GST Registration And Return Filing: Everything You Need To Know

    gst registration and return filing

    Ever since the bill for implementing GST came to the parliament, the new tax law has been in the news. While it initially shook the world of the business class in a big way, people slowly came to terms with it having no other option. There may be groups in the favor or against the law, but nobody could avoid it due to compulsion. But, keeping aside the discussion on the pros and cons of the Goods and Services Tax, let us look at the law?s requirements instead. Although GST has already got its name for having a tedious format, it is still essential for Entrepreneurs today to understand the Tax Law clearly. And thus, the next section helps you know everything about the registration and GST Return Filing in simple steps.

    What Is Online GST Registration?

    The Goods and Services Tax requires all businesses with more than 40 lakhs of annual turnover across the nation to register under the scheme. However, the North Eastern States, along with Himachal Pradesh, J&K, and Uttarakhand, are considered exceptions, get the turnover limit of 10 lakh.

    The tax law integrates various numbers of taxes that businesses had to pay previously. The process that is inspired by ?One Nation One Tax? has been made to simplify the previously existing multi-layered taxing system that forced traders to pay double tax at times.

    GST Registration is a compulsory step for all businesses meeting the eligibility; failing to do so can result in hefty penalties.

    Who Should Register For GST And File Returns?

    • Businesses or persons who supply services online to Indian consumers.
    • E-commerce platforms
    • Everyone who was registered with the pre-GST laws (VAT, Excise, etc.)
    • Businesses with more than 10 lakhs of annual turnover in J&K, Himachal Pradesh, Uttarakhand, and the North Eastern States and more than 40 lakhs in other states.
    • Supplier agents and input service distributors.
    • Taxpayers under reverse tax mechanism.

    Online GST Registration Process

    • Visit Taxwink and select Registration from the menu bar to choose the type of GST Registration.
    • Fill in your details and wait for the team to get in touch with you for assistance.

    Documents Required For Online GST Registration

    • PAN Card
    • Aadhaar Card
    • Business Registration proof
    • Identity, address proof, and photographs  of all members of the company
    • Address proof of the registered office.
    • Canceled cheque or Bank account statement
    • Authorization Letter from the Board
    • Digital Signature

    Fees For Registration

    The Government doesn?t charge anything for registering individuals under GST. However, the service providers in exchange for their assistance charge the taxpayers based on the type of GST registration.

    What Is GST Return Filing?

    Return Filing for GST involves documenting the details of income against sales and purchasing invoices with authority, which then calculates the individual?s tax liability.

    Although businesses registered under different types of GST have different rules to follow, regular firms are required to file the returns twenty-five times a year. To understand in detail, the returns are filed twice a month, and once a year for the annual return.

    GST Return Filing Process

    Essentially the filing is a four-step step process. However, considering the number of times, it is to be done per year, and the time it takes, people choose to seek professional assistance for the same.

    1. Visit
    2. Enter your GSTIN.
    3. Upload all the invoices.
    4. Check for errors and file the returns.

    Although simple, the tediousness of the process makes the taxpayers rely on service providers like TaxWink for assistance.

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