GST Filing Process Online in Bangalore

GST Filing Process Online in Bangalore

Goods and Services Tax (GST) is a single indirect tax that replaced multiple taxes such as excise, service tax and value added tax. The new GST regime has simplified the process of filing returns and making payments and has improved transparency of transactions. Every business registered under the new system is required to file return on a monthly, quarterly and annual basis. Depending on the nature of your business, you might need to submit various types of GST returns.

Earlier, taxpayers had to fill different forms to submit their returns which were complex in nature and required manual data entry. But now, the process has been made simpler and efficient with the help of the GST filing process online in Bangalore. The new GST regime is based on the principle of self-declaration and requires businesses to provide details of all outward supplies, inwards supplies, credits, debits, interest and refunds to the authorities.

GSTR-1 is a monthly return filed by normal taxpayers which specifies all the outward supplies that have been done in the business. This return also contains the details of invoices, credit or debit notes and receipts. It is due on the 20th of every month.

In case of export of goods, the exporter has an option to either "Submit LUT in FORM GST RFD-11 Bond and file it or to pay IGST at the time of supply of goods or service and claim refund later on". This is a huge advantage for the exporters as they will be required to file only one return per financial year and there will be no additional compliances.

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