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GST Returns

GST Returns

The infamous GST or the Goods and Services Tax is a single indirect tax levied on the basic supply of goods and services from the manufacturer or the supplier to the consumer or the client.

TYPES OF GST RETURNS:

  • GSTR-1 -  return form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services.
  • GSTR-2 -  return form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services.
  • GSTR-3 -  return form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. 
  • GSTR-4 -  return form has to be filed by taxpayers who have opted for the Composition Scheme.
  • GSTR-5 -  return form has to be filed by all registered non-resident taxpayers. 
  • GSTR-6 -  return form has to be filed by all taxpayers who are registered as an Input Service Distributor.
  • GSTR-7 -  return form has to be filed by all e-Commerce operators who are required to collect tax at source under the GST rule.

DUE DATE FOR EACH RETURN:
  • GSTR1- By 10th of the following month.
  • GSTR2- By the 15th of following month. 
  • GSTR3 - By the 20th of the following month
  • GSTR4- By the 18th of the following month.
  • GSTR5- By the 20th of the following month.
  • GSTR6- By the 20th of the following month

PROCEDURE:

Every registered person is required to compute his tax liability on a monthly basis by setting off the Input Tax Credit (ITC) against the Outward Tax Liability. If there is any balance tax liability the same is required   to be paid to the government.
  • Electronic Tax Liability Ledger The electronic tax liability ledger shows the total tax liability of a registered person at any point in time.
  •  Electronic Cash Ledger An Electronic Cash Ledger will also be maintained on the GST portal. It will display the total amount deposited by the taxpayer towards discharge of his tax liability or interest or late fee or penalty any other amounts. Also, it is now mandatory for businesses making payment for more than Rs 10,000 to do it electronically. 
  • Electronic credit ledger All the taxes paid on the inputs would be recorded in the electronic credit ledger. The input tax credit in each of the cases mentioned below shall also be transferred to the electronic credit ledger: 
  ITC available to the branch for the amount of credit transferred by ISD
  ITC allowed on input held in stock and the semi-finished or finished goods would be credited to electronic credit ledger if the taxpayer applies for registration within 30 days of becoming liable to pay tax.
       ITC available on the input held in stock and semi-finished or finished goods by a taxpayer in the composition scheme converting to a normal taxpayer shall be transferred to electronic credit ledger.
  ITC available due to the taxes paid under the reverse charge mechanism shall also be transferred to the electronic credit ledger.
  ITC available on goods/services used for the business and other purposes shall only be allowed to the extent applicable for business purposes.

PROCEDURE:

Every registered person is required to compute his tax liability on a monthly basis by setting off the Input Tax Credit (ITC) against the Outward Tax Liability. If there is any balance tax liability the same is required to be paid to the government.

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