GST has been known as a smart tax collection system across the globe, and a lot of countries have accepted and implemented it due to its simple system of collection of tax. The taxpayers also feel to have paid tax easily and hence relax. However, this is not the case when the overnight implementation of the tax is imposed, and the results of such decision are faced by the people of the country. The GST has altered the entire scenario of taxation all through the country. Now things are going to be easy and improved for owners of the business who shall be liable to tax under the GST regime. The entire market will experience a change, and it will demand some training concerning GST as well as to submit GST return and be taught all things possible, and you must be all geared to face the imposition of GST.
A regular taxpayer
Under the system of GST regime come all such people who are owners of any business within any state or any union territory and also entails the supply of goods as well as services. In these days, there exist two forms that should be submitted by any regular taxpayer that is GSTR-1 as well as GSTR-3B wherein GSTR-1 account meant for supplies made outward and GSTR-3B is needed for concise information of supplies made outward and also supplies made inward along with the payment regarding to the amount in relation to tax data must be submitted on or prior to 20th of the following month. With the help of GST software you can easily calculate tax payments accurately.
The GSTR-1 makes the first form for return filing that all taxpayers are needed to submit in between 1st as well a 10th of the subsequent month intended for any prescribed period of tax. This form contains all information of supplies made outward given by the taxpayers. This GSTR-1 encompasses thirteen heads under its umbrella and can be said to be crucial because it aids in the matching of credit as well as flow concerning the tax credit in future. As per the recent statement made by the GST council that all taxpayers who have turnover below 1.5 crores shall submit GSTR-1 quarterly whereas all such taxpayers having a turnover exceeding 1.5 crores shall have to submit monthly returns. All this procedure can be carried out online GST return filing so that you can escape penalties for delay.
GSTR-2 (Not found on any Portal)
In this form, GSTR-2 encompasses all the details concerning supplies made inward towards the buyer, and also the receiver of goods, as well as services, shall impart this information. This GSTR-2 shall have to be submitted by all taxpayers prior to 15th of the subsequent month in relation to the prescribed period of tax. In this GSTR-2 you will come across at least thirteen heads that should be cautiously filled since the details shall be reflected within the seller’s form plus the details must necessarily go with the details furnished by your seller.