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Why KNAP Advisory
According to the GST law, GST return filing is required for all GST-registered businesses, LLPs, and individuals. The GST return reflects the tax collected and paid on sales and purchases.
Individual taxpayers are required to file four types of GST returns: returns for supply, returns for purchase, monthly returns, and annual returns.
The government is continually revising the laws and regulations governing the GST, as it is an evolving taxation system. Therefore, it is essential to remain informed in order to file tax returns correctly.
How to File a GST Return Online in 10 Easy Steps
The GSTR-1 return must be filled out in order to report all supplies of goods and services made. It contains all of the invoices and debit-credit notes produced throughout a tax period. All regular taxpayers who are GST registered, including casual taxable persons, are required to submit GSTR-1.
The only person who can view the dynamic GSTR-2A GST return is the person who receives or purchases the goods and services. It contains details on all inward supply of goods and services throughout the course of a tax period, including information on purchases made from vendors who have registered for GST.
The information is automatically filled in based on information entered merchants or vendors.
The GSTR-2B is an important static, view-only GST return for the buyer or recipient of goods and services. It will be made available beginning in August 2020, and every time it is examined, it will have ongoing ITC statistics.
A monthly self-declaration known as GSTR-3B must be submitted on the GST portal in order to provide a summary of all outgoing supplies, claimed input tax credits, assessed tax obligations, and taxes paid.
GSTR-4 is the GST Return that a composition taxable person must file. Unlike a conventional taxpayer, who is obliged to file two monthly returns, a dealer participating in the composition scheme is only required to file one annual return, GSTR 4, by the 30th of April following the financial year.
Non-resident taxable person who are registered for GST and conduct business in India are required to file GSTR-5. The report details all outward and incoming supply, credit and debit notes, tax liabilities, and taxes paid.
GSTR-6 is a monthly return that must be filed by an Input Service Distributor (ISD). It will detail the receipt and distribution of input tax credits by ISD. In addition, it will include a list of all documents issued for the distribution of input credit, as well as how they were distributed.
Those who are required to deduct TDS (tax deducted at source) under the GST system must file GSTR-7 each month. This form will include TDS deducted, TDS liability payable and paid, and TDS refund claimed, if any.
GSTR-8 is a monthly return that e-commerce operators who are required to collect tax at source (TCS) under the GST are required to file. It contains details about all orders placed via the e-commerce website, as well as the TCS collected.
GSTR-9 is the annual return that GST-registered taxpayers must file. According to GST regulations, the return must be filed by December 31 of the year after the relevant fiscal year.
It consists of a summary of supplies made during the reporting fiscal year as well as a breakdown of taxes payable and paid for all outgoing supplies made and supplies received during the relevant fiscal year under various tax categories, such as CGST, SGST, and IGST.
Those whose registration has been cancelled must file Form GSTR-10. This return, often referred to as a final return, must be submitted within three months following the cancellation date or cancellation order, whichever occurs first.
Those who have been assigned a Unique Identification Number (UIN) file GSTR-11 to claim a GST refund for goods and services purchased in India. UIN is a category designed for foreign diplomatic missions and embassies for the purpose of claiming a tax refund.
Fees for GSTR-3B late filings
GSTR-9 and GSTR-9A Late Fees
Fees for GSTR-10 late submissions
A GST return is a record that includes all of your sales, purchases, output tax, and tax on purchases (input tax). You are responsible for paying the tax liability resulting from filing GST returns (money that you owe the government).
A GST invoice is a bill or receipt for goods or services issued by a merchant or service provider to a consumer. It specifies the services/goods and the total amount owing.
All registered firms under the GST system are obliged to file GST returns. The filing procedure must be decided based on the company's nature.
All types of GST returns are mentioned above.
A business must register under GST, if its annual turnover is above Rs 20 lakhs (for services) or Rs 40 lakhs (for goods). The limit is Rs 10 lakhs for North Eastern and hilly states designated as special category states.
Follow the steps mentioned above to file a GST return.
You will be assessed a penalty or late fee if you fail to file your GST return by the due date.
Filing a GST Return is now a straightforward online process. Your GST return can be filed on time and with complete correctness. We, at KNAP Advisory, provide exceptional documentation services to all taxpayers.
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