All you need to know about GST in India
2017 is a historic year in the Indian taxation history. It is the year that simplified the entire nation into a single tax regime that conforms to the international tax framework across the globe. The Goods and Services Tax (GST) came as a great step in the movement towards solid economic reforms in the country. This move was strongly supported by the industry as well and has since brought along several far-reaching impacts.
How to file GST returns
Returns can be filed easily by following these stepwise guidelines given below:
– Register online by visiting the GST portal and updating your PAN to receive your unique 15-digit GSTIN as per your State.
– Upload all invoices on the portal to generate an invoice reference number for each invoice separately.
– Fill out appropriate forms for outward return, inwards return and consolidated monthly returns. Check for errors and file the returns.
· Outward supply returns are to be filed using GSTR-1 form on or before the 10th of the succeeding month. Details supplied thereof will be made available to the recipient in GSTR-2A, who shall duly verify and validate the information supplied therein along with additional details such as credit or debit notes.
· Details of inward supplies are to be made using the GSTR-2 form, which will be made available to the supplier for subsequent acceptance or rejection. Any modifications will be made available to the recipient in GSTR-1A.
Living in the GST realm, however, can be a challenge for a business if you are not familiar with GST-related terms, and what this umbrella tax system entails. Here are some of the important definitions and GST- related terminology defined in a comprehensive manner for your ready reference: