Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GSTR-1: A return filed by every regular taxpayer.
GSTR-3B: A return that enables taxpayers to pay their tax liabilities on schedule.
CMP-08: Any taxpayer who has opted in for the GST Composition Scheme must file this form.
GSTR-4: Under the composition scheme, this form is used to file quarterly returns for taxpayers who make more than 1.50 crores. They must pay a set rate of tax and file a quarterly return
GSTR-5: Includes information about purchases and sales, the tax charged or payable, interest or fees paid, and any other amounts due under the GST Act. The return is filed by a non-resident taxable person.
GSTR-6: It lists the invoices that the ISD has provided as well as the credit that has been paid. Also, the form summarizes the total amount of input tax credit that is required for delivery.
GSTR-7: Includes information on TDS liabilities, interest, and fees charged or payable, as well as tax deducted at source and TDS refunds (if any). It is a return for government authorities.
GSTR-7A: An automatically produced form gets generated once the deductor provides details in Form GSTR-7 and they are accepted by the deductee.
GSTR-8: The form provides information about the goods and services offered by e-commerce sites, as well as the tax received from vendors.
GSTR-9: Casual taxable individual, Inbound tax credit person who has to pay tax under section 51 or 52, and non-resident assessee information are all included.
GSTR-9A: The form includes information on tax refunds, taxes collected, late fees, inbound and outbound materials, and input tax credits used or changed.
GSTR-9B: Annual return for e-commerce sites that are allowed by section 52 to collect tax at source.
GSTR-9C: When a registered taxpayer has their accounts audited, they must file a reconciliation document. This is the 9C form
GSTR-10: The primary goal of this return is to ensure that the taxpayer has paid off all unpaid tax debts. The liability is higher of:
♦ Output tax on finished products, semi-finished goods, capital goods, or plant and machinery.
♦ Input tax on the products listed previously.
♦ Three months from the date of registration getting cancelled, or
♦ Date of order of cancellation.
GSTR-11: Users who have been assigned a UIN should fill out this form. The UIN is provided to the registered individual for them to receive GST refunds on purchases of goods and services.
► Avoid Penalty – Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return
► Avoid Registration Cancellation – To be worst if you don’t file GST Returns on time your certificate might get cancelled.
► Better Relationship with your prospects – Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects
► Better Compliance Rating – Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.
► Ease of availing loan – Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer’s credibility on the basis of his GST Returns.
► E-Waybill generation – In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.
► Customers GSTIN
► Type of Invoice
► Place of Supply
► Invoice Number
► Invoice Date
► Taxable Value
► GST Rate