Everything You Need to Know about GST Registration and GST Return Filing

 



Goods and Services Tax (GST) is an indirect tax introduced in India on July 1st, 2017, to replace multiple indirect taxes and simplify the tax regime. GST is applicable on all goods and services supplied within the country and replace various indirect taxes like Central Excise Duty, Service Tax, Value Added Tax (VAT), Central Sales Tax (CST), among others.

GST Registration

GST registration is mandatory for all businesses whose aggregate turnover exceeds Rs. 20 Lakhs (Rs. 40 Lakhs for North Eastern and Hilly states). Businesses with a turnover below this limit can opt for GST registration voluntarily. The process of GST registration is entirely online and can be done through the GST portal (www.gst.gov.in). The following documents are required for GST registration:

1.       PAN card of the business and its proprietor

2.       Aadhar card of the proprietor

3.       Bank account details

4.       Business address proof

5.       Details of goods/services offered

 

GST Return Filing

 GST return filing is the process of submitting details of the goods and services supplied, and the tax collected and paid during a specific period to the GST department. GST returns have to be filed periodically, and the frequency of filing returns depends on the nature of business and turnover.

The following are the types of GST returns that have to be filed:

GSTR-1: This is a monthly return that has to be filed by 10th of the following month. It contains details of all outward supplies made during the month.

GSTR-2: This is a monthly return that has to be filed by 15th of the following month. It contains details of all inward supplies received during the month and the tax payable on them.

GSTR-3: This is a monthly return that has to be filed by 20th of the following month. It is an auto-populated return that takes into account the details furnished in GSTR-1 and GSTR-2.

GSTR-9: This is an annual return that has to be filed by December 31st of the following financial year. It contains details of all supplies made and received during the financial year.

GSTR-7: This is a monthly return that has to be filed by 10th of the following month. It is to be filed by taxpayers who have been allotted TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) registration.

Conclusion

GST Registration and Return Filing in Delhi are crucial components of the GST regime in India. Businesses must ensure that they comply with all GST norms, including registering for GST and filing GST returns on time to avoid any penalties and legal consequences.

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