Best GST Services in Mumbai
What are GST Services?
Goods and Services Tax is an indirect tax used on the supply of goods and services. It is a comprehensive, multistage, destination-based tax that is levied at every point of sale. Central GST and State GST are charged for intra-state sales, whereas Integrated GST is charged for inter-state sales.
Types of GST Forms
A GST return is a document that a taxpayer is required to file for each GSTIN he possesses. There are 22 distinct types of GST returns listed in the GST Rules. Only 11 GST returns are currently operational, with three being suspended and eight being view-only. This article will tell you more about it. In other words, the kind of taxpayer enrolled determines the quantity and types of GST returns a firm or professional must file. Regular taxpayers, composition taxable individuals, e-commerce operators, TDS deductors, non-resident taxpayers, Input Service Distributors (ISD), casual taxable persons, and others are instances of this kind.
GST (Goods and services tax)
A tax levied on a consumer who buys goods or services are known as GST. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc. It is a single tax levied on goods and services from the manufacturer to the last consumer. Currently, there are a number of services that provide ease.
Under the law of GST, the government will collect the CGST, SGST, and IGST depending upon the transaction. Both CGST and SGST will be collected if the supply of goods and services happens within one state that is intra-state. However, if the supply of goods and services happens between two inter-state states, only IGST will be collected by the government. GST is the kind of destination-based tax that is not received by the state where goods are manufactured but received by the state who is consuming those goods and services.
Some of the Salient Features of GST:
- One tax for manufacturing, trading & service
- Reduction in cascading effect
- Inverted duty structure resolved to a great extent
- More revenue to government + lower burden on existing taxpayers: both are possible
- Multiple registrations
- Different points of taxation
- Online matching of all invoices
- Uniformity among states
Integrated Goods and Service Tax (IGST):
IGST Governed by the IGST Act. Integrated GST is a type of GST levied on the inter-state supply of goods and services as well as the import and export of goods and services. IGST is collected by the central govt. and then further distributes this to respective states. The collections made through IGST are shared by both the Central and the State Governments.
GST registration is a process where businesses whose turnover goes more than 40 lac Rs. need to be registered as a normal taxable person. For some businesses, registration under GST is mandatory. If any of the organizations are doing their business without registering themselves under GST, this will be considered an offense and the penalty will be applied for such type of act.
Documents Required for GST Registration:
- PAN of the Applicant
- Aadhaar card
- Proof of business registration
- Identity and Address proof of Promoters/Director with Photographs
- Address proof of the place of the business
- Bank Account statement/Cancelled cheque
- Digital Signature
- Letter of Authorization/Board Resolution for Authorized Signatory
GST Return
A GST return in mumbai is a document containing all the details of the purchase, sales, tax collected on sale, and tax paid on the purchase that is output tax and input tax. After GST returns filing in mumbai, an amount will be paid for the resulting tax liability.
Types of GST returns
For Regular Businesses
GST Returns |
Purpose |
|
GSTR1 |
Tax return which is for outward supplies made. |
|
GSTR2 |
Monthly return for inward supplies received. |
|
GSTR 2B |
Act as an Input Tax Credit (ITC) statement for taxpayers. |
|
GSTR3 |
Consolidated monthly tax return (which contains The taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, details of other payments such as interests, penalties, and fees). |
|
GSTR3B |
Temporary consolidated summary return of inward and outward supplies. |
|
GSTR9 |
Tax return that contains the taxpayer’s income and expenditure in detail. |
|
GSTR 9C |
Filled by every taxpayer whose aggregate turnover exceeds Rs. 2 crores in a financial year. |
For Businesses registered under the Composition Scheme,
GST Returns |
Purpose |
|
GSTR4 |
A quarterly return that needs to be filed by a taxpayer. |
|
GSTR 9A |
Annual composition return form has to be filed by every taxpayer who is enrolled in this scheme. |
For Other types of business owners and dealers,
GST Returns |
Purpose |
|
GSTR5 |
Variable return for Non-resident foreign |
|
GSTR6 |
Monthly return for ISDs |
|
GSTR7 |
Monthly return for TDS transactions |
|
GSTR8 |
Monthly return for eCommerce operators |
|
GSTR 9B |
Annual return form that has to be filed by e-commerce operators who collect tax at the source. |
|
GSTR10 |
Final GST returns before canceling GST registration (filled after the termination of any services). |
|
GSTR11 |
Variable tax return for taxpayers with UIN |
We at Viser, help our clients with our well-structured yet customized GST tax services. Opt for the best GST Services in Mumbai.