After the implementation of the GST act from 1st July 2017, paying all the indirect tax came into one place. Goods and Service Tax (GST) was introduced with a mission to merge and combine all the tax so people can pay tax more easily. First, in India, all the registered companies come under the GST law.
They have to file the GST return at the end of the month. Paying GST is mandatory for every salesman, consumers, and businessman. The tax structure of the economy is changed due to the consistent demand by various experts in the field and industries who have found the tax system problematic. The GST is considered as one of the useful tax structures across the world, and hence it is much known as a good option for the collection of revenue for the tax. The system is recently implemented, and hence there are many issues that can come up for the business operator who has got GST.
GST return forms for business
Filing the GST return comes under the law. To fill the GST file, one has to go through some procedures and plans. There is numerous GST return form for business, each one of them has a different set of rules and durations to pay the due tax. Form GSTR-1 has the details of the external supplies. On the other hand, GSTR-2 contains the details of the internal supplies. GSTR-1 has got the due date of 10th of the following month. GSTR-2 has a due date of 15th of the following month. There is GSTR-4; this form contains all the returns from the composition dealer, 18th of the following date. It’s a quarterly scheme to pay the due GST. Then there is GSTR-9 which is the annual return; one should clear the due GST on 31st of December of the financial year. There are other GST forms also, for example, GSTR-11, GSTR-7, GSTR 6, GSTR-10, each one of these form have different due date and a different scheme.
GST system software
There is various accounting software available in the market, helping to calculate the total GST. There is also various online GST system software, online GST accounting software. This GST software also helps in GST return filling and GST billing. Nowadays, there are varieties of accounting software coming with a feature to maintain the GST calculation. The online GST software helps any businessman to calculate the due GST and also help them to pay it. There is also offline software to calculate the due GST of any business. If your business is registered under GST, make sure to purchase accounting software which has the GST feature on it. There are also other options and software available on the internet to calculate the GST. By using this software, you can know your accurate tax before you upload it to the GSTN portal. You can also save ample of your time; by doing all the GST associated work in on place.