Basics of GST Filing and Compliance

GST is a comprehensive indirect tax levied on the supply of goods and services. It replaced multiple taxes previously levied by the central and state governments, simplifying the tax structure in India. GST is designed to eliminate the cascading effect of taxes (tax on tax) and create a unified tax system for the entire country.

GSTIN is a unique 15-digit identification number assigned to every taxpayer registered under GST. It helps in tracking the tax records of businesses and enables authorities to monitor their compliance with GST laws. It is mandatory for every registered business or individual to mention the GSTIN on all invoices, bills, and official documents related to GST.

GST registration is mandatory for certain businesses based on their turnover, type of business, and the nature of transactions. Any business or person involved in the supply of goods or services in India is required to obtain GST registration if their operations meet the prescribed criteria.

GST registration is the process by which businesses or individuals obtain a unique GST Identification Number (GSTIN) from the government. It is essential for any business that is required to pay taxes under GST and allows the business to collect taxes from customers, claim input tax credits, and comply with the provisions of GST law.

Creating a GST account on the GST Portal is the first step for businesses or individuals to register for GST. This account enables businesses to access various GST-related services, including registration, filing returns, tracking application status, and more.

GST returns are mandatory documents that businesses registered under GST need to file periodically to report their business transactions to the government. These returns provide information on sales, purchases, taxes paid, and other essential details for GST compliance.

Timely filing of GST returns is crucial for businesses to remain compliant with the GST law and avoid penalties. GST returns must be filed by the due dates specified by the government to ensure that the correct amount of tax is paid on time.

Deadlines for GST filings refer to the specific dates by which businesses must submit their GST returns to comply with tax regulations. These deadlines vary depending on the type of return and the taxpayer’s status (monthly or quarterly filing).

This exercise helps students practice the process of filing GST returns (GSTR-1 and GSTR-3B) on the GST portal to understand the procedure and the necessary information required for accurate filing.

A digital marketing consultancy firm, "TechMarketing Solutions," is based in Bangalore, Karnataka. The firm provides services such as search engine optimization (SEO), social media marketing, and content writing to clients across India. The firm's annual turnover is ₹12 lakh, and it is registered under GST.

Input Tax Credit (ITC) refers to the credit businesses can claim for the tax paid on goods and services used as inputs to provide taxable goods or services. ITC helps avoid the cascading effect of taxes, which is a tax on tax, and ensures that tax is levied only on the value added at each stage of production or service delivery.

Objective:

The goal of this assignment is to simulate the full process of filing GST returns for a small business, from GST registration to return filing on the GST portal. This exercise will help students understand how to navigate through the GST portal, complete the necessary steps for GST registration, upload required documents, and file returns like GSTR-1 and GSTR-3B.

Objective:

This session is designed to review the key topics covered during the course, answer any remaining questions, and reflect on what has been learned. It provides an opportunity for students to clarify doubts and assess their understanding of GST filing and compliance.