The Goods and Services Tax is a type of value-added tax imposed on goods and services sold domestically. It is to be paid to the government for goods and services bought or sold by consumers and businesses. The GST integrates different tax lines like Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc. into one consolidated tax. The multiple tax layers imposed on goods and services is collectively determined as the GST. The implementation of GST, leads to a uniform tax and helps in creating a common national market. It helps in reducing litigation and regulating the unorganized sector, providing a smooth assessment of tax.

Take a look at the list of all the returns to be filed under the GST Law.

• GSTR-1 – Tax returns for outward supplies of taxable goods and/or services.
• GSTR-2 – Return for inward supplies of goods and services. The return can be edited.
• GSTR-2A - Return for inward supplies of goods and services. The return is read-only and no action can be taken.
• GSTR-3 – Monthly return of outward supplies and inward supplies along with the payment of tax.
• GSTR-3B – The consolidated summary return of inward and outward supplies along with Input Tax Credit and payment of tax.
• GSTR-4 – Return filed by the taxpayers under the Composition Scheme.
• GSTR 5 – Return filed by a non-resident foreign taxpayer who is registered under GST.
• GSTR-6 – Return filed by an Input Service Distributor.
• GSTR-7 – Return filed by authorities deducting tax at source.
• GSTR-8 – Return filed by the e-commerce operators who are required to deduct Tax Collected at Source (TCS).
• GSTR-9 – Annual return filed by taxpayers registered under GST.
• GSTR-10 – Final return filed by taxpayers whose GST registration is cancelled or surrendered.
• GSTR-11 – Filed by every registered person who has been issued a Unique Identity Number (UIN) to get tax credits or refunds under GST.

1. You are liable to file your GST if your turnover is exceeding Rs. 40 lakhs (Rs. 10 lakhs for N.E and hill states).
2. Get GST registered
3. Identify your HSN (Harmonized System of Nomenclature) codes for goods and SAC (Services Accounting Code) codes for services and tax rates
4. Track your GSTIN (Good and Services Tax Identification Number)
5. File your GST returns

If you are registering for GST, you can also collect GST from your consumers. If you fail to register for GST, you can incur heavy penalties as it will be an offence under GST. Any business whose aggregate turnover exceeds Rs. 40 lakhs (Rs.10 lakhs for NE and hill states) are required to obtain GST registration. SetMyCompany, one of the leading GST compliance service providers in India, not only helps you with the company registration in India but also with the GST registration.

If you are registering for GST, you can also collect GST from your consumers. If you fail to register for GST, you can incur heavy penalties as it will be an offence under GST. Any business whose aggregate turnover exceeds Rs. 40 lakhs (Rs.10 lakhs for NE and hill states) are required to obtain GST registration. SetMyCompany, one of the leading GST compliance service providers in India, not only helps you with the company registration in India but also with the GST registration.