With the implementation of GST, small business owners are engrossed in understanding the potential effects of GST on their business. It’s a well-known fact that SMEs (Small and Medium Enterprises) are the primary growth drivers of the economy and major contributors to the GDP.

GST registration can be done easily on GST portal. The official website of GST where GST registration is done is www.gst.gov.in. The necessary documents are required for registration under GST law are-

• PAN card,
• AADHAR card,
• Business address proof
• Business mail id
• Business Contact Number
• Passport Size pic

GST INVOICING 

‘E-invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal.

Under the proposed electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network(GSTN).

All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time.

Currently introduce E-Invoice, it will eliminate the need for manual data entry while filing ANX-1/GST returns as well as generation of part-A of the e-way bills, as the information is passed directly by the IRP to GST portal.

GST ANNUAL RETURNS

Under the Goods and Services Tax (GST) system, taxpayers are required to file various returns throughout the year. The most common returns are GSTR-1, GSTR-2A, GSTR-3B, and GSTR-9.

However, there is no specific return called the “annual return” under GST. Instead, GSTR-9 is the return that is filed annually by registered taxpayers under GST.

GSTR-9 is an annual return that summarizes the taxpayer’s sales and purchases for the year. It includes details of all inward and outward supplies made during the financial year, input tax credit availed and reversed, and any tax liabilities payable for the year.

GST RETURN FILING

All registered taxpayers who have filed GSTR-1, GSTR-2A, and GSTR-3B during the financial year are required to file GSTR-9 on or before the 31st of December of the subsequent financial year. However, taxpayers with an annual turnover of up to 2 crores can opt for GSTR-9C, which is a reconciliation statement-cum-certification, instead of filing GSTR-9.