File GST returns in time for your benefit

GST returns

GST— goods as well as services tax has been implemented in India and introducing a big change in returns, registration, filing and many other things pertaining to the GST regime of the indirect tax system. Under the GST regime, all taxpayers will be needed to file manifold goods as well as services returns for tax herein called GSTR on the intervallic basis in order to completely abide by the GST system of India. With such developments, the taxpayers shall have to change their approach to compliance so that they can act upon rules laid down under GST act.

Meaning of GST return

A return can be said to be a sort of document that contains information which any taxpayer is needed to furnish with government authorities. It will be utilized by the authorities to evaluate tax liability. Under the system of GST any dealer who is registered taxpayer shall have to submit GST returns as given below:

  1. Sales
  2. Purchases
  3. Input tax credit levied on purchases
  4. Output GST realized on sales

With the intention of submitting GST returns, taxpayers are needed to have GST compliant purchase as well as sales invoices.

People to submit GST returns

Under the GST system, all taxpayers are needed to submit three monthly returns plus a single yearly return. The total number of returns to be filed goes up to thirty-seven annually.

One wonderful thing about the GST regime can be said that you shall have to enter manually information concerning one monthly return that is GSTR-1 while as the other two GSTR-2 and GSTR-3 shall be auto-populated by collecting details found in GSTR-1 submitted your vendors as well as by you. You may find the procedure of submitting GST returns complicated, but by using software for GST India, it can become simple. The composition dealers will have to submit separate returns as special cases.

Kind of GST returns

GSTR-1

This form GSTR-1 is used to furnish the information regarding supplies made outward of goods as well as services to the tax authorities. This form shall have to be submitted on the 10th of each succeeding month. It forms the basis for the further filing of forms within that month.

GSTR- 2A

This form is a sort of the auto-populated form that permits the receiver to view and scrutinize the information submitted by your supplier.

GSTR- 2

With the filing of GSTR-2, you impart information about supplies made inward of goods as well as services as endorsed and corrected by the receiver of the goods as well as services. This form should be submitted on the 15th of the subsequent month.

GSTR- 1A

It can be said to be the auto-populated form which will be generated after submitting of GSTR-2 by the 15th of the succeeding month. It shows all those corrections undertaken by the receiver and is sent towards the supplier who may acknowledge or decline all the modifications. The GST return filing procedure has been made clear by the tax authorities so you should not get stuck.

GSTR- 3

This makes an auto-populated form which includes all information submitted within GSTR-1 and GSTR-2.  It will enable the tax authorities to compute the tax payable after considering of availability of input tax credit.

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