GST return Important things to note down

1. GST Return से जुडी जरुरी चीजे जो
आपको पता होनी चाहहए
Startup scratch
9971504105
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2. What is a GST Return?
• A GST Return is a document that is required to be filed as per the law
with the tax authorities. Under the GST law, a taxpayer has to submit
three returns on a monthly basis and one such return annually. All
returns have to be filed online. Please note that there is no provision
for revising the returns. All invoices of the previous tax period that
went unreported must be included in the current month.

3. Return Filing
• GSTR-1
• Contains details of the outward supplies; has to be filed by 10th of every
month.
• GSTR-2
• Contains details of inward supplies; due by the 15th of each month;
• GSTR-3
• This is the monthly return and is due by the 20th of every month.
• In addition to the monthly and quarterly returns, there is an annual return
that needs to be filed by December 31. A requisite GST reconciliation
statement has to be duly filed by the appointed chartered accountant.

4. GST Returns Process
• RETURNS PREPARATION
• We will collect all the necessary information and documents to
prepare your returns. Once done the first time, our affiliate will then
ensure that you are always reminded of the filing date so you don't
end up paying penalties.
• RETURNS FILING
• We will give you the opportunity to review the filing. One you
approve it, we will file the returns online. Upon successful completion
of the process, we will mail the acknowledgment form to your
registered email address.

5. Does GST Applies to All Business?
• Yes, GST applies to all service providers, manufacturers and traders. It
extends to any dealers, bloggers, and writers, earnings from Google
AdWords through PayPal, import-export businesses, all kinds of startups
and companies, whether they are LLPs, proprietorships, partnerships or
private limited companies. It also applies, regardless of the threshold limit,
to:
1. Businesses operating outside their home state
2. A business not registered to the state
3. Businesses paying a reverse charge
4. Input service distributor
5. E-commerce operators
6. Aggregators selling services under own brand name (Ola, for example)
7. Online sellers
8. Suppliers or agents

6. Is the GST threshold limit the same for all
Indian states?
• The exemption limit is a supply turnover of Rs. 20 lakh for businesses
in all but the Indian states in the northeast region. Businesses in
Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland
and Tripura must get a GST registration if their supply turnover
exceeds Rs. 10 lakh. As mentioned above, this threshold limit applies
only to businesses that operate within their home state. A business
that conducts trade with another state must seek registration
regardless of turnover.

7. How would the composition scheme work
under GST?
• The composition scheme would be applicable to businesses with a
turnover of up to Rs. 50 lakh. Such taxpayers would pay a fixed
percentage of its turnover and cannot avail of the benefits of input
tax credit. Such businesses cannot collect tax from its customers. The
floor rate of tax cannot be less than 1%.

8. Thanks Remain
• Startup scratch
• 9971504105
• startupscratch@gmail.com