Since the implementation Goods and Services Tax in India, all individuals registered under the GST Act are expected to furnish the details of the sales and purchases of goods and services along with the tax collected and paid. This can be done by online applications through which manufacturers and suppliers to dealers and consumers, all taxpayers can file their tax returns with the GST department each and every year.
Indeed, the new GST regime and filing tax returns has become automated making it easier to complete the procedure. However, you would need a gst system software to file GST returns.
Here are few steps for filing GST returns online:
GST: Before filing GST its necessary to understand what GST is all about. Basically, GST or Goods and Services Tax is a single indirect tax levied on the supply of goods and services from the manufacturer to the consumer. If you take a closer look at it you will be able to understand that the Input tax credits paid at each stage are quite different from the many indirect taxes we had in India. Each of the input tax credits paid will be made available or levied in the following stage of value addition. Therefore its clear that GST is basically a tax levied on value addition at each stage and that is how the consumer has to pay only the GST charged by the last dealer or supplier in the supply chain.
Invoice: Getting information about GST is easier as you have the access to the GST portal of the government. With help of the portal, you will be able to upload invoices on the GST portal or the software. Making use of the 15-digit GST identification number that will be issued based on your state code and PAN number will be the mandatory procedure followed by an invoice reference number will be issued against each invoice.
Offline: This is helpful for businessmen to submit gst return online. Such application software is a fair bet as they help segregate info and make it simple and easy task to track even when offline.
Refile: There are few options to correct any errors made while filing returns. You will have the opportunity to refile the returns after uploading invoices, outward return or inward return along with cumulative monthly return that is to be filed online within the stipulated time.
Data: When it comes to all the data related to The Goods and Service Tax, a network will store information of all GST registered sellers and buyers along with the submitted details. This is in short called GSTN which, maintain registers for future reference. The data acts as a reflection of financial transactions between two or more parties.