Filingsfirst simplify compliance with CA assisted online GST return filing
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Goods and Service Tax law now governs the major portion of the indirect tax system in India.
The suppliers registered under this regime need to fulfill the compliance requirement regularly.
Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law.
The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.
Under the GST regime, three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.
To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.
For delay in filing return, the taxpayer is charged with a late fee of ₹ 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of ₹ 20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.
Information collection from the details shared by the taxpayer manually or from dedicated GST ready Accounting Software
Documentation and reconciliation of the information filed
Preparation of GST return
Payment of tax by the taxpayer, if required
Online GST return filing
Acknowledgment of filing the GST Returns
Every registered dealer, whether being a normal supplier or otherwise must file the return based on the transactions or activities involved in the business. Non-filing of the same may lead to default and may attract a penalty or additional fees.
Tax Payment or any penalty, fees, etc. are accepted through the following modes;
• Internet Banking
• NEFT or RTGS
This amount shall be credited to the electronic cash ledger of the registered dealer.
By filling the returns with the Government, the information and details will be intimated to the Government. Further, the data provided will measure the liability of the Tax-payer. Also, returns filing help you claim the eligible Input Credit. In addition to which the regular filing will count on higher rating in the GST Compliance Rating.
Any supply i.e. transaction such as the sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration, of taxable goods or services, needs to be considered as a taxable event under the GST Act.
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