Before GST there were sales tax and service tax for goods. GST stands for Goods and service tax; it was implanted to erase all these indirect taxes. It helped people by abridging the tax structure. It is mandatory to pay the due amount of GST to the government. Let it be any salesman, consumers, business enterprises, company; everyone has to pay GST after a certain period of time. The tax structure of every country differs, but as per the experts, the GST is considered as the best as it is a simple system of taxing. The most important part is one needs to get the GST registration number and file the tax returns as per the system. The tax is the right of the state as nowadays the role of the state is of a welfare state, and it has to spend a lot for hiring the people and paying them as per the decided payment. The GST return holds great significance in the modern era.
GST return
If your company is coming under the GST act, then you should prepare a file regarding GST and submit it to the government with the payable amount. This whole process is called GST return; one should fill out the GST return form according to government’s regulations. There are some forms to file a GST return, for example, GSTR-2, GSTR-3B, GSTR-9, GSTR-7, each of these files possess a different duration to pay the tax and diverse set of rules. There are many websites online, through which one can do GST return filing. There are many accounting software which will help you to calculate the total GST so you can do the GST return filing more easily. It is also much important to remember that if we don’t pay the due tax, the return filing will be invalid. There are different duration to do GST return. For example, there are monthly, quarterly and annually. One should file the GST return according to the duration of the mentioned form. Accordingly, If you don’t pay the tax and don’t do GST return within the due date, the government will issue penalty charges for a late fee of INR 100 per day up to 5000 rupees.
GST online
Technology is developing day by day at a rapid pace. Everything we do from shopping for groceries is now available online. There are digital transactions and money transfer online. To pay Goods and service tax, one can go for the online process. It’s easy and time-saving method to pay the due taxes. There are Official websites and also many other websites to help the taxpayer clear the due amount of GST. GST return filing is also available online. Paying GST online saves a taxpayer a lot of time, and also the process is much simpler. There is online accounting software helping a businessman to prepare a GST return file and also guiding them to pay the tax at the same time. Just remember the GST online return cannot be revised once done.