Ushma & Associates
GST Filings:
If a person gets GST registration, he has to file various GST returns mandatorily irrespective of profitability or sales during the year. This GST return filing online is filed monthly, quarterly, or annually depending on the type of business. According to GST law, ‘non-resident taxable person’ is any person who occasionally undertakes transactions involving the supply of goods or services, or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. Every nonresident individual has to get GST registration mandatorily and shall file GST returns through the authorized person in India, irrespective of the fact he has not crossed the minimum threshold limit.
All taxpayers have to file their tax returns with the GST department every year. The new GST regime has automated the complete process. The taxes can now be filed online through the app and software provided by the Goods and Service Tax Network (GSTN). GST returns can be filed online through GST portal. Based on your state code and PAN number, a 15-digit GST identification will be issued on the portal. All invoices on the GST portal or the software shall be uploaded. After that the system will generate an invoice reference number for each invoice. Once you upload the invoices, outward return, inward return, you must file the cumulative monthly return online. In case you make any errors, you can correct them by refiling the returns.
You should file the outward supply returns in GSTR-1 form through the information section located on the GST Common Portal (GSTN). This filing must be completed on or before the 10th of the following month. The recipient can access the details on outward supplies furnished by the supplier through the GSTR-2A.The details on outward supply have to be verified, validated, and modified by the recipient. Also, details on credit and debit notes should be duly filled in.The GSTR-2 form must also carry details on the inward supplies of taxable goods and services. The modifications on the details of inward supply made in the GSTR – 1A may either be accepted or rejected.
A late fee will be levied on taxpayers if they fail to file GST return on time. The interest rate is 18% per annum. The interest has to be calculated by the taxpayer on the amount of outstanding tax to be paid. A late fee of Rs.200 will be charged per day, from which Rs.100 each will be charged as CGST and SGST. The penalty fee can go as high as up to Rs.5,000. No late fees are charged on IGST. The penalty rate for late GST filing may change depending on the present regulations. The period will be calculated from the day after the final deadline until the complete payment is made.