Essentials of GST

1
Essentials of GST
2
GST Registration

• GST is the first step to be acquired by the
  taxpayer on GST portal.
• GST Registration is mandatory for Business having
  turnover above Rs. 20 Lakh and Rs. 10 Lakh in
  North Eastern and Hilly States of India.
• GST Registration is also required to be obtained
  by Non Residential Indian(NRI )mainly acquire
  provisional GST Registration.
• GST Registration also has final procedure top be
  acquired by NRI.

3
GST return filing

• GST Return filing is a mandatory GST Compliance
  needed to be filed by every taxpayer registered
  under GST.
• Every GST payer need to file four GST return.
  GSTR 1, GSTR 2 and GSTR-3B.
• Every return will be filed electronically and
  details of the returns filed by the supplier of
  goods and services.
• There are many types GST return filing GSTR 1,
  GSTR 2 , GSTR 2A, GSTR 3, GSTR 3B.

4
Types of GST Return Filing

• GSTR 1- Outward Supplies Monthly statement of
  Goods and Services
• GSTR 2- Inward Supplies Monthly statement of
  Goods and Services
• GSTR 3 - Monthly return for normal taxpayer
• GSTR 4 Quarterly for normal taxpayer
• GSTR 5 - Monthly returns of Foreign Taxpayer or
  Non residential taxpayer

5
Types of GST Return Filing

• GSTR 6- Monthly return for ISD(Input Service
  Provider)
• GSTR 7-Monthly return for authorities deducting
  tax at source
• GSTR 8- Monthly return for authorities deducting
  tax at source
• GSTR 9- Annual GST Return
• GSTR 10- Final GST return

6
GST Software

• GST Software is a system that has all the
  features to manage GST Compliances.
• GST Software has been developed on the concept of
  Employee Resource Planning.
• GST software is the form of software that
  integrates that integrates all facets of an
  operation including product planning,
  manufacturing, development, Marketing and Sales
  in a single database, application and user
  interface.
• ERP is process management software that allows an
  organization to use a system of integrated
  applications to manage the business and automate
  many back office functions related to technology,
  services and human resources.

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Features of GST Software

• Software with payroll related requirement
• Statistical features like orders, jobs, work in
  progress, other task management software.
• Create and manage GST taxes (SGST, CGST IGST).
• GST software to handle more than multiple Bank
  Account
• Software to handle foreign exchange.
• Generate Bank Reconciliation Statement (BRS) by
  importing the bank transactions.
• Keep a record of inventory purchases and purchase
  orders (PO).
• System to keep records of each business or
  various departments under one business unit.

8
Features of GST Software

• GST software that provides you with an online
  platform for different activities such as online
  payments, verifying records.
• Categorise the expenses into different
  categories.
• Generate GST invoices and should be able to
  customise the look and feel according to the
  business.
• Generate Balance Sheet, Trial balance reports,
  and Profit and Loss statements as for and when
  required.
• Categorize transactions according to projects.
• Support for multi-currency transactions.
• Access control for every team member.

9
GST Assessment

• Assessment means determination of tax liability
  under GST Law.
• Taxpayer is required to provide a return under
  the GST Act for a taxable period must make an
  assessment of the tax payable for the period.
• GST has provisions for assessments such as Self
  Assessment . 

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Types of GST Assessment

• Self Assessment
• Provisional Assessment
• Scrutiny Assessment
• Best Judgment Assessment
• Summary Assessment

11
ASP and GSP Services

• GSP(GST Suvidha provider)is a unique concept
  introduced by GSTN to cover over 10 million tax
  payers for smooth functioning of huge tax base in
  India.
• Application Service Provider is a team within GSP
  IT ecosystem which will focus on taking
  taxpayers raw data on sales and purchases and
  converting it into the GST returns.