Abolition of the cascading effect
GST filing simplifies the entire tax process by eliminating all the tax-on-tax or the cascading method.
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Every GST registered organization in India is legally responsible for filing a total of 26 GST return filings in a financial year. It may sound problematic to meet up the regulations but with the GST experts’ proper online guidance in The Shanpro Advisors, you would be able to complete all the needful steps with ease. The taxpayers are liable to pay the GST filings within a preset time as the Govt. of India use these returns to evaluate the entire tax liability in the country.
Any individual operating a business entity is accountable for being registered with the GST system and GST filing. The key criteria for which registered business personnel is needed to carry out GST filing:
In case the taxpayer fails to file the GST returns within the specified date provided by the GST department, then taxpayer has to pay late fee along with interest @18%. The late fee will be Rs.20 per day if it is NIL return or else Rs 50 will be levied if you fail to furnish the return within specified date. Thus, it will come around Rs.25 under the CGST and again Rs.25 under the SGST. The total amount to be paid will be Rs.50 per day. The maximum late fee can be Rs.5000. The IGST do not charge any late fees.
3499 5999 8999GST filing simplifies the entire tax process by eliminating all the tax-on-tax or the cascading method.
The business identities are allowed here to pay the entire tax amount at a single time. GST return filing has replaced the chaotic older tax system.
By the collaboration of the Indian tax system, the business entities are now enjoying a nationwide market without paying different taxes to the State Governments.
The preceding VAT was compulsory for any company with an annual turnover of INR 5 lacs which acted as troublesome for any start-up entity. GST return filing has replaced the VAT, benefiting the start-ups with all sense.
On the recommendations of the GST Council, a new scheme of Quarterly Returns with Monthly Payments (QRMP) will be introduced from 1st January 2021. Under this scheme, taxpayers with upto Rs. 5 Crores Aggregate Annual Turnover (AATO) in the previous and the current financial year would be given an option to file their Return/Statement in Form GSTR-1 and Form GSTR-3B Quarterly with a simple payment challan for the first two months of the quarter.
Yes. Any taxpayer can apply for online GST Return Filing in The Shanpro Advisors. Our GST experts here will completely guide you regarding the process.
No. In the North-Eastern states of India, the GST limit comes to INR 20 lakh for all types of businesses. In states like Meghalaya, Assam, Nagaland, Mizoram, Tripura, and Arunachal Pradesh; the GST limit is INR 10 lakhs.
As per the GST regulations, the Composition Scheme applies to all types of businesses with an annual turnover up to INR 50 lakhs. These taxpayers will need to pay a predominant percentage of his/her turnovers.
Yes. GST is mandatory for all types of business identities. It applies to every kind of traders, manufacturers, and providers. It can also extend to writers, bloggers and dealers who have obtained registration for the creative works.
One identical GST return filing form can be used for filing SGST, CGST, and IGST. In this form, there are different columns for each one of these categories and it will have to be filled based on the type of business.
No. It is not doable to revise the paid GST returns. But changes can be made based on the details given in the next return form alteration part.
In case of delay, the individual is needed to pay INR 100/day. Along with that, a fine has to be paid with an 18% per annum rate.
