Implementation of GST has brought more transparency in the entire indirect tax system for the whole country as there are automated and simplified methods for processes such as registration, refunds, returns of GST, tax payments, etc, and all the interactions are handled by the common GSTN website - www.gst.gov.in, which is the government’s official GST website and is also known as the GST Portal /GSTN portal. It acts as a common interface for the taxpayers, center, and state governments. It facilitates numerous services for taxpayers ranging from obtaining GST registration, filing GST returns, and applying for refunds, to the time a taxpayer applies for the cancellation of the GST registration.
As per the GST rules, it is mandatory for a business/supplier that has a turnover of above Rs.20 lakhs (Rs 10 lakhs for special category states present in hill states and North-Eastern states) to register as a normal taxable entity. In the case of a supplier of only goods, the limit is Rs 40 lakh subject to some conditions. In the GST Registration Process, no manual intervention or physical paper submissions is required. The online process is as simple as it may sound. The online GST registration process is usually completed within 4-6 working days and the supplier is allotted a certificate of registration consisting 15-digit unique GSTIN (GST identification number) by the GST department. The following documents will be required while applying for registration-
↦ Aadhaar & PAN
↦ Business registration or Incorporation certificate proof
↦ Identity and Address proof of Promoters/Director with Photographs
↦ Address proof of the place of business
↦ Bank Account statement/Canceled cheque
↦ Digital Signature
↦ Letter of Authorization/Board Resolution for Authorized Signatory
When we talk about being GST compliant, one of the most important aspects is the timely filing of online GST returns. Each and every business whether it be small or large has to get its GST return filing done. It also can be done through the official portal. However, facilities have been provided wherein taxpayers can do filing manually in which returns will be prepared offline and uploaded on the government portal GSTN by the taxpayer or a facilitation center. You should ensure that filing returns require a list of receipts, invoices, and bills to be kept handy shown below-
↦ List of Invoices (B2B Services, B2C Services)
↦ Customer GSTIN
↦ Type of Invoice
↦ Invoice Number
↦ Place of Supply
↦ GST Rate
↦ Taxable Value
↦ Amount of CGST, SGST, IGST, and GST Cess applicable.
↦ Consolidated intra-state and inter-state sales.
↦ HSN-wise summary details
It is mandatory for all registered taxpayers to file all GST returns on time. Failing to do so will make you liable for late fees and penalties. To get rid of all these things, one can opt for the cancellation of your GST registration. The registration can be canceled by filing an application on the GST Portal citing the appropriate reason, however; you may have to visit your jurisdictional officer. You can opt for cancellation in the case when the turnover is below the minimum limit, Discontinuation of business, Transfer in the ownership status, etc.
Here’s a list of some user services present on the GST portal:
↦ The Holiday List
↦ Locate a GST Practitioner (GSTP)
↦ Search HSN Code
↦ Cause List
↦ Search BoE
↦ Generate User ID for Unregistered Applicant
Using the ‘Payments’ tab provided, any GST-registered taxpayer can create a challan and make a payment. There is an option to track the status as well. You can also use the ‘Track Application Status’ facility for registration and refunds on the GST portal. There is also an option to submit a ‘Grievance against Payment (GST PMT-07)’ under the ‘Payments’ tab.
Let’s take a look at some of the services provided on the GST portal:
↦ Opting for Composition Scheme
↦ Application for GST Practitioner
↦ Stock intimation for Composition Dealers
↦ Claim Refund of excess GST paid
↦ Furnish Letter of Undertaking
↦ Transition Forms
↦ Viewing E-Ledgers
GST implementation in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes which was levied at a central and state level into a single tax had expected to have big advantages. It replaced 17 local levies like excise duty, service tax, VAT and 13 cesses.
GST ensures more transparency due to its digital support available. The online portal allows all communications to be done on it, such as approving, rejecting, or responding to applications and refunds, filing of GSTR, cancellation of registration which minimizes paperwork for speedy administrative procedures, and removing the need to make personal visits to the tax department hence easing the process.