GST system is a new tax system in India . It is a very cogent form of tax system .Taxpayer need to know about certain basic terms in GST like GST registration, GST Return Filing, GST Software and GST Assessment.

2. GST Registration
 GST is the first step to be acquired by the taxpayer on GST
portal.
 GST Registration is mandatory for Business having
turnover above Rs. 20 Lakh and Rs. 10 Lakh in North
Eastern and Hilly States of India.
 GST Registration is also required to be obtained by Non
Residential Indian(NRI )mainly acquire provisional GST
Registration.
 GST Registration also has final procedure top be acquired
by NRI.

3. GST return filing
 GST Return filing is a mandatory GST Compliance needed
to be filed by every taxpayer registered under GST.
 Every GST payer need to file four GST return. GSTR 1,
GSTR 2 and GSTR-3B.
 Every return will be filed electronically and details of the
returns filed by the supplier of goods and services.
 There are many types GST return filing GSTR 1, GSTR 2 ,
GSTR 2A, GSTR 3, GSTR – 3B.

4. Types of GST Return Filing
 GSTR 1- Outward Supplies Monthly statement of Goods
and Services
 GSTR 2- Inward Supplies Monthly statement of Goods and
Services
 GSTR 3 - Monthly return for normal taxpayer
 GSTR 4 – Quarterly for normal taxpayer
 GSTR 5 - Monthly returns of Foreign Taxpayer or Non
residential taxpayer

5. Types of GST Return Filing
 GSTR 6- Monthly return for ISD(Input Service Provider)
 GSTR 7-Monthly return for authorities deducting tax at
source
 GSTR 8- Monthly return for authorities deducting tax at
source
 GSTR 9- Annual GST Return
 GSTR 10- Final GST return

6. GST Software
 GST Software is a system that has all the features to
manage GST Compliances.
 GST Software has been developed on the concept of
Employee Resource Planning.
 GST software is the form of software that integrates that
integrates all facets of an operation including product
planning, manufacturing, development, Marketing and
Sales in a single database, application and user interface.
 ERP is process management software that allows an
organization to use a system of integrated applications to
manage the business and automate many back office
functions related to technology, services and human
resources.

7. Features of GST Software
 Software with payroll related requirement
 Statistical features like orders, jobs, work in progress, other
task management software.
 Create and manage GST taxes (SGST, CGST & IGST).
 GST software to handle more than multiple Bank Account
 Software to handle foreign exchange.
 Generate Bank Reconciliation Statement (BRS) by importing
the bank transactions.
 Keep a record of inventory purchases and purchase orders
(PO).
 System to keep records of each business or various
departments under one business unit.

8. Features of GST Software
 GST software that provides you with an online platform for
different activities such as online payments, verifying records.
 Categorise the expenses into different categories.
 Generate GST invoices and should be able to customise the
look and feel according to the business.
 Generate Balance Sheet, Trial balance reports, and Profit and
Loss statements as for and when required.
 Categorize transactions according to projects.
 Support for multi-currency transactions.
 Access control for every team member.

9. GST Assessment
 Assessment means determination of tax liability under
GST Law.
 Taxpayer is required to provide a return under the GST
Act for a taxable period must make an assessment of the
tax payable for the period.
 GST has provisions for assessments such as Self
Assessment .

10. Types of GST Assessment
 Self – Assessment
 Provisional Assessment
 Scrutiny Assessment
 Best Judgment Assessment
 Summary Assessment

11. ASP and GSP Services
 GSP(GST Suvidha provider)is a unique concept introduced
by GSTN to cover over 10 million tax payers for smooth
functioning of huge tax base in India.
 Application Service Provider is a team within GSP IT
ecosystem which will focus on taking taxpayers’ raw data
on sales and purchases and converting it into the GST
returns.