GST Return Filing India
GST Return Filing India showcases the details of your purchase, tax paid on purchases, sales, and tax collected on sales. As a seller or service provider, it is mandatory to register for the GST if your business has a turnover of above ₹ 40 lakhs (if you sell physical goods) or more than ₹ 20 lakhs (if you supply services).
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GST Return Filing India
As per the GST law, every individual/Company/LLP registered under the GST Act has to furnish the details of sales, purchases and the tax paid by filing for GST returns with the administrative authorities. As a business person/ firm, one of your first priorities will be to do is GST return filing online. Hence, knowing the ropes can help you make the process smoother and simpler. While filing a GST return, you are supposed to provide all the particulars related to your business activities, like the tax liability declarations, tax payments and also any other related information as per instructions provided by the government. The GST return filing online process has to be done electronically in the GST portal. A facility has to be offered for the manual process of GST return filing tasks. This facility helps the business taxpayer in India to prepare the return offline and then upload it on GSTN through the facilitation center. There are also various components of GST returns filing that you need to know about. The GST return filing India mainly includes purchases, output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.
Benefits of GST Return filing India
Seamless flow of ITCC
Simple and common form for all taxes
Score higher compliance rating
Avoid penalty and interest
Checklist for an Effective E-Payroll system
Company Documents: Certificate of Registration, Electronic Challan cum Return (ECR) document, Company GST AND TIN and other company documents are required to set up an efficient payroll management system.
Choose a payment schedule:
A flexible and fixed schedule – weekly, bi-weekly, semi-monthly, and monthly payroll schedules.
Classify employees on the basis of contractors, freelancers, permanent employees, interns, and schedule payments accordingly.
Terms of compensation:
To keep a tab on employee hours, office timings, over time, etc company compensation terms have to be updated in the E-Payroll system.
Documents Required GST Return Filing India
- Certificate of Registration (CoR):
- Electronic Challan cum Return (ECR) document
- GST (Goods & Services) Certificate
- TIN (Taxpayer Identification Number) Certificate
Online GST Return Filing Procedures
In total, there are 3 steps to be followed in the GST return filing work for every Indian Business Taxpayer.
STEP 1: DOCUMENTS AND MONTHLY RETURNS INVOLVED IN THE GST RETURN FILING PROCESS
All registered taxpayers can follow the filing format and upload their annual return invoice on the GST portal. To do that, you will have to maintain electronically all the records of the invoice. We help you with filing process in the GST portal by setting up simplified versions of excel templates. It will aid you in maintaining the records with ease.
STEP 2: PREPARATION FOR GST RETURN FILING PROCEDURE
We collect all the information and documents needed to start preparing for your GST returns first. Vakilsearch will maintain the invoice records of registered taxpayers and by month end, you can easily file the GST returns using our exclusive team of experts. Once you do the online filing process in GST portal, from then on, our expert affiliate will remind you about the filing date so that you won’t forget the date and end up paying tax penalties.
STEP 3: STEPS REQUIRED TO COMPLETE THE RETURNS FILING PROCESS
- The first step before filing your GST will be to review the GST filing before submission. We, at Vakilsearch, give you an opportunity to do the same. - The second step is your approval. - After your approval, we will be filing your online returns - Our GST experts will file the GSTR returns using a challan. The ARN number generated will be shared with you. - Once the process is completed successfully, we will mail you an acknowledgement about the same to the registered email id provided by you.
At Vakilsearch, the payroll process can be split into three stages;
- Pre-payroll: During the pre-payroll, the dedicated relationship manager gathers inputs like the type of business, the number of workers in the organization, the industry, and other details of the company. Next, our payroll officer will define the payroll policy with respect to designing the CTC structure and the mandatory labour compliances for your business.
- Actual payroll: The actual payroll process is where the salaries of employees are computed and processed.
- Post payroll: In this stage, all the statutory deductions like IT (income tax), EPF (employee provident fund), TDS (tax deducted at source), ESI (Employees' State Insurance) are deducted, and contributions and reimbursements are taken care of. Also, employee tax liabilities are calculated based on the latest tax slabs as applicable for the individual. Once the process is completed, we will send the investment declaration form to company employees as per the conditions under the IT (income tax) Act. Finally, the pay statements will be generated and shared.
- Generally, the payroll period is from 1st to 30th/31st of every month. Hence, we will collect data at least 5 days prior to the end of the month (i.e., by 26th).
Statutory deductions are P IT (income tax), EPF (employee provident fund), TDS (tax deducted at source), ESI (Employees' State Insurance) which are deducted according to the individual’s annual compensation and the state legislations.
An allowance is a fixed sum that a company may decide to pay its employees to cover additional expenses. For example travel allowance, overtime allowance, medical allowance, etc. All financial benefits that employer offers under the head “salaries” are taxable. Certain allowances are partially or fully exempted. Reimbursements are the amounts that a company pays back to its employees who may incur business-related expenses. For instance, many companies provide medical reimbursements where employees can claim the amount by presenting appropriate bills and proof of expenditure.