It is mandatory in India, that every registered company must file their GST Return on monthly, quarterly, and annually depending on the type of business. With the help of the Goods and Services Tax Consultant in Delhi, the companies are able to file it. If you want to know about the GST return, then check out the following section for more information.
GST: The individual company that is registered under the GST Act has to furnish all the details like sales and purchase of goods and services and the amount of tax they have collected and paid to the authority. It is a way to ensure that the services of the taxpayers like registration, return and compliance are transparent.
GST Return: As per the Income Tax law, the return is basically a document that has to be filled with the taxpayers and then files it with the tax administrative authority. The tax authority then calculates the tax liability.
The registered dealer has to file the GST return including information of sales, purchase, Output GST and Input Tax Credit. To file it in the right way, the taxpayers need to submit the GST compliant sales and purchase invoices.
There are 4 forms to file GST returns that are called Return for Supplies, Return for Purchase, Monthly Return and Annual Return.
Who can file the GST Return?
As per the Income Tax law, it is mandatory for every registered business to file two monthly and one annual GST return. To make this system efficient for the users, the taxpayer has to enter the details manually for one monthly return that is called GSTR-1, and then other return GSTR-3B will be fetched information automatically from the previous unit. To make this calculation professionally, it is better to take the help of the Goods and Services Tax Consultant in Delhi so that they can execute the process with their professional knowledge and efficiency. The GST Return can be done online.
Steps To File GST Return:
• Visit the online GST portal that is www.gst.gov.in/.
• Depending on the PAN card number and the state code, a 15 digit GST identification number will be issued. Now you have to upload the invoice on the portal for which the invoice reference number will be issued.
• Now you have to file the outward supply return in the given GSTR-1 form that you can access in the information section at the GST Common Portal on or before the 10th of every month.
• The outward supply details that are furnished by the supplier will be available in the section of the GSTR-2A form.
• Now it is the duty of the receipt to verify, validate, and modify all the details of the outward supplies along with the filing of the credit and debit details.
• In the GSTR-2 form, the receipt has to furnish the details of the inward supplies for the taxable goods and services.
• Acceptance and denial of the modification of the details for inward supply depend on the supplier.
Another important part is the name of the company. For that, you have to select at least one name and a maximum of 6 names that will represent the objective of the company. You have to make sure that the name is not resemblance to any other registered company. You have to apply concerned ROC to find out the availability of the name in INC-1 of the General Rules and Forms along with fees. There are certain rules regarding the availability of the name prescribed by MCA. The name will be valid for 60 days and the applicants have to register the name within the period.