Saturday, 27 May 2017
What is GST return?
Every person registered under GST Act has to periodically furnish the details of sales, purchases and tax paid and collected theron by filing return with GST Authorities. Before filing any return payment of tax due is pre requisite otherwise such return will be invalid.
Steps for filing GST return:
GST return can be filed in different forms depending upon the nature of transaction.Return Forms that are applicable for Normal Tax payers and their due dates
☞Monthly Details of inward supplies in FORM GSTR-1 by the 10th of next month.
☞Monthly Details of outward supplies in FORM GSTR-2 by the 15th of next month..
☞ Monthly Filing of Return in FORM GSTR-3 by the 20th of next month.
☞ Annual Filing of Return in FORM GSTR-8 by 31st December of next financial year.
Types of returns under GST
There are multiple return under the GST regime. The most common used return will be GSTR 1, 2 ,3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis. GSTR 4 is submitted on a quarterly basis and GSTR 9 on an annual basis.
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ReplyDeleteA number of countries around the world have already implemented GST. The GST Bill has become one of the main points of discussion around the country thanks to its aptitude to completely improvement the whole taxation system in India. A GST Calculator is an efficient tool that can be used to calculate the cost of products and services. GST is one not direct tax for the whole nation, which will make India one combined common market. GST is a single tax on the supply of goods and services.
ReplyDeleteRef : GST News Updates