GST return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.
GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore busineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST Invoice Format:
The rollout of GST in 2017 will necessitate changes to the invoice format for millions of businesses. The format for issuing GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. In this article, we look at GST Invoice Format, manner of issuing invoice and time for issuing invoice in detail.
GST File Returns :
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.There are separate returns required to be filed by special cases such as composition dealers .
Understanding the GST Returns:
For properly updating the invoices, Indian taxpayers and businesses have to file certain returns with the Government. These returns have to be mandatorily filed as any non-compliance towards the same may lead to disallowance of input tax credit, apart from attracting penalties and interests, etc. Proper filing of information and passing the same in the returns is a mandatory process for smooth flow of credit to the last recipient. The returns have been designed so that all transactions are in sync with each other and that no transaction is left unattended between the buyer and the seller. The tale starts from GSTR-1. All the data is stored in GSTN, which can be accessed by the users/taxpayers anytime online.