GST Registration and GST Return Filing- A guide

Introduction

The abbreviation GST stands for goods and services tax. It is a type of
indirect tax that has substituted numerous other indirect taxes common in
India. It debuted in the year 2017. Since then, a single piece of legislation
called the GST has been in place to tax both commodities and services.
Simply put, GST is a type of tax that customers pay when purchasing
goods or services. In this case, the producer, vendor, or provider of services
is subject to a tax rather than the customer directly paying the government.
For business entities that meet the requirements for GST Registration,
registration is required. GST registration is entirely done online.

Procedure for GST Registration

In India, the complete procedure of filing for GST is done online. If you
meet the requirements for GST registration, you can obtain it by going
through the online process on the GST portal.

1. Register on the GST website.

The candidate must first sign in to the official website,

https://www.gst.gov.in/. The applicant then needs to click on the services
tab, followed by new registration. When asked for login information and
other requirements, the applicant would be forwarded to the site.

2. Fill in the Information

The candidate must complete the required fields in the following stage. The
following details will be requested:

- Choose the respective district and state;

- Name of the company;
- PAN of the company;
 - Email address and phone number (All future communications would
be received through the email id and the mobile number).

3. Produce TRN

You will need to enter the OTP that was issued to your email address and
mobile number on the following page. Once the OTP has been given, select
continue. On the screen, a Temporary Reference Number (TRN) will
appear.

4. Application submission

You can submit the application using any of the available ways, including
electronic verification code, e-sign, or, in the case of businesses, DSC.

5. Application Reference Number:

A success message will appear on the screen after submission.

Additionally, a reference number for the application will be issued to the
registered email address and mobile number.

GST Return

What is a GST Return?

A GST-registered taxpayer (each GSTIN) is required to submit a document

to the tax administrative authorities called a GST return, which contains
information about all of their income, sales, and/or expenses, as well as
their purchases. Tax authorities use this to determine net tax liability.

Under GST, a registered dealer has to file GST returns that broadly include:

- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Who should file GST Returns?

Regular enterprises with an annual aggregate revenue of more than Rs. 5

crore (as well as taxpayers who did not choose the QRMP plan) are
required to file two monthly returns and one yearly return under the GST
system. Each year, this results in 25 returns.

The QRMP scheme allows taxpayers with a turnover of up to Rs. 5 crore to

file returns. Each year, QRMP filers must submit nine GSTR filings, which
include four GSTR-1 and three GSTR-3B returns as well as an annual
return. It should be noted that even though QRMP filers submit their
returns on a quarterly basis, they must pay tax on a monthly basis.

Comment

There are 19 different GST return forms that can be used by taxpayers to
submit their returns online. According to the GST return filing procedure
outlined in the GST Act's GST return rules section, all of these forms must
be submitted electronically. We, therefore, looked at the various aspects of
GST registration and GST return filing to get a better understanding on
these concepts.