GST: GST Return Filing - Format and Procedure
File your business GST return very easily - know about GST and GST Return
What is a Goods and Services Tax (GST)?
GST is a single uniform tax or tax that applies to all Prouct or Service businesses. Under GST, 1 tax is applicable for CGST, CGST, SGST and IGST.
GST is a four level tax structure which is fixed at 5%, 12%, 5% and 20% for different products and services of different categories. The tax rate for most essential commodities like paddy, wheat etc. has been kept at 5%.
Who is a taxable person under GST?
In short, a person conducting any business anywhere may be registered under GST.
- Turnover of business is Tk 2 lakh or more per year (Tk. 1 lakh for Northeast and Hill States).
- B to B Business - Selling products from one vendor to another.
- E-commerce business.
What is GSTIN?
Each taxpayer is given a state-based - PAN-based product and service taxpayer identification number (GSTIN). Which will be available after registering under GST.
What is GST Return?
The Goods and Services Tax (GST) has been introduced across the country from July 1, 2015.
According to the GST Act or the Goods and Services Tax Act 2017, the GST registered dealer is required to submit the information regarding the purchase and sale of his business to the tax authorities in a specific format. Taxes are calculated or determined based on this information.
What information to submit?
1. Purchase or purchase information for the business.
2. Business sales or sales information.
3. Input GST or the amount of GST paid for the purchase of raw materials or products of the business.
4. Output GST or amount of GST taken at the time of sale.
How to Calculate GST?
GST calculation-
Input GST
Suppose you buy a product worth 200 rupees from a registered dealer, the purchase price with GST at 5% is 210 / -.
Here input GST - 10 bucks
Output GST
Suppose if you sell the product for 300 rupees, you will get a sale price of 5% with 15 taka for 315 /-taka.
Output here (Final GST) is 15 bucks
GST Tax: In this case you can claim a credit of Rs.5
Type of New GST Registration Scheme
What kind of GST registration?
New GST Registration:
There are two types of GST registration according to the GST Act or the Goods and Services Tax Act 2017.
Regular GST scheme and
Composition GST scheme
Regular GST scheme.
Businesses with turnover of 2 million or less can apply for GST registration in regular scheme.
(Taka 10 Lakh for Northeast State, Jammu & Kashmir, Himachal Pradesh & Uttarakhand).
Composition GST Scheme
Businesses whose turnover is 1 crore or more can apply for GST registration in a composition scheme.
(For the northeastern states and Himachal Pradesh, the limit is now Tk 75 lakh.)
GST Return
Regular GST Return
According to the regular GST scheme, three returns (GSTR-1, GSTR-2 and GSTR-3) will be completed each month, which will be fully protected from each other and will be required to complete the annual return (GSTR-9).
Composition GST Returns
According to the composition GST scheme, two returns (GSTR-4) are to be completed every three months and annual return (GSTR-9A). Input tax cannot be claimed in this scheme.
What will be the GST Bill or Invoice format as per GST Act or Goods & Services Tax Act 2017?
It is mandatory to stay on GST invoice -
Invoice No. and Date
Buyer Name
Shipping and billing address
Customer and taxpayer GSTIN
Place of supply
HSN code / SAC code
Item Description - such as quantity (number), units (meters, kg, etc.), total value
Taxable prices and discounts
CGST / SGST / IGST - Rate and Tax Amount
Whether the GST is payable on a recharge basis
Supplier's signature
How many copies of bills or invoices are required?
1 copy for sale of product or product2 copies for sale of services or services
What is GSTR-1? How to file?
GSTR 1 Return Filing: GSTR-1 is a month-long sales statement for the business. Where the business details the monthly sales or supply transactions. You can create it in an MS Excell-Microsoft Excel (XLS) format and upload the file to the GST portal.
When to file GSTR-1?
Generally monthly sales transaction information or GSTR 1 should be submitted by the 11th of the following month.
How to create a GSTR-1 file?
Creating GSTR1 is very easy, you have to build it in Excell-Microsoft Excel (XLS) format depending on the type of business you sell.
You can download MS Excell-Microsoft Excel (XLS) format from www.gst.gov.in.
For sale in B2B or Business to Business
- When a manufacturer or manufacturer sells to a seller or seller
Download XLS File -
In the case of B2CL or Business to Customer sales
- When a seller or seller sells to a customer (in case of bills or invoices worth Rs. 250000 or more)
Download XLS File -
For sale in B2CS or Business to Customer
- When a seller or seller sells to a customer (maximum 250000 or less in case of bills or invoices)
Download XLS File -
Is GSTR-1 filing mandatory?
Is GSTR-1 Filing Compulsory?
According to the GST Act or the Goods and Services Tax Act 2017, GSR-1 must be filed even if there is no business activity (blue return) in the tax period.
When to file GSTR-1?
For those who are registered under the composition GST scheme, GSTR-1 is not required to be filed. Have to file GSR4 instead.
Get Easy GST Billing Software for Small Business.
NetProfitEX Billing Software: Retail Shop Management Software
Fully customized billing software that is very useful for business or retail shops. Easily print Bill / Invoice / Voucher / Stock Report from a computer, mobile, laptop or tab.
In the Mannualy Billing method, it is possible to keep only the sales account, but with computerized billing, the actual report of the stock report, sales report and profit loss is made automatically after making the invoice or invoice. As a result, without the knowledge of accounting, the general manager of billing software will be able to easily do all the calculations.
You can easily control all your business data including daily income, expenses, and easily print from any home or office to mobile / computer from any part of the world, easily print or quote, bills and invoices.
GST Billing Software Features
Retail Billing Software Features »
- Billing-invoicing software suitable for small and medium businesses.
- Stock Reports - Stock Management - Get Stock Alerts From Mobile.
- Estimate - Create Quote (Mobile Compatible).
- Date To Date - Generate Purchase Report - PDF / Excel
- Print Sales Invoice (Mobile Competitive) -
- • GST invoice
- • Non-GST. Invoice
- Compatible with POS printers and desktop printers.
- Date To Date - Create Sales Report - PDF / Excel
- Customer & Vendor Accounts - Purchases & Sales Details.
- Automated GST - Reports and Documents - GST Return
- Easy Download - GST Return Complaints - PDF / Excel
- Cash A / c, Bank A / c, Debtors A / c, Creditors A / c ... more
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