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GST return filing involves the submission of various forms containing details of sales, purchases, input tax credits, and tax liability to the tax authorities. It is a crucial aspect of GST compliance, and timely and accurate filing is essential to avoid penalties and maintain good standing with the tax department.
Filing GST returns is mandatory for all registered taxpayers as per the provisions of the GST law. Non-compliance can lead to penalties and legal consequences.
Timely filing of GST returns allows businesses to claim input tax credit on taxes paid on purchases, reducing their overall tax liability.
GST return filing promotes transparency in business transactions by providing a comprehensive overview of sales, purchases, and tax liabilities to the tax authorities.
Filing GST returns within the prescribed due dates helps businesses avoid penalties and interest charges levied for late or non-filing of returns.
Here, we simplify the complexities of Goods and Services Tax (GST) return filing by providing comprehensive insights into the various types of returns required under the GST regime. The following are various types of returns that are required to be filed:
GSTR-1 is a monthly or quarterly return that contains details of outward supplies of goods or services made by a registered taxpayer. It includes information such as invoice-wise details of sales, credit/debit notes issued, and taxable outward supplies to registered and unregistered persons.
GSTR-3B is a monthly summary return that summarizes the details of outward supplies, inward supplies, input tax credit (ITC) availed, and tax liability for a particular tax period. It is a self-declaration of tax liability and needs to be filed by the 20th of the following month.
GSTR-2A is an auto-populated return generated by the GST portal based on the details furnished by the suppliers in their GSTR-1 returns. It provides taxpayers with information on their inward supplies, allowing them to reconcile their purchases and claim input tax credit (ITC).
GSTR-9 is an annual return that consolidates the details of outward and inward supplies, taxes paid, ITC availed, and other relevant information for a financial year. It is mandatory for all registered taxpayers except composition dealers and input service distributors.
GSTR-9C is a reconciliation statement and certification to be filed by taxpayers with an aggregate turnover exceeding Rs. 2 crores in a financial year. It reconciles the information provided in the GSTR-9 annual return with the audited financial statements of the taxpayer.
GSTR-4 is a quarterly return filed by taxpayers registered under the composition scheme. It includes details of outward supplies, tax payable, and payment of tax for the quarter. Composition dealers are required to file GSTR-4 by the 18th of the month following the quarter.
GSTR-5 is a return filed by non-resident taxable persons who conduct business in India. It contains details of inward and outward supplies, taxes paid, and tax liability for the tax period. Non-resident taxable persons are required to file GSTR-5 within 20 days after the end of the tax period.
GSTR-6 is a return filed by Input Service Distributors (ISDs) to distribute the input tax credit (ITC) availed on input services to their respective branches or units. It contains details of input tax credit distributed, inward supplies, and tax payable.
LessAccounting is 100% web-based, meaning it can be accessed from anywhere and there’s no software to install on your computer. You can easily use
LessAccounting is 100% web-based, meaning it can be accessed from anywhere and there’s no software to install on your computer. You can easily use
LessAccounting is 100% web-based, meaning it can be accessed from anywhere and there’s no software to install on your computer. You can easily use
