Can I File GST Return Myself?

How do I calculate GST in Excel?

To do this you simply multiply the value, excluding GST by 15% or by 0.15.

To find the total including GST simply add the two values together.

In the example below B5 has been multiplied by 0.15, which is the same as 15%.

You can type either value into the formula and Excel will give you the correct answer..

What is the GST law?

In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

Is GST late fee allowed as expense?

Late fee is not paid for a purpose which is an offence or prohibited. In fact, late fees are paid for the purpose of the compliance with the Act. … Therefore, late fees paid for delay in filing GST returns will be allowed as a deduction under Income Tax.

How do I fill out a GST return?

Instructions for completing a GST/HST ReturnOn this page. … Enter your personal business information.Enter your total sales and other revenues (line 101) … Calculate your net tax (lines 103, 104, 105, 106, 107, 108, and 109) … Enter other credits (lines 110, 111, 112, and 113 A) … Enter other debits (lines 205, 405, and 113 B)More items…•Feb 22, 2021

What are the 3 types of GST?

Know about the types of GST in IndiaHighlights.CGST, SGST and IGST are the 3 types of GST in India.CGST and SGST are levied on intra-state transactions.CGST is collected by the centre and SGST by the state.IGST is charged on inter-state goods/services transactions.

Is Gstr 3B monthly or quarterly?

The CBIC has released a notification allowing small taxpayers to opt for quarterly filing of GSTR-3B. Small taxpayers are those taxpayers with a turnover of up to Rs. 5 crore in the previous financial year. The quarterly filing option will be available from 1st January 2021 onwards.

Is GST returned monthly or quarterly?

How to Check Whether Our Return Status as QuarterlyEnter login details, then click login.Click file returns.Select Month, then click search.It shows last date of GSTR 1 is 31 or 30 for the month.Sep 13, 2019

Is GST mandatory for eCommerce?

GST Registration is now mandatory only for e-commerce operators who are liable to collect tax at source, as against the earlier provision of every e-commerce operator.

How do I file a GST without a late fee?

Scheme for reduction of Late fee under GST:Such relief is available only for Form GSTR3B.No Late fee in case of Nil return.Scheme applies to all returns pertaining to the period July 2017 to July 2020 when filed between 1st July, 2020 and 30th September, 2020.Maximum late fee is capped at Rs.Sep 24, 2020

Who can fill GST return?

In the GST regime, any regular business having more than Rs. 5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year. The number of GSTR filings vary for quarterly GSTR-1 filers under QRMP scheme.

What are the GST rules?

GST Invoice Rules and GuidelinesIssue a Tax Invoice for all taxable goods and services, if you registered under GST.Issue a Bill of Supply in case you are registered under Composition Scheme.Make sure you number all your invoices in sequential series.Makes sure your GST invoices contain your name, address, place of supply, GSTIN.More items…

Is GST paid monthly?

GST Payment & Due Date As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the due date for payment of GST – 20th of every month.

How do I file a GST return for a beginner?

How to file GST return online:Visit the GST portal ( 15-digit GST identification number will be issued based on your state code and PAN number.Upload invoices on the GST portal or the software. … After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online.More items…•Sep 28, 2020

Can we file GST return without payment?

Under the GST law, the filing of return without payment of taxes shall not be considered as a valid return. … It is only the valid return that would be used for allowing input tax credit (ITC) to the recipient.

Do I need to file GST return every month?

Every normal registered taxpayer under GST is required to file GSTR-1 each month.

Is GST filing mandatory?

GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.

What are the charges for filing GST return?

All returns except Annual Returns: Rs. 50 per day (Rs. 25 CGST + Rs. 25 SGST) of default up to a maximum of Rs 5,000.

What happens if I dont pay GST?

An offender not paying tax or making short payments must pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10% of the tax unpaid.