GST Return Filing
Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
WHY SHOULD YOU FILE GST RETURNS ON TIME?
- Avoid Penalty – Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return
- Avoid Registration Cancellation – To be worst if you don’t file GST Returns on time your certificate might get cancelled.
- Better Relationship with your prospects – Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects
- Better Compliance Rating – Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.
- Ease of availing loan – Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer’s credibility on the basis of his GST Returns.
- E-Waybill generation – In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.
Documents required for GST registration
- Customers GSTIN.
- Type of Invoice.
- Place of Supply.
- Invoice Number.
- Invoice Date.
- Taxable Value.
- GST Rate.
- Amount of IGST applicable.