Home Finance Get Full Insight About GST Tax Return Before Applying

Get Full Insight About GST Tax Return Before Applying

What is the GST Tax Return?

GST return may be a document that will contain all the small print of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST tax returns, you’ll get to pay the resulting liabilities (money that you simply owe the government).

Types Of GST Tax Return:-

GSTR-1

The taxpayer records all his outward supplies of products and services intimately during this form. This has got to be mandatorily done by the 10th of the subsequent month (GSTN is usually changing the maturity of filing GSTR1. So, keep checking announcements).

GSTR-2A

It is available on the 11th of the subsequent month for the recipients to ascertain and validate the knowledge therein. Recipients have time between the 11th – 15th of subsequent month to vary any information, delete or add, supported their books of accounts.

GSTR-2

This form is the culmination of all inward supplies of products and services as approved by the recipient of the services. Maturity is the 15th of the subsequent month. It is auto-populated with the details of GSTR-2A. GSTR-2 shall include the following heads:

GSTR-3

GSTR-3 could also be a monthly summary return for furnishing summarized details of all outward supplies made, inward supplies received and input decrease claimed, in conjunction with details of the liabilities and taxes paid. This return is auto-generated on the idea of the GSTR-1 and GSTR-2 returns filed.

GSTR-3B

GSTR-3B may be a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input decrease claimed, liabilities ascertained and taxes paid.

GSTR-4 / CMP-08

GSTR-4 is that the return that was to be filed by taxpayers who have opted for the Composition Scheme under GST. CMP-08 is that the return which has displaced the now erstwhile GSTR-4. The Composition Scheme may be a scheme during which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a hard and fast rate on the turnover declared.

GSTR-5

GSTR-5 is that the return to be filed by non-resident foreign taxpayers, who are registered under GST and perform business transactions in India. The return contains information of all outside supplies made, inward supplies collected, credit/debit notes, liabilities, and taxes paid.

GSTR-6

GSTR-6 may be a monthly return to be filed by an Input Service Distributor (ISD). It will contain details of input decrease received and distributed by the ISD. It will further contain details of all documents issued for the distribution of input credit and therefore the manner of distribution.

GSTR-7

GSTR-7 may be a monthly return to be filed by persons required to deduct TDS (Tax deducted at source) under GST. GSTR 7 will contain information of TDS decreased, the TDS liability payable and paid and TDS refund claimed if any.

GSTR-8

GSTR-8 may be a monthly return to be filed by e-commerce operators registered under the GST who are required to gather tax at source (TCS). GSTR-8 will contain information of all supplies made within the E-commerce platform, and therefore the TCS collected on an equivalent.

GSTR-9

GSTR-9 is that the annual return to be filed by taxpayers registered under GST. It will contain information of all outside supplies made, inward supplies received during the relevant previous year under different tax heads i.e. SGST, IGST & CGST, and HSN codes, along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) lodged during that whole year.

GSTR-9A

GSTR-9A is that the annual return to be filed by taxpayers who have registered under the Composition Scheme during a financial year*. It is a compression of all the quarterly returns filed during that fiscal year.

GSTR-9C

GSTR-9C is that the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore during a fiscal year. The enrolled individual must get their books of records examined by a Chartered/Cost Accountant. The statement of reconciliation is within the audited financial statements of the taxpayer and therefore the yearly return GSTR-9 that has been lodged.

GSTR-10

GSTR-10 is to be filed by a taxable person whose registration has been canceled or surrendered. This return is additionally called a final return and possesses to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.

GSTR-11

GSTR-11 is that the return to be filed by persons who are issued a singular Identity Number(UIN) so as to urge a refund under GST for the products and services purchased by them in India. UIN could also be a classification made for foreign diplomatic missions and embassies not vulnerable to tax in India, for the aim of getting a refund of taxes. GSTR-11 will contain information of inward supplies get and refund claim.

I hope I have mentioned all the types of GST tax return and all the required points. For the best GST agent, you can contact Tax Agent Perth at any time without any hesitation. We have a professional team of registered team of tax agent who will assist you in all the tex return whether it is GST tax return or BAS tax return.

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