GST Registration, Return Filing & Advisory

GST has been implemented successfully by the Central Government to streamline all types of indirect taxation to a “Single Taxation” system on July 1st of 2017 with a great public support. Such “One Tax for One Nation” is the culmination of three taxes such as Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST) and Integrated / Interstate Goods and Service Tax (IGST).

GST is a friendly taxation for export oriented businesses because GST is not applied to goods and services which are exported out of the country. The lowered tax burden could convert into lower prices on goods for the customers in the long run. To widen the tax base, more business entities come under the GST Tax system which leads to more tax revenue collections.

Companies which are not working as organized sectors come under a Tax. GST incurred on input costs can be recovered by the manufacturers, suppliers, retailers, and wholesalers. This system eliminates the cost of doing business, thus brings fairer prices for consumers. The entire Indian market becomes a unified market, which converts into lower business costs. This facilitates flawless goods movement across the states and reduces the business transaction cost.

GST Return filing

GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.


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