#1 GST Software to Simplify Your GST Return Filing & Billing Process

By Getting registered under GST law you obtain a unique number ( GSTIN) from the concerned tax authorities and are entitled to collect tax on behalf of government and avail Input tax credit.

But it is very important to understand who needs to register, how he will get himself registered and what is the eligibility criteria for getting registered.

Registration for Existing taxpayers

Any existing business who is registered under service tax or has VAT registration can register themselves on GST Portal.

Basic requirement for Registration

• Provisional ID
• PAN No of the tax payer/business
• Mobile number
• Email id
• Bank account details

  
  

Today more than 1 crore taxpayer have got themselves registered and majority of the VAT businesses have been migrated to GST. The Government is expecting the figure to cross 2 crore mark in a years time.

Eligibility criteria for Registration Procedure

• Any person who is doing business in trading of goods or services has to register for GST.
• Rs. 10 lakhs for businesses in any state of North-East India I.e. Assam, Arunachal Pradesh, J&K, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland and Tripura and for other states if the business annual turnover exceeds Rs. 20 lakhs or more).
• Any person who has multiple business verticals in a State will need to obtain a separate registration for each business vertical.

  
  

Documents for GST registration
The documents required for GST registration are as follows.

• Rent agreement or electricity bill for place of business.
• PAN card of the Company
• Cancelled cheque of the bank account showing account holders, MICR code, IFSC code and bank branch details.
• Proof of constitution like partnership deed, Memorandum of Association (MOA) /Articles of Association (AOA), certificate of incorporation.
• List of directors with their identity and address proof in case of company.
• List of partners with their identity and address proof in case of partnership firm.

  
  

Cases where Registration is compulsory irrespective of Threshold Limit

• Inter State Suppliers
• Person receiving supplies on which tax is payable by recipient on reverse charge basis
• Casual taxable person who is not having fixed place for business in State or Union territories
• On resident taxable person who do not have fixed place of business in India

  
  

Standardization Procedure

• An application needs to be submitted online through the common portal within 30 days from the date when liability to register arose.
• For the casual and non resident taxable persons need to apply atleast 5 days prior to commencement of business.

  
  

Checking Approval Status of Application You can track the status of your GST application by logging on www.gst.gov.in and scroll down to the bottom of the page and click the registration status. The status of the application can be checked by entering the registration Number, provisional ID or your pan number.

A Return could be defined as a detailed document/statement containing the income which a taxpayer is required to file and could be further used by the tax authorities in calculation of the tax liability.

Any registered taxpayer has to file GST returns which includes: Purchases, Sales, Output GST (On sales), Input tax credit (GST paid on purchases), etc. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

GSTR1

GSTR-1 is meant for outward supplies/sales or services i.e. the summary would be generated or the user can view the tax details for whatever sales that has been done.The GSTR1 is not applicable to composition vendors, non resident foreign taxpayers and those with an Unique Identification Number.

Dates for filing GSTR-1 : The GSTR-1 return for a month can be filed between 1st and 10th of the following month. For example For filing the GSTR-1 for Feb 2018, you can file it on any day between 1st and 10th of March 2018.

GSTR-2

GSTR 2 is meant for inward supplies or purchases i.e. the summary would be generated or the user can view the tax details for whatever purchases that has been done.

All the purchases made from a registered vendor, the information from their sales returns (GSTR-1) will be available in the GSTN portal as GSTR-2A for you to use in your GSTR-2. Before you file your return, you can check this information, make changes if necessary, and add any details that were not auto-populated.

GSTR3:

The GSTR-3 is a document which contains the details of all the transactions during the month, including purchases, sales, and interstate movement of stock for a particular month. The GSTR3 is auto-generated based on the information available inside the GSTR-1 and GSTR-2 that have been filed for the same tax period. All the registered tax payers under the GST who have either opted for the composition scheme or have a Unique Identification Number (UIN). This return is also not applicable to non-resident tax payers.

GSTR- 3B

GSTR-3B is a simple provisional tax return form introduced by the Central Board of Excise and Customs (CBEC)/GST Council only for the month of July and August. In simple terms, GSTR-3B is a temporary and simplified government return form which is being introduced and will be used by the taxable person who is registered as regular dealers. This form will be used for the purpose of filing returns only for the month of July and August 2017 in lieu of the normal returns.

GSTR-3B was a step to ease the return filing process for the first two months ( July & August) so that businesses can adapt to the changes brought in by the implementation of GST in a radial manner.

Since a lot of small and medium businesses were using manual accounting methods, filing returns within the July 2017 deadlines was difficult for many of these businesses and therefore GSTR3B concept came into existence for the months of July to December 2017, so that it provides time to the businesses to understand and make themselves ready for filing the more complex GSTR 1, 2 and 3 returns.

GSTR 4

GSTR-4 is filed once every 3 months by a registered tax payers who has opted for the composition scheme (they are known as composition vendors). It contains the total value of the sales and supplies made, the tax paid at compounding rate, and invoice-level details of purchases the composition vendor made from other registered tax payers during the tax period. GST Returns for those tax payers who falls under Composition Scheme and the turnover is less than 1.5 crore. Marg ERP has simplified the whole process of generating GSTR 4 for their users.

For all the businesses which are GST registered they need to provide GST-complaint invoices to their clients for sale of goods and/or services. All the GST registered vendors provide GST-compliant purchase invoices to you.

Mandatory fields under GST invoice

The GST invoice is issued to charge the tax and pass on the input tax credit. Some of the mandatory fields under GST invoice are

• Invoice number and date
• Customer name
• Shipping and billing address
• taxpayer’s GSTIN
• Place of supply
• HSN/ SAC code
• Item details i.e. Quantity (number), unit (metre, kg etc.) and total value
• The Taxable value and discounts
• Rate and amount of taxes i.e. CGST/ SGST/ IGST
• Whether GST is payable on reverse charge basis
• Signature of the supplier

Time Limits to issue GST tax invoice

There is a specific time limit to issue GST tax invoices, revised bills, debit note and credit note. The due dates for issuing an invoice for goods in normal case is on or before date of removal of delivery. And in case of continuous supply of goods it is on or before the date of issue of account statement. The Time limit in case of normal services is within 30 days of supply of services.