GST Filing Process Online in Bangalore

GST Filing Process Online in Bangalore


The Goods and Services Tax was introduced in the country on July 1, 2017 to reduce tax complexities. It consolidated several types of indirect taxes that were levied by the Centre and the states such as service tax, excise duty, luxury tax, entertainment tax and more into one single tax called GST. GST registration is mandatory for anyone who is buying and selling goods and services with an annual turnover of over Rs 20 lakh.

The process of filling a GST return is an important step for any business to comply with the law. The GST return is a monthly or quarterly report that details all the goods and services purchased and sold within a specific period of time. This document is then submitted to the government for review and approval.

There are a few important things to keep in mind when filing a GST return. It is crucial to have the correct information on hand before filing your return, as incorrect or incomplete information could result in hefty fines. It is also essential to submit your returns in a timely manner, as the penalty for late submissions is 10% of the total liability for each month that the return is overdue.

GSTR-4 is filed by businesses that ratify the composition scheme of the government, which limits their tax burden to a maximum of Rs 1.5 crore per financial year. This form is also required for non-residents who conduct occasional or seasonal business in India and have to make deposits equal to their GST liability from such operations. GSTR-9 is filled by all composition traders every year to declare their total tax liabilities. This form is also filed by all e-commerce operators who collect Tax Collected at Source (TCS).

 

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