Before we delve deeper, let’s understand the types of GST and the nuances of GST return.

What is GST Return?

GST return is a typical document used by the tax administrative authorities to calculate the tax liability of a taxpayer. The taxpayer must file this return document that states his/her income details. With GST being effective since July 2017, registered dealers have to file GST returns that include purchases, sales, output GST (applicable on sales) as well as input tax credit (GST paid on purchases).

Types of GST Returns

Here is a list of GST types

GSTR-1:

This GST return document contains details of outward supplies of taxable goods and/or services. The due date for filing the GSTR-1 return is the 10^th day of the following month.

Businesses with an annual turnover up to INR 1.5 Crore can opt for quarterly filing, the due dates for return being 31st January for Oct-Dec quarter and 30th April for the Jan-March quarter. However, businesses with an annual turnover above INR 1.5 Crore, can opt for filing monthly GST returns.

GSTR-2:

This GST return document indicates the purchase information such as details of inward supplies of goods/services that are taxable. Currently, filing this GSTR-2 return is put on hold.

GSTR-3:

This GST return form can be used by a normal taxpayer for providing details of tax payable. The same can also be used for paying tax on the GST Portal.

Also Read: What is the Easiest Way to Register for GST?

GSTR 3B:

GST return form specially issued for taxpayers filing for GST returns late in the months of July and August. Returns must be filed using GSTR 3B within the 20th day of the succeeding month.

GSTR-4:

GST quarterly return form that is to be furnished by taxpayers opting for the composition scheme. Dealers that fall under the composition scheme are required to submit only one return using the GSTR 4. The due date for filing of quarterly returns is the 18th of the month after the end of the quarter.

Due date for filing GSTR-4 for the quarter October 2018 to December 2018 is 18th Jan 2019 while the due date for the quarter Jan 2019 to Mar 2019 is 18th Apr 2019.

GSTR-5:

This is the GST return applicable for the registered non-resident taxpayers to be used for filing monthly GST returns. The due date is the 20th day of the succeeding month.

GSTR 9:

GSTR 9 returns form must be filed annually by all taxpayers registered under the GST act. It essentially should have all information relating to sales and purchase of supplies undertaken in a financial year as a consolidation of all information provided under all other monthly/ quarterly returns including GSTR-1, GSTR- 2A and GSTR-3B.

GSTR-9A:

This is the GST annual return form that must be filed by businesses falling under the composition scheme. This ideally should include all the information the dealers have already provided in GSTR 4. This form needs to be filed on or before 31st August of every financial year.

Also Read: Advantages of Adding an SSL Certificate to Your Website

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When coming up with the new tax system, one of the biggest goals of the government was to create an easy way for taxpayers to register under GST. Hence, GSTN and its work in overseeing the GST portal for the smooth operation of financial transactions, return filings and most importantly, the registration process. 

We will talk about the easiest and government registration process, which is the GST website. 

1.Where To Register For GST? 

The government has designated an official online portal for GST registration which is gst.gov. It’s a completely free and easy process that can be completed within 11 simple steps. However, for anyone who isn’t well acquainted with how the internet works, it’s best to have an extra set of eyes around for help. 

If you have questions about how GST works, what documents are necessary and what boxes should and shouldn’t be ticked off, you can rely on a tax professional. 

2. The Components Of GST

Gst comprises of a total of 3 taxes. There is the Central Goods and Services Tax and State Goods and Services Tax, alternatively referred to as CGST and SGST. These taxes are levied on goods and service transactions that fall under GST law which happens within a state. 

When a transaction of goods and services happens between two or more states, then Integrated Goods and Services Tax or IGST is levied. 

3. What Are The Documents You Need Before Registering For GST?

There are a couple of documents you need to scan before your register for GST so you could upload it on the website for verification. These documents are the PAN of the applicant, Aadhaar card an address that will be used to prove the main centre for operation of the business, Proof of business registration. Identity and address proof of the shareholders and directors of a business are also necessary along with their photos. 

Furthermore, you should keep the Board Resolution for Authorized Signatory, Bank Account statement and your digital signature at hand. 

4. How To Register For GST?

First, we need to visit the GST official website. Once there, we have to click on the service tab. From the drop-down menu, settle on Registration.

Once you’ve selected New Registration from the menu, you start entering your details. You will need to add your email id and mobile number for OTP verification. 

Once you’ve received the OTP after clicking proceed, enter it and click on continue. You will then find a Temporary Reference Number gracing your screen. This will be sent to your email and phone as well. Note it down for future reference.

Visit the service page again and instead of New Registration select Temporary Reference Number (TRN). Fill up with the TRN number, the verification characters and then use the proceed option. As before, OTP will be sent to your contact details. You can enter them and then select proceed. 

Your application status will appear as a draft. Now click on the edit icon. You will see the second registration form now. Fill up all the details and upload the documents that are asked for such as Proof of the place of business, photographs of directors, etc. 

After completing the upload, click on the Verification page. In here, you will have to check the declaration and submit the application using any of the three given options. Application be either submitted by companies through DSC, e-Sign – OTP or EVC – OTP.

You will be greeted with the success message. An Application Reference Number will be sent to your email id and phone number. You can check up on your application status using the ARN. 

5. What Is The Penalty For Evading GST?

If you don’t understand how GST works and for some reason, end up paying shorter than the amount due or not paying at all, you will have to pay penalty. In this case, as this is due to a genuine error, you will have to pay 10%  extra of the tax amount due along with the amount. 

However, if it found that you have deliberately avoided paying the due amount, then you will have to pay 100% of the tax amount due. 

6. What Is GSTIN?

Replacing the previous Tax Identification Number or TIN, GSTIN is a similar setup where a unique identification number is allocated to a registered taxpayer under GST. GSTIN stands for Goods And Service Tax Identification Number. 

 This unique number can be used by the government to keep track of the transactions of the taxpayer and collecting information when required. For the taxpayers, they can use the number for return filing, applying for a composite scheme among a number of other things. 

What Is GSTN?

Under the GST tax system, GSTN or The Goods and Service Tax Network falls under section 8 clause. It’s a private, non-profit company that the government does not own. However, the government did facilitate and encouraged its setup. 

The GSTN is in charge of taking care of all the indirect tax requirements of a taxpayer. The main purpose of the company is to provide the right IT infrastructure for the GST online portal. Doing so will help you register, file, make corrections on returns and even pay for your taxes on time. 

It is GSTN that makes auto-population of GST forms possible.

The purpose of GST is to make a fair indirect tax law under which taxpayers can pay tax on time and won’t be able to evade taxes. At the same time, it will decrease the tax rate for small businessmen, reduce compliance charges and, facilitate inter-state and international business. 

It’s yet to be seen whether the government will be able to fulfill all these goals under the GST regime. 

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