emSigner is a web-based SaaS (software-as-a-service) that enables the taxpayers to sign documents digitally. The platform binds the documents online (legally). It saves time and efforts over the signing and securing legal documents with traditional means via pen, paper, or fax. It is a time and cost-saving initiative that is now globally accepted across all government-based platforms as well.
According to the emSigner website, it is easy to run and flexible electronic signature that has been optimised optimally for providing holistic access to administrator-level users in workflow platforms. It gives the admin users the ability to create their own unique workflows for documents, templates, and even create user groups for mapping signers to all types of departments, like Legal, HR, Finance, etc., in a matter of seconds.
Now that we know what an emSigner is, let’s have a look around Digital Signature for GST online payments with GST explained:
GST or the Goods and Service Tax was one of the recent amendments to the Indian economy. Under this indirect tax act, designed to summon all forms of taxes under two branches, SGST (State GST) and IGST (Integrated GST).
The advancement in technology has made GST registration and paying GST online possible. It is a matter of moments to register yourself. You could begin by clicking on the GST site and start with the process of GST registration online. Once you reach the page, click on the ‘Registration’ tab and begin with the process of your new GST registration by filling in the necessary information about your business and the PAN number. Once done, you need to enter your Temporary Reference Number (TRN) and verify yourself. Lastly, once done with the process of registration and verification, you are entitled to GST filing.
Before we move ahead and follow the procedure of GST filing and calculation, it is important to know that different types of services and businesses are levied to a different percentage of GST. Let’s take a look at the same:
The GST council has segregated 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. Besides these four slabs, the government has also kept GST on gold at 3% and rough precious and semi-precious stones at 0.25%.
To further understand the tax slabs, let’s take a look at each one of them and their inclusions.
Once done with the process of GSTIN registration, the next step to follow is the calculation of the same before you go on to pay the money. The standard formula for calculating GST is given as below:
|GST amount||Price x GST%|
|Net price||Cost of the product + GST amount|
|Total GST Payable||-----|
However, you could also make use of the online calculators that are present over the internet, for GST filing online.
Understanding the different forms of GSTR
- GSTR 2: The GSTR 2 is a monthly format of tax return that comprises all the purchases that you have made in a month. It is an excellent move by the Government to initiate a purchase from registered vendors. You can easily comply with their sales returns that are available in the GSTN portal as GSTR-2A and amend to the necessary changes and add relevant details that were not auto-populated.
- GSTR 4: The GSTR 4 is a return that needs only to be filed by a certified composition dealer. This is not similar to a regular taxpayer, who needs to submit their dues every 3 months, this scheme requires the composition dealer to apply for only one return by the end of the fiscal year (30th April).
- GSTR 7: The Goods and Services Tax Return 7 is documentation filed by taxpayers who deduce their taxes while making payments to vendors/suppliers in return of the inward supplies received. To file this GSTR, the document must contain the details of those transactions where the TDS is present, along with the complete details of your suppliers.
- GSTR 9: Talking of the GSTR 9, it is an annual return form that should be followed up by registered taxpayers. This document comprises a detailed summary of the paid taxes and outward supply. It also takes care of any types of paid taxes, claimed tax credits, or claimed refunds in a fiscal year.
Q. What are the documents required to register for GST?
A. You need to have your PAN card, business proof, registration deed (if the company is a partnership), Returns file might also be needed in some cases.
Q. I have a grocery shop, what type of GSTR should I go for?
A. If you have a small scale grocery, you can go for GSTR 9, but in case you have a large scale grocery chain or shops, you should go for GSTR 7 as it comes with various deductions in hand.
Q. Can I use GST calculators available online to calculate my returns?
A. Yes, you can definitely use the online GST calculators. However, you need to do a recheck on the various calculations under each tax slab.