Though the implementation of GST was thought long back, recently, the government took action and implemented the same in a little hurry. The quick implementation of the same has brought a number of troubles for the taxpayers as well as non-taxpayers. There are many areas where a lot of confusion is there among the people as well as the experts in the field. With the implementation of goods as well as services tax, all registered taxpayers shall be needed to accomplish the compliance which makes it compulsory for them to submit manifold returns regarding every financial year. A few of them are needed monthly in which information concerning invoices created and also obtained will have to be submitted along with GSTN. The GSTN shall perform the role of a storehouse of information in relation to the taxpayers that they are able to discern or access sometime in future.
Aiding the taxpayer with the best appreciation concerning the method of submitting GST return, it is essential, to begin with, a fundamental understanding of the ideas relating to this novel enacted indirect tax pertaining to goods as well as service tax.
Meaning of GST returns
Returns can be said to be set of forms which fall in the class of pre-approved system about reporting. By it, a prerequisite of needed information becomes easy in relation to taxpayer concerning total disclosure of details. The forms have been made to make definite a total disclosure of each deal made amid sellers and buyers. This process can be done by GST online software with ease
Person to submit GST returns
Every taxpayer according to the laws of GST will have to submit returns as made compulsory by the concerned authorities.
Kinds of returns according to GST
The GSTR-1 has been made to furnish all information to the authorities regarding supplies made outward pertaining to goods as well as services. This form is needed to be submitted on the 10th of each succeeding month. This form can be said to make a foundation for submitting other forms in that month.
The GSTR-2A makes a kind of auto-populated form that enables the receiver to discern and scrutinize the information given by your supplier.
The GSTR-2 form furnishes the information about supplies made inward of goods as well as services as endorsed and confirmed by the receiver of the services or can be goods. This form shall be submitted on the 15th of every subsequent month.
It makes an auto-populated type of form that will be generated following to the submitting of GSTR-2 by 15th of every succeeding month. It indicates the alterations carried out by the receiver and is sent towards the supplier who shall reject it or endorse changes therein.
In order to simplify the procedure of migration relating to taxpayers towards the novel tax system from existing former regime, the authorities necessitated the introduction of the interim return form of GSTR-3B for two months. It was a step towards a self-declaration.