Introduction Of GST: A Historical Move
The GST is the latest part of the modern India where the tax reforms have taken place. Loaded with numerous direct and indirect taxes, the transactions were much complicated, and hence it was much required to have some steps that can simplify the tax system of the country. Keeping the same in mind, the experts had chosen GST and believing the opinion of the expert’s government also introduced the same to the country last year. For every business, the software developers also have taken steps to offer bills with the GST as per the slab of the concerned products. With the imposition of GST—goods and also services tax, one problem has come up that is constant center of attention is filing of returns. A new set of rules has been enacted to meet prerequisite concerning returns, plus errors or disobedience which can sum up to interest as well as penalties intended for businesses and shall be awarded minus GST ratings.
In its meeting, the GST council has come up with quite a lot of novel compliance and procedure pertaining to the filing of the return. All process can be done online with a system of bills and invoices through GST billing software so that all procedure is made effective. In order to be familiar with these new rules with regard to GST returns as well as the forms that will assist submitting them.
GSTR-1
This form entails information about sales– supplies made outward relating to taxable goods and also services. This form shall be submitted on the monthly or quarterly basis.
Taxpayers have to be careful while submitting the form. It is very critical as of now the authorities have extended due dates several times by which the taxpayers are needed to upload GST return by means of GST software India for numerous periods at a time. It is very crucial to go for the right period.
Moreover, taxpayers are required to be vigilant so that they can do away with duplicating invoices. In addition, it is necessary to classify goods under the accurate codes of HSN precisely and also be assured to levy the accurate tax rate. You are also required to mention tax type such as IGST, CGST, and SGST essentially.
Also, information about the cumulative turnover of the preceding year and you must also have digital signature while submitting GSTR-1
GSTR-2 and GSTR-3
Meanwhile, the GST council has put under suspension the prerequisite of submitting GSTR2 as well as GSTR3. Filing of the form will resume sometime later.
GSTR2 shall bear information about purchases—supplies made inwards regarding taxable goods and also services which shall affect the claim of the input tax credit—ITC. This form shall be submitted on the 15th of subsequent month.
Details of GSTR2 form
Information of all intrastate, as well as interstate supplies, got from unregistered, or some registered individual shall be furnished with the help of the invoices.
Also about goods imported and thereof services imparted, furnish details of credit as well as debit notes and Debit and credit notes, if any, received from the supplier.