GST And Your PersonalAccount Do This First Professional1 month ago - Services - Indian Trail - 92 views
GST And Your PersonalAccount Do This First
Online GST return The Goods andServices Tax (GST) recently came into effect in India, ushering in a new era oftax reforms for the country. However, there are several questions forbusinesses that have to file returns every month, while individuals must filetheir IT returns (ITR) by December 31. Simply follow these steps to navigateyour way through GST:
- Get a savings account. If you still don't have a savings account, now is the time to quickly open a Online GST returnzero balance savings account online. The zero balance account is a no-frills, no-fuss account in which you don't need to maintain a minimum balance per month. The demonetization drive has already proved that dealing in cash or keeping savings in cash form at home are no longer viable options. If you are a freelancer, now is the time to transact digitally and get a zero balance account, so that ITR filing can be done easily.
- Link your PAN card and Aadhaar. It is compulsory to link your PAN card with your Aadhaar number for ITR filing from July 1, 2017. This is done quite easily by clicking on this link and entering the relevant details asked, namely:
- PAN card number
- Aadhaar number
- Name as mentioned on Aadhaar card
Online GST returnAfter this, the PAN cardand Aadhaar linkage happens immediately.
- Link your bank account with Aadhaar. The next step is to link your bank account with your Aadhaar. There is still some confusion about this, since banks have not yet been issued a circular from the RBI making this mandatory. It is better to complete this process for ITR filing. Simply log on to your netbanking account and look for the Aadhaar linkage field. Follow the steps outlined to link your zero balance account in minutes.
- Get the relevant accounting codes for yourself/your business. It is vital for businesses to get their Online GST return GST numbers by this time, or they will not be able to bill their clients or file returns. Every person or company from now on will have to file ITR using GST codes. These GST codes have been made public by the Government and you can find the accounting code that applies to yourself (i.e. 'taxable person') or your business. Salaried individuals must file ITR under GSTR-9. If you are in doubt about the code(s) that applies to your business, you can look up the different GST forms uploaded by the Government.
· Present bills correctly. By December 31, you canproceed to file your ITR using the GST code applicable to you, and using thepertinent GST form. In case of businesses, the Service Tax, VAT, Sales Tax,Education Cess, Swachh Bharat Cess and Krishi Kalyan Cess have now been doneaway with. These are all replaced by SGST and CGST, both split into equalamounts basis the taxation structure. The bills must mention the company's GSTnumber.
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