Filing of Form GSTR-1: Returns for payments of GST to the government are required to be filed by registered businesses on the portal maintained by the authorities for this purpose. A registered business is required to file a declaration of outward supplies in form GSTR-1 and provide all relevant information to support the declaration of outward supplies such as invoices maintained of these transactions.
Filing of Form GSTR-2: Upon the submission of Form GSTR-1 static return in the form of Form GSTR-2A is generated wherein the registered entity which filed the earlier GSTR-1 is informed of the amount of tax payable by it to the government. Additionally, another read-only return is generated in Form GSTR-2B which calculates the amount which the concerned registered entity can claim in the form of an input tax credit.
Filing of Annual Return: At the end of every calendar year, any registered entity must file an annual return in the format of Form GST-9. In the annual return, the registered entity must provide all relevant information regarding total supplies made, invoices generated and taxes paid to the authorities as duly certified by a practicing chartered accountant.
How can Seedling associates help you in the GST filing process ?
Navigating the intricate web of GST compliance demands not only an understanding of the current regulations but also a proactive approach towards evolving norms. Businesses, therefore, need to stay informed about changes in rules and procedures to ensure the seamless alignment of their operations with the dynamic GST framework. Regular training of employees, engagement with tax professionals, and the judicious use of technology for compliance management are pivotal strategies for achieving and sustaining GST compliance. Seedling Associates with its team of experienced professionals will help you navigate the entire return filing process end to end and its related compliances without much personal involvement from you while ensuring that you can focus on running your business and generating greater efficiency and profits.
