax Cascading Effect. GST is a uniform indirect tax created with a purpose in mind.
3. Higher Threshold
The Advantage of a Higher Threshold of 20,00,000 is now provided under the GST regime for registration, whereas previously, in the Value Added Tax (VAT) framework, firms with an annual turnover of 5 lakhs or less were only exempt from VAT.
4. Hassle-Free
Regulations and Compliance that are stress-free. Before the GST period, there was a disorganized tax filing system.
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Documents required:
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Digital Signature
DSC of Partners or Directors, in case of LLP and Company only
Certificate
GST
Registration Certificate
Log-in credentials
Log-in credentials
of the registered person
Details of Supplies
Details of the inward and outward taxable supplies along with the invoice details