INCOME TAX FILING
- Category: INCOME TAX FILING
- Date 24-05-2023
GST returns has to be filed by all the business entities that are registered under the GST system. Here are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. Taxpayers should file returns based on the type of registration they have received. GSTR-1, every month 11th day and gstr3b every month on 20th should be filed. Besides your quarterly and monthly returns, you also need to file an annual return by 31st of December. If you fail to file GST returns on time it can lead to penalties and cancellation of GST registration. If one does not submit a GST return for six months, then the GST registration would be cancelled, and the person would not be able to obtain another GST. We not only provide Gst registration and certificate but also Gst returns on a monthly basis.
GST FILING
The businesses registered under GST have to file returns monthly, quarterly and annually based on the category of business through the Government of India's Gst Portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.
A GST return is an official record that includes information about all purchases, sales, taxes paid on purchases, and taxes received on sales. Following the submission of the GST returns, the person must settle their tax debt.
GST should also be filed by entities that make no sales or purchases during a given period (year) in the form of nil-returns.
The best part in this system one has to manually enter details of one monthly return -GSTR-1. The other two returns – GSTR 2 and 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. Compounding taxpayers have to file returns quarterly which is for every three months and regular taxpayers such as, foreign non-residents, casual taxpayers and Input Service Providers (ISD) have to file returns monthly.