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Apply for GST

What is GST Registration

In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

GST registration usually takes between 2-6 working days. We’ll help you to register for GST in easy steps.

Contact Us For Registration

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#707, 7th Floor,
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Chirag-Ali-Lane, Abids,
Hyderabad 500001.
Ph: +91 7989123105
support@99loans.co
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Mon to Fri – 08:00 to 16:30

India is heading towards its biggest tax reforms ever. The whole World is watching this roll out, as the World 3rd largest economy is moving towards a destination based tax-reporting structure. Every transaction has to be reported through the last mile with a common invoice, identifiable to the seller and recipient of goods and services.

The GST Council and the Ministry of Finance have come up with a great solution to record all such invoices in one place and collate data for the taxpayer. The processes have been simplified, and many taxes have been removed. The whole nation shall report using the same structure irrespective of where and how you carry your business.

A widespread IT system has been deployed by the Ministry to cope up with such a huge influx of data. It is called the GSTN (Goods and Service Tax Network) that will house all the information of sellers and buyers together, collaborate the details submitted and even maintain 3 registers for you for future reference and anytime reconciliation.

In this article, we’ve explained various types of GST Returns, who should file GST returns online, the format of GST return, the process of filing GST return and much more..

UPDATE: 28th GST council meet held on 21st of July 2018 has introduced a simple GST return filing system for the taxpayers.

The government has introduced Sahaj and Sugam forms for filing GST returns.

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.

Types of GST Returns to be filed by normal taxpayers

GSTR-1

The taxpayer records all his outward supplies of goods and services in details in this form. This has to be mandatorily done by the 10th of the next month (GSTN is frequently changing the due date of filing GSTR1. So, keep checking announcements).

This will form the basis for all future flow and match for credit reconciliations. GSTR-1 is a detailed form containing 13 different heads. The critical headings are:

GSTIN of the Taxable Person – Auto-populated result

Name – Auto-populated result

Gross Turnover in Last Financial Year – This has to be filed only once. From next year onwards, this field will be auto-populated

The Period for which the return is being filed – Month & Year shall be available as a drop-down for selection

Taxable outward supplies – Here, IGST shall be filled only in the case of inter-state movement whereas CGST and SGST shall be filled in case of intra-state movement. Moreover, details of any exempted sales or sale at nil rate of tax shall also be mentioned here

Outward Supplies to end customer, where the value exceeds Rs. 2.5 lakhs – Other than mentioned, all such supplies are optional in nature

Any other supplies not covered in above 2 sections

Debit Notes or Credit Notes Details

Amendments to the details of any outward supplies of previous periods – This does not cover any changes by way of debit/credit notes

Exempted, Nil-Rated and Non-GST Supplies – This is a Non-GST section. When the details of exempted sales or nil-rated sales have already been mentioned anywhere above, then only Non-GST shall be filled up here

Export Sales

Tax Liability arising out of advance receipts

Tax Paid

Learn how to file GSTR-1

GSTR-2A

It is available on the 11th of the next month for the recipients to see and validate the information therein. Recipients have time between 11th – 15th of the next month to change any information, delete or add, based on their books of accounts.

Update as on April 2018: GSTR-2A has been kept on hold by GSTN.

GSTR-2A

This form is the culmination of all inward supplies of goods and services as approved by the recipient of the services. The due date is 15th of the next month. It is auto-populated with the details of GSTR-2A. GSTR-2 shall include the following heads:

GSTIN of the Taxable Person – Auto populated result

Name – Auto populated result

The Period for which the return is being filed – Month & Year shall be available as a drop-down for selection

Details of all inward supplies – Auto populated with the details of GSTR-1. The taxable person can make any further addition or changes to the invoice here

Changes to the inward supplies made for any previous period

Import of Goods – Imports are treated as Inter-state supply and IGST shall be applicable on the same

Import of Goods in earlier periods

Services received from a person outside India (Import of Services)

Import of Services in earlier periods

Debit notes or Credit notes Details

Amendments made to Debit or Credit notes of previous periods

Inward supplies emanating from Unregistered persons

Credits received from an Input Service Distributor – Auto populated from details of GSTR-6

TDS credit from specified persons – Auto populated from details of GSTR-7

TCS credit from E-Commerce operators – Auto populated from details of GSTR-8

Input Tax Credit remaining to be taken against an invoice, from which initially a partial invoice was taken

Reverse Charge tax liability

Amendment to such reverse charge tax liability

Tax Paid

Input Tax Credit Reversals – A dropdown containing reasons for such reversals shall be made available

Amendments to such Input Tax Credit Reversals

Learn more about GSTR-2 Return Filing

Update as on April 2018: GSTR-2 has been kept on hold by GSTN.

GSTR-1A

The form shall be auto-populated after filing of GSTR-2 on the 15th of the next month, having all the correct or changed information. The supplier shall have the choice to accept or reject the changes made by the recipient. Following such acceptance, the GSTR-1 shall be revised to such extent.

GSTR-3

This form is auto prepared by 20th of the next month. It will have the details of all outward as well as inward supplies of goods and services as furnished in GSTR-1 and GSTR-2. After considering both the details, GSTN will determine your input tax credit availability or the amount of tax payable.

It will have the following details:

GSTIN of the Taxable Person – Auto-populated result

Name – Auto-populated result

Address of the person – Auto-populated result

The Period for which the return is being filed – Month & Year shall be available as a drop-down for selection

Total turnover

Export Turnover

Taxable Turnover

Non-GST Turnover

Nil Rated or Exempted Turnover

Total Turnover (Sum of 1-4)

Details of outward supplies

Inter-state supply to end customers

Intra-state supply to end customers

Inter-state supply to registered persons

Intra-state supply to registered persons

Exports

Amendments to Sales Invoices, Debit Notes and Credit Notes

Tax liability on such outward supplies

Details of inward supplies

Inter-State received

Intra-State received

Imports

Amendments to Purchase invoices, Debit Notes and Credit Notes

Tax liability on such inward supplies

Reversals of Input Tax Credit

Total tax liability for the period

TDS received for the period

TCS received for the period

ITC for the period

Apart from the above details, a Part B has to be filed containing the details of,

Any taxes, interests, penalties or fees paid during the period

Any refunds claimed during the period w.r.t. cash ledger

GSTR-9

This is the annual return, which the taxpayer has to file by 31st December of the coming financial year. It is nothing but the accumulation of all 12 monthly GSTR-3 of the taxpayer. It would also include the amount of tax paid during the year, including details of exports or imports.

Apart from the above forms, the Government shall serve those taxpayers who fail to furnish the returns on time, notice in Form GSTR-3A.

After the GSTR-3 is fully accepted for the month, then final input tax credit shall be communicated through form GST ITC-1. The details of ITC-1 has to be confirmed in due time to get the credit for that month. If the same is not done in due time, then it will disallow the credit for the month and will be computed as a tax liability for the month instead.