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[\/vc_column_text][vc_column_text]Are you a small business owner who is finding it difficult to follow the tax filing procedure under the new regime of GST? Worry not; in this article, we will walk through the details of everything involved in GST. We will be learning about the types of GST returns, who should be filing and when these things need to be done to ensure the seamless functioning of your business.<\/p>\n
Let us begin.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n
GST is a document that has all the information about your sales, purchases, a tax that you have acquired from making sales, and the tax that you have paid while making purchases. Filing GST returns allows you to know what the tally is and what is the amount of tax you will need to pay the government of India.<\/p>\n
Every business owner or dealer who is registered with the GST system will have to file GST returns. People falling under the below-mentioned criteria should file GST returns.<\/p>\n
Now, let\u2019s take a look at the different types of GST returns and what each type of business is supposed to pay.[\/vc_column_text][vc_column_text]<\/p>\n
GSTR 1<\/a><\/span> is a type of tax return that business owners will have to pay either on a monthly basis or a quarterly basis.<\/p>\n The duration is based on turnover. If the turnover is less than INR 1.5 crores, then the GST return can be filed quarterly. If the turnover is over 1.5 crores, then the returns should be filed monthly.<\/p>\n GSTR 1 contains all the information of the sales a business has made in the time period of filing.<\/p>\n GSTR 2<\/a><\/span> is filed for all the transactions an organization has made for inward purchases. This could contain all the taxes they have paid for services and purchases. Every registered GST user should file GSTR 2 regardless of the nature of their transactions for the month. Unlike GSTR 1, the GSTR 2 should be filed every month, and the due date for this is the 15th of next month.<\/p>\n GSTR 2 is required as it used by the government to tally the reports that are coming out of GSTR 1s.<\/p>\n GSTR-2B<\/a><\/span> is a type of tax filing extended to casual, regular, and SEZ level taxpayers. These types of tax filings can be done based on the GSTR 1, GSTR 5, and GSTR 6 filings provided by their supplier\/employer\/contractor.<\/p>\n GSTR 2Bs are generated on the 12th of every month and should contain all transactions till the 12th of the previous month.<\/p>\n GSTR 3 is a summary of the GSTR 1 and the GSTR 2s of every month. This contains all the purchases and sales history. This can be quickly collated by extracting data from GSTR 1 and GSTR 2s. It informs the business owner of the GST liability they are accountable for every month.<\/p>\n GSTR 3 should be filed by the 20th of every next month. For those businesses whose turnover is less than 1.5 crores, the due dates for filing GSTR 3s will be announced by the government soon.<\/p>\n GSTR-3B<\/a><\/span> is a tax that every business should file by the 20th (turnover less than 1.5 crores) & 24th (turnover greater than 1.5 crores) of every month. Regardless of the profit or loss made, business owners should file this tax. Unlike others, once filed, a GSTR-3B cannot be revised.<\/p>\n GSTR 9<\/a><\/span> is a consolidated annual report that every business registered with the GST system should file. It is a combination of all the sales and purchases that a company has made over the year and also features sections that include CGST<\/a><\/span>, SGST<\/a><\/span>, IGST<\/a>, and HSN.<\/p>\n GSTR 9 is a version that contains all the information that a business submits in the GSTR 1s, GSTR 2s, and GSTR 3s on a monthly or quarterly basis. This is primarily to ensure that there is 100% transparency in the filing system.<\/p>\n GSTR 9s should be filed before the 28th of February every year.<\/p>\n Every business whose annual turnover is between INR 2-5 crores will have to file for GSTR 9C<\/a>. This a reconciliation statement and certification. The GSTR 9C consists of the financial year\u2019s audit report in context and tallies it with the organization\u2019s GSTR 9 reports. This must be made by a Chartered Accountant or a Cost Accountant. The last date for filing the GSTR 9C is the 28th of February every year.[\/vc_column_text][vc_column_text]<\/p>\n GSTR 4<\/a> is a tax filed by a composition taxpayer and is done annually before the 30th of April of every financial year. A composition taxpayer is a business owner whose annual turnover is under 1.5 crores. The GSTR 4 helps the taxpayer skip the tedious tasks of filing returns regularly due to their income generated.<\/p>\n GSTR 9A is a tax return that is to be filed by users who have opted for the composition scheme.[\/vc_column_text][vc_column_text]<\/p>\n GSTR 5<\/a> is a tax return that every non-resident taxpayer should file by the 20th of every month. A non-resident taxpayer is an entity that does not reside in India but frequently conducts business in India in the form of manufacturing. A GSTR 5 is a consolidated report of all the user\u2019s sales and purchases in a month.<\/p>\n GSTR 6<\/a> is a tax return that must be filed by Input service distributors (ISD) every month. This is due on the 13th of every next month, and this has to be filed by the ISDs even if the financials for that month show nil returns. A GSTR 6 contains all the details of the tax input the user has received and the distribution of their Input Tax Credit (ITC)<\/p>\n GSTR 7<\/a>\u00a0<\/strong>is to be filled by business owners who are required to deduct tax at source. This is necessary as it helps keep a transparent tally between the tax deducted by the business owner (employer) and the employee (tax deducted from). This is also used when the employee files his\/her\u2019s GST returns. A GSTR 7 contains information on the TDS liability, TDS paid, and TDS claims, if any are made. The business owner should file GSTR 7s by the 10th of every month that follows.<\/p>\nGSTR 2<\/h3>\n
GSTR-2B<\/h3>\n
GSTR 3<\/h3>\n
GSTR3B<\/h3>\n
GSTR 9<\/h3>\n
GSTR 9C<\/h3>\n
<\/span>Types of GST Returns that Businesses Registered under Composition Scheme should file<\/span><\/h2>\n
GSTR4<\/h3>\n
GSTR 9A<\/h3>\n
<\/span>GST Returns Filed by Other Businesses that were not Mentioned Above<\/span><\/h2>\n
GSTR 5<\/h3>\n
GSTR 6<\/h3>\n
GSTR 7<\/h3>\n
GSTR 8<\/h3>\n