Goods and Services Tax Returns
GST is the newest reform in the Indian Taxation System, the new tax reform has brought an extra burden on the businessman to stay compliant on other aspects such as timely payment of GST, timely returns, issuance of GST compliance invoices etc.
Why GST Compliances are Important ?
The Goods and Services Tax act has introduced strong penal provisions to make sure every single GST registrant stays compliant. Computation of Tax, Periodical filings, Payment of Tax Collected on time, maintenance of proper records, issuance of compliant invoices are few things that no businessman should ever take easily.
Goods and Services Tax Compliances
Invoicing & Accounting
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Frequently asked Questions
GSTR-1 is Statement of Outward Supplies
a. This return signifies the tax liability of the supplier for the supplies effected during the previous month.
b. It needs to be filed by the 10th of every month in relation to supplies effected during the previous month.
a. This return signifies accrual of ITC (Input Tax Credit) from the inputs received during the previous month.
b. It is auto-populated from the GSTR-1s filed by the corresponding suppliers of the Taxpayer except for a few fields like imports,
and purchases from unregistered suppliers.
c. It needs to be filed by the 15th of every month in relation to supplies received during the previous month.
a. Outward Supplies (Auto-Populated from GSTR-1)
b. Inward Supplies (Auto-Populated from GSTR-2)
c. ITC availed
d. Tax Payable
e. Tax Paid (Using both Cash and ITC)
GSTR-3B is a provisional consolidated monthly return
Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, nonresident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake.
Annual Return is a return which needs to be filed by 31st December of the next Financial Year. In this return, the taxpayer needs to furnish details of
expenditure and details of income for the entire Financial Year and this is not a substitute in fact the figures are auto-populated from the monthly returns.
Any registered person who fails to furnish form GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates, shall be liable to pay a late fee of Rs.50 per day, subject to a maximum of Rs. 5,000.
omissions are allowed in the subsequent returns. However, no rectification is allowed after furnishing the return for the month
of September following the end of the financial year to which, such details pertain, or furnishing of the relevant annual return,
whichever is earlier.