There are two ways in which a user can file an ITR:
Offline – Download the applicable ITR, fill the form offline, save the generated XML file and then upload it.
Steps to generate XML File:
Step 1 – Visit the Income Tax e-Filing portal https://www.incometax.gov.in/iec/foportal/
Step 2 – Go to ‘Downloads > IT Return Preparation Software’
Step 3 – Extract the downloaded ZIP file > Open the Utility from the extracted folder.
Step 4 – Fill all the necessary fields, check all the tabs in the ITR form > calculate tax
Step 5 – Generate the XML file and save it
Upload the saved XML while submitting the return
Online – Visit the Income Tax e-Filing portal, fill in the relevant data directly online and submit it. Taxpayers can file and submit ITR-1 and ITR-2 directly online.
Any business dealing with the supply of goods, with an annual turnover of ₹40 lacs or supply services with an annual turnover of ₹20 lacs would need to get a GST Registration along with a valid GST Number. Also, citizens with a turnover under 1.5 crore annually can choose a composition scheme to avoid the tedious GST formalities and pay GST at a fixed rate of turnover. All businesses that make interstate outward supplies of goods also have to register for a GST.
Input Tax Credit
The input tax credit allows you to lessen the tax you have as of now paid on inputs and pay the excess sum at the hour of paying tax.
You pay taxes on the purchase of an item bought from a registered seller, and when you sell the item, you too collect the tax. With input credit, you can change the taxes paid at the hour of purchase with the amount of tax on sales (output tax) and pay the remaining liability of tax, for example, tax on purchase subtracted from tax on the sale.
GST Tax Rates
Things that are viewed as essential necessities are exempted from the list which means they won’t be taxed.
Household necessities and life-saving medications and so on are charged at 5%.
Items like PCs and food delivery items are charged at 18%.
Hair oil, toothpaste and cleansers, capital merchandise, modern mediators and administrations are charged at 18%.
Extravagance things are charged at 28%.
Advantages of GST Registration
A GST Return is a document containing details of income that is required to be filed according to the law with the tax authorities. Under the GST law, a citizen needs to submit two returns on a month-to-month basis and one such return every year. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices for the previous tax period that went unreported must be included in the current month.
GSTIN – each taxpayer gets a 15-digit unique identification number known as GSTIN. Any person who has a GST number can vary their GSTIN number by logging in on the GST portal.
A GST Return Filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used by tax authorities to calculate the tax liability of a GST taxpayer. A GST Return Filing form has to include the following details –
GST compliant sales and purchase invoices are needed to be attached for filing GST return