Implementation of GST in India has been promising as it ensures that taxpayer services are transparent and straightforward. This is why the Goods and Services tax was implemented in the first place. Such procedures that facilitate registration, returns, can be filed online whch makes it a viable option.
Returns will be done online and they include the return for supplies, return for purchases, monthly returns, and annual returns of small taxpayers who have opted for composition scheme of filing quarterly returns.
GST can be filed also with certain workbooks wihich act as best software for retail store and some of them can be downloaded from the GST portal free of charge. These are excel workbooks that that help taxpayers with a template to collate invoice data. This is a boon even to those who file returns on a regular basis. The best part about these workbooks is that the data preparation can be done offline. It is only while uploading the prepared file on the GST portal will the taxpayer will require Internet.
Before filing GST its necessary to understand what GST is all about. Basically, GST or Goods and Services Tax is a single indirect tax levied on the supply of goods and services from the manufacturer to the consumer. If you take a closer look at it you will be able to understand that the Input tax credits paid at each stage are quite different from the many indirect taxes we had in India. Each of the input tax credits paid will be made available or levied in the following stage of value addition.
To an extent GST has not only helped remove the Cascading effect on the sale of goods and services but has also integrated the country through a uniform tax rate. Further this removal of cascading effect will directly impact the cost of goods as tax on tax is eliminated and thus the cost of goods decreases.
Accounting applications are a boon in disguise when it comes to filing GST online. They render help to companies all over the world as call them as reliable tools for handling mundane tasks. On the other hand, inventory software for retail shop and other systems of payroll and financial transactions has becomethe choice of entrepreneurs. In India alone several procedures such as registration, return filing, application for refund and response to notice needs are done online on the applications. This will not just help speed up the processes but also offer accuracy in a technology driven market.
Recepient and supplier:
In a retail chain the role of the suppliers and recepient is critical. Whilst the recipient has to verify, validate, and modify the details of outward supplies as they file details of credit or debit notes the Supplier can either accept or reject the modifications made by the former in return to the details of inward supplies. There are distinct forms available for both recepient and the supplier like the GSTR-1A and the GSTR-2 form respectively.