No matter how many web portals you have endlessly scrolled and read or took multiple advises from the accountants, if all those stubborn methods couldn’t get you learn to do the GST faultlessly, then the time that you’d be investing would be like nothing but mortgaging your future. Our diverse nation has already had it enough with all the tax evasion and improper flow of the money in the inappropriate dimensions of the society. Hence, a year ago, the government decided to take a mop and clean off all the dirt that made a clot worth choking the growth of the Indian economy.
Certainly, you also must be aware of the brawl that begins with all the backlashes about the new taxation regime being defective and complicated. Well, the government, till date has given the process all and worked hard enough to make the complying measures effective and easy for the people to comprehend. Now, being a regular taxpayer or about-to-be taxpayer, you must have at least narrowed down the fact that doing GST registration online is not a rocket science. It simply requires some of your personal information, like PAN card, bank account details, and some of your business details as well like the location details, partner or proprietorship and few jurisdiction details of the business.
It’s Easy to Do
Doing registration online only requires two hands and a mind. That’s it. You start by visiting the GST portal, following the instructions, putting in all the required details, and simply submitting the application. This would be reviewed and ensured by the authority assigned to the task and good work, you are a registered taxpayer now under the GST Act. A few days later you will receive your GSTIN number as well to begin your business with ease. And those who aren’t really aware of the GSTIN, stay unconcerned. Because when you get successfully registered, the government gives your business a unique identity to comply with all the businesses you do and transactions you make. It’s like getting an award or something. Isn’t it?
Read Also: Steps for GST Application for Registration
The Other Thing
The registration is just not it. The real game starts after the registration. But, the game is not rugged as rugby. In fact, while doing GST-related tasks, you’d feel like playing chess championship making smart moves and avoiding the poor ones. After the successful registration starts the actual return filing and all the matters of the tax compliance start pouring in real quick. The two most important thing that one must keep in mind to comply flawlessly with the GST and tax returns are;
- Keeping the documentation of sale/purchase bills, transactions, and every the tax paid/received intact and prepared.
- Being self-equipped and aware of the dates of the tax payments as per the GST rules and regulations.
With that said, maintaining a coordination with the Goods and Services Tax in the matter of remembering the GST payment dates could be a bit difficult in the beginning, but as you get used to the process, even remembering the dates becomes as easy as drinking a glass of water. Although, you can become a master later.
Here are the dates you must always remember:
- Monthly returns
- GSTR1- 10th of the next month.
- GSTR2- 15th of the next month.
- GSTR3- 20th of the next month.
- GSTR3B- 20th of the next month.
- GSTR5- 20th of the next month.
- GSTR6- 13th of the next month.
- GSTR7- 10th of the next month.
- GSTR8- 10th of the next month.
- GSTR9A- 31st December (next financial year).
- GSTR11- 28th of the month (following the month for which the form is required).
- Quarterly return
- GSTR4- 18TH of the month (succeeding quarter).
- Annual return
- GSTR9- 31st December (next financial year).
- Final return
- GSTR10- To be filed within the three months the cancellation date in case your application isn’t approved.
And like every unerring process, the GST also has the provisions to hit those up with the penalty who do not comply with filing the returns on time. In case, you file a return out of the time-bound, then you would become liable to pay a maximum of INR 5000 to the government. Also sometimes you might, due to any reason, not make any transaction. But even then you are supposed to file a nil return. That keeps the overall record of the registered business in the loop and any sort of gaps shunned.
Read Also: A disquisition on GST payment process
The Bottom Line
Everyone is involved in the business that has a different dimension. Hence, some get the time out of the busy business life to comply with taxation. And if that’s the situation with you, then you can take care of all your GST related processes with the help of high-end, GST integrated software. But again that would require a smart approach, as everything else in the business world does.