After taking GST registration, timely GST compliances is very important to avoid penalty.
Every registered person under the GST Act need to file periodically return as prescribed where they have to submit periodically sales and purchase details, tax collection, tax input details and pay the balance tax accordingly. Timely filing of return is mandatory to avoid penalty. Some Important returns i.e.. GSTR-3B, GSTR-1, GSTR-2B, GSTR-9 need to be filed accordingly to the applicability and frequency and details is given in FAQ section.
Types of GST Return GSTR-1 : Monthly/Quarterly return for outward supplies GSTR-2A : Confirmation of Input Tax credit GSTR-3B: Monthly Summary return containing Sales, Purchase, Input credit details etc. GSTR-4: quarterly return GSTR-5: variable return to be filed by Non-Resident Taxpayers GSTR-6: monthly return to be filed by input service distributors GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions GSTR-8: monthly return to be filed by e-commerce operators GSTR-9: annual return GSTR-9C: Statement of Reconciliation GSTR-10: final return to be filed when terminating business activities permanently GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)
The details in GSTR-1 return include outward supplies or sales of goods and/or services by the taxpayer. This return form would need to submit following information: • Basic details like Business Name and GSTIN, Invoice date, Invoice Number, period for which the return is being filed etc. • Details of invoices issued in the period and the corresponding taxes to be paid. • Details of advances received against a supply which has to be made in future. • Amendment of details in relation to outward sales invoices pertaining to previous tax periods.
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