May 25, 2024
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GST : Returns Made Easy, All You Need To Know

The process of filing your income details with the tax administrative authorities are known as GST return. The tax liabilities are calculated based on this information. A registered dealer has to include purchases, sales, Output GST on sales and GST paid on purchases.  According to the GST norms, Anyone whone runs a regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. Any enterprise services exceeding Rs 10 Lakhs in north-eastern and hill states while Rs 20 Lakhs in remaining India need to file returns under GST. Different Forms are available according to the transaction type and registration of the tax payer.

The GST return forms for business are categorized into :


A registered taxable supplier needs to fill the details of outward supplies of goods and services. The buyer can cross validate and perform modifications if required. This should be file by 10th of the following month. Business name , period for return is filed, GSTIN(taxpayer identification number), Tax collected and invoices paid in the previous month, Advances received for future delivery for any supply order, Revision in outward sales invoices from the previous tax periods are the details to be filled


The taxable recipient has to fill the forms with the same details mentioned for GSTR-1 but with GSTIN (tax identification number) by 15th of the following month.


A registered tax payer has to fill GSTR-3 from the auto populated details of GSTR-1 & 2 forms with required modifications if any. Input tax credit, liability cash ledger, tax paid under CGST, SGST, and IGST must be included along with a claim for refund in case of excess payment if any.


 The tax payers under composition scheme, that is when the turnover of your business is up   to Rs 75 lakhs has to file this return form. They are exempted from input tax credit facility. It is a quarterly return form with the details of total value of consolidated supply made during the period of return, tax details and purchase invoice. It should be filed by 18th of every month.


All registered nonresident tax payers with the name, address, GSTIN,return period, inward and outward supplies, details of imports, services and amendments. Also  credit or debit notes, closing stock of goods, and refund claimed from cash ledger has to fill GSTR-5 by 20th of following month.


Registered tax payers under input service distributors are subjected to fill GSTR-6 with auto populated details from GSTR1-GSTR5 and along with the details of tax credit received, reverted and distributed as SGST, CGST, and IGST. It should be filed by 13th of following month.


The taxpayers whose tax is to be deducted from source under GST rule should fill GSTR 7. TDS liabilities and amendments along with auto populated Refund received from Electronic Cash Ledger is the details filed by 10th of the following month.


These are for e commerce operators who are required to collect tax at source. This form will contain details of supplies effected and the amount of tax collected under Sub-section (1) of Section 43C of Model GST Law. This should be filed by 10th of the following month.


The normal income and expenditure of filed by taxpayers by December 31st of every following financial year along with the audited copies of the annual accounts.


Anyone who wishes to cancel GST registration will have to file this with details of Application Reference Number (ARN), Date of cancellation of GST registration, Unique ID of cancellation order, Date of cancellation order, Details of closing stock including amount of tax payable on closing stock. It has to be filed within 3 months of the date of cancellation or date of cancellation order, whichever is later.


Everyone who has been issued a Unique Identity Number (UIN) and claims a refund of the taxes paid on inward supplies must file GSTR-11 by 28th of every following month.

You can file your returns through  of GSTN network maintains the details of registered users and offers a simple excel template to make things work easier. The data preparation doesn’t require internet and you need to be connected only when you are uploading details. The current market is popped up with GST system software in afforadable prices.  It offers services like GST Invoicing, HSN/ SAC Code Mapping, Auto Reconciliation from GSTN, GST Computation, GST Challan Generation, GST Payment, GST Filing, Free e-learning. The best rated softwares are Advanta Witty Turbo, Tally. ERP 9, Zoho Books, HD accounts and Billing, Cleartax.

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