GST return is a document that contains details of all the sales/revenues, purchases, expenses & tax collected on sales (output tax) and tax paid on purchases (input tax) which a taxpayer (every GSTIN) is required to file with the tax administrative authorities.
Single tax instead of several other taxes like central excise duty, service tax, customs duty and state level value added tax. A single GST has eliminated the cascading effect of tax on tax .
All taxes are paid online and is a hassle free process which has resulted in industries becoming more accountable and tax filing laws are now better regulated and complied with by the taxpayers than before.
GST paid on purchase of furniture for office use can be used as input tax against sale of any services and it is possible only if the returns are filed on time.
User must file returns to avoid penalties, delay interest etc. Taxpayer is charged with a late fee of ₹ 50 for each day of a delay in filing of return, till the actual date of filing. To avoid such penalties, the return must be filed without any delay.
GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes.
GST registered entity enjoys greater confidence of investors and financial institutions as compared to unregistered firms.
DSC of Partners or Directors, in case of LLP and Company only
GST Registration Certificate of the Entity
GST Login ID and Password of the Registered person is required
Monthly Sales figures required with Invoices raised
Monthly Purchase figures required with Bills received
Monthly Bank Statement is required to reconcile inflow and outflow