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All GST registered businesses have to file monthly or quarterly GST returns and an annual GST return based on the type of business.
A GST return is a document that contains information about your sales, purchases, sales tax (output tax), and purchases tax (input tax). After filing GST returns, you must pay the resulting tax liability (money owed to the government).
GSTR-1 Details of external supplies of goods and / or services subject to affected taxes.
GSTR-2 Details of the internal supplies of taxable goods and / or services made claiming the entry tax credit.
GSTR-3 Monthly statement based on completion of details of external and internal supplies along with tax payment.
GSTR-3B Simple declaration in which the summary of external supplies is declared together with the entry tax credit and the taxpayer affects the payment of taxes.
CMP-08 Declaration-cum-challan to make a tax payment by a registered taxpayer under the composition scheme under section 10 of the CGST Act (supplier of goods) and the CGST notification (Fee) no. 02/2019 dated March 7, 2020 (service provider)
GSTR-4 Declaration for a taxpayer registered under the composition scheme under section 10 of the CGST Law (supplier of goods) and the CGST notification (Rate) no. 02/2019 dated March 7, 2020 (Service Provider).
GSTR-5 Declaration for a non-resident foreign taxpayer.
GSTR-6 Return to an input services distributor to distribute the eligible input tax credit to your branches.
GSTR-7 Declaration for government authorities that deduct taxes at source (TDS).
GSTR-8 Details of the supplies made through electronic commerce operators and the amount of taxes collected at source by them.
GSTR-9 Annual return for a normal taxpayer.
GSTR-9C Certified reconciliation statement
GSTR-10 The final return must be filed by a taxpayer whose GST registration is canceled.
GSTR-11 Details of internal supplies to be provided by a person with a UIN and requesting a refund
If you need legal advice or representation for your business, we are here to help. Contact us today to schedule a consultation with one of our experienced attorneys.
All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions.
Regular Businesses.
Businesses registered under the Composition Scheme.
Other types of business owners and dealers.
Amendments.
Auto-drafted Returns.
Tax Notice.
After Getting GST registration Certificate, businesses can easily sell goods and services across states, broadening their market reach.
Businesses registered under GST are often perceived as more reputable and reliable, providing them with a competitive advantage
Registered businesses can claim a credit for the GST paid on Purchase of goods & services, which helps in decreasing their tax liability.
GST registration can improve a business’s credibility with customers and suppliers.
GST registration provides legal protection to businesses, and operating without it can lead to legal implications
There are many strict, specific, and followable rules that have been generated with the appliance of GST. It provides a specified structure for paying the tax and reduces corruption.
Being Registered with GST can lead to new opportunities with these clients since many corporations and governmental organizations are required to work only with registered suppliers.
Businesses with GST registration could gain eligibility for participation in government contracts, unlocking growth opportunities.
To ensure free flow of credit in the tax system, the taxpayer is expected to file the required GST Returns by the due dates. However, late filing of GST returns is allowed but subject to a late fee. The late fees for NIL GST returns is Rs. 20 per day of delay, and the late fee for Non-NIL GST filings is Rs. 50 per day. To reduce the burden of recurring late penalties on small taxpayers, there is an upper limit on late fees.
The GST is the main source of revenue for the states and the union of India. The taxes are needed to be paid monthly, and any delay in payment of the GST to the credit of the Government of India imposes interest at the rate of 18%.
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