The Indian economy has witnessed a massive reformation in the trading and taxing sector after the launching of GST. Every trading initiations are remarkably noted and verified under this law. The GST system is a target- based tax recording structure. This tax system prompts the business to publish every trade details of services and goods using the final measure, with a customary statement accountable to both merchants and recipients.
Small businesses in India have to list some returns imperatively. Any lack of acquiescence in accomplishing so would follow in lack of allowance of the input tax balance, with additional penalties and interest charges. With the establishment of GST, total taxations got to be so outlined that all business activities are in synchronization with each other. At the same time, tax revenue records are conserved in GSTN, which is convenient for all taxpayers and users online. Consequently, small businesses can deposit their returns by ITR-4 or ITR-3 forms via online portals. The physical or offline filing is allotted only for specific taxpayers, including people with revenue less than 5 lakhs and senior citizens who are above 80 years old.
There are 3 methods of registering Income Tax Return online. They are:
E-filing the revenue under a digital subscription
Dispatching the info via an electronic means and re-assuring the return.
Shifting the info via an electronic means and then proffering a material copy of ITR-V to Bengaluru CPC.
Furthermore, you have to receive your income tax return confirmed within 120 days of e-filing the corresponding. The complete process immediately from form submission to returns filing is electronic and conducted online. Steps to be followed include:
Registration decorums – Every Indian startup must imperatively register themselves below the GST policy and acquire a registration figure. It is a fifteen digit number, which is inferred by the help of enrolling your startup using an online system. The fifteen digit covers the code of the state where your startup resides and your PAN number.
Hit the official GST portal and search for the ‘services’ region. Below this, discover the ‘returns dashboard’ and commence completing the form with appropriate information regarding your business startup. Perform accurate insertions concerning the fiscal year over which returns need to be recorded and designate the monetary time as well.’
Select the kind of ‘return’ that you propose to insert.
‘Prepare’ the return sheet and click the ‘submit’ button.