Every business having GST Registration needs to mandatorily file GST Returns. The GST Returns have to be filed quarterly, monthly and annually based on the type of taxpayer and business. This article will guide you all about GST Return Filing.
What is the GST Return?
A GST-registered taxpayer (every GSTIN) is obliged to file a GST return with the tax administration authorities, which is a record that includes information about every income, sales, and costs, as well as purchases. Tax authorities use this to determine the amount of net tax due or tax liability.
The GST requires a registered taxpayer to submit GST returns that generally include:
- Output GST (GST Collected on sales)
- Input tax credit (GST paid on purchases)
Types of GSTR
A GSTR-1 must be submitted for each good and service that a company provides. This comprises all the invoices generated during a tax period and the credit-debit notes against sales.
A detailed guide to GSTR-1 GST Return Filing is available at: GSTR 1 Return Filing – What is GSTR 1 & How to File GSTR 1?
For purchasing goods and services, GSTR 2A is a view-only GST return. It includes information on every purchase the recipient made during any given month.
Input Tax Credit Statement (ITC) GSTR 2B is a newly added form on the GST site that is automatically created. It is produced monthly with the intention of making ITC applications for registered taxpayers simpler.
Known as a monthly self-declaration, GSTR 3B. It provides the abridged information of:
- Made all external components
- claim for an input tax credit
- payment of taxes
- Paid taxes
Understand about GSTR-3B in detail at: GST-3B Return filing, format , due date & rules
The taxpayers who choose the composition scheme during the financial year or were in the composition scheme for any portion of the financial year, as of 1 April 2019 onwards, must submit Form GSTR-4 (Annual Return) once for each financial year.
GSTR-5 is for non-resident foreign taxpayers who conduct business in India.
OIDAR, or the provider of Online Information and Database Access or Retrieval Services, is responsible for summarizing all outbound taxable supply and taxes due. By the 20th of every month, you must submit this return.
Every month, an Input Service Distributor (ISD) is required to submit Form GSTR-6.
The people who must deduct the TDS under GST must file Form GSTR-7. The GSTR-7 includes the following:
- TDS deduction information
- TDS refund, if any, is due and payable.
The 10th of every month is the GSTR-7 due date.
Learn in detail at: Types of GST Return & All you need to know about TDS Provisions under GST
The e-commerce businesses that have gst registration online are required to submit this form. They often collect tax at the source. All information about purchases made through the e-commerce platform and the TCS related to those purchases is included in this returne. Every month, by the 10th, it must be filed.
The filing of GST returns used to be a tiresome and laborious task. However, you can now easily file your gst returns online through consulting our experts at: 8881-069-069 or [email protected]
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