The business registered under GST have to file returns monthly, quarterly & annually based on category of business through the GST Portal. The clients have to provide information related to his business such as sales and purchases of goods & services along with the tax collected & paid.
Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registrations, returns, and compliance are transparent & straightforward.
Individual taxpayers will be using 4 forms for filing GST Returns. Small taxpayers who have opted for composition scheme will have to file quarterly returns. All filing of returns will be done online.
The new GST regime has introduced compliance guidelines that mandate businesses to remain compliant. All businesses are required to adopt the GST compliance rules set by the government. Although these rules are updated from time to time (based on the requirements set by the government), these compliance rules can be clubbed into three categories:
£ Registration Compliance,
£ Tax Invoice Compliance,
£ Return Filing Compliance.
Additionally, there are other compliances that differ based on the nature of business.
It is important to keep your business up-to-date with the latest GST Compliance requirements & avoid penalties. GST is not merely a tax reform rather; it is a business reform too. It has affected business in every possible way including its operations. Taxpayers are trying hard to understand GST and its implications in order to resolve their worries relating to GST compliances. In this fast changing scenario, one needs to be more proactive in order to avoid and minimize GST-related business disruptions.