Since GST came into force in India in July 2018, more than 1 crore worth of businesses have moved to the GST system. GST registration is mandatory for all business entities that need to move a large amount of goods. These goods may have a relation to the business directly or indirectly but when it has a worth more than INR 50,000 you must generate the GST bill for the goods.
Activities Needing GST Filing
The filing of the GST return has nothing to do with the profits made by the business or its turnover. It is an indication of the movement of the goods from one point to another. We can trace this location of the goods at any point anywhere in the country. One must show the GST bill for these activities:
- Input tax GST
- Output GST (on sales)
To file the returns, you must use the purchase and sale invoices that have compliance with GST norms.
Use the Help of Service Providers
All the regular businesses must file their GST returns on a three-month basis. It is easy to take your Tally books online if you use the proper service provider. Many of them offer trial periods so you can see how it works. They will do the filing and maintain your business accounts. Some of them offer pre-designed templates for bookkeeping that you helps you do the filing and account keeping yourself. Using the GST software you can do all the accounting work.
Under the GST system, the registered person has to file the GSTR-1 before the 10th of each month giving the details of the outward supplies. Then comes the GSTR-2 giving the details of the inward supplies before the 15th of each month. You also have to give the monthly returns in the GSTR-3 before the 25th of the month. If you have registration under the composition scheme of the GST, then you have to file the GSTR-4 for that quarter.
Important Dates in GST Filing
The date is the 18th of the month next to the quarter. You must file the annual returns under the GST before the 31st of the year. You can make use of the service providers to take care of your end to end GST services. This covers everything right from the start of the GST registration to the filing. The file the GST returns for you within 1-3 days. Only if there is a delay in the processing time from the government side, the filing will get delayed. Also, the documents you submit must have GST compliance. You can opt for a package for the 3-month filing, the 6-month filing, or the annual filing from the service provider. The monthly filing of the GSTR for this month is due before the 31st of the coming month.
You can talk to the experts from the help section of the service provider’s website. They will tell you how you can use the templates and software to augment your business activity. This is useful and timely so you will never have to miss anything that is useful for your business. Get in touch with the accounting software service providers today and benefit.
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