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Types of GST Returns

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This topic contains 0 replies, has 1 voice, and was last updated by Avatar Giaan 6 months, 1 week ago.

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    Giaan

    India is heading towards its biggest tax reforms ever. Every transaction has to be reported through the last mile with common invoice, identifiable to the seller and recipient of goods and services. The processes have been simplified, and many taxes have been removed, The whole nation shall report using the same structure irrespective of where and how you carry your business. For properly updating the invoices, Indian taxpayers and businesses have to file certain returns with the Government. These returns have to be mandatory filed as any non compliance towards the same may lead to dis allowance of input tax credit, apart from attracting penalties and interests, etc. Proper filling of information and passing the same in the returns is mandatory process for smooth flow of credit to the last recipient. The tale starts from GSTR-1. All the data is stored in GSTN, which can be accessed by the users/taxpayers anytime online.

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