GST is the product of the biggest tax reform in India which has tremendously improved ease of doing business and increasing the taxpayer base in India by including millions of small businesses. Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system.

The new GST regime mandates that all entities involved in buying or selling goods or providing services or both are required to register and obtain GSTIN. Registration is mandatory once the entity crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.

1.4 Crore businesses have obtained GST registration since its inception in July 2017. All entities obtaining GST registration are required to file the GST returns every month. GST return is a document which contains details of the income that a taxpayer is required to file. This is used to calculate the tax liability i.e., the amount of tax payable by the business.

The returns are to be filed irrespective of business activity, sales, profitability and other criteria. A dormant business which has not issued any invoice is also required to file its GST returns.

GST Services offered:

• GST registration
• LEDGERS software
• GST registration cancellation
• GST registration for foreigners
• GST LUT filing

GST Return Filing

Registered entities are required to file 2 monthly returns and 1 annual return, for a total of 26 returns in a year.

Entities have to file the GSTR-3B return every month providing details of sales and purchases made in a month. In addition to the GSTR-3B return, businesses registered under GST must file GSTR-1 returns. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores.

In case a business has a yearly revenue of less than Rs.1.5 crores, GST returns should be filed every quarter. Annual GST returns must also be filed by all entities in addition to the above.