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In India, every organization registered under GST has a legal obligation to file 26 GST returns annually. While this may seem challenging to comply with, Goodwill India Enterprises offers expert online guidance to make the process easier. It is the responsibility of taxpayers to submit GST returns within the specified timeframe, as these filings are used by the Indian government to assess the country’s overall tax liability.

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The Annual Turnover Status For GST Return Filing Varies On The Business Type

GSTR-1

For any business operating in India, monthly GST return filing is mandatory. Specifically, GSTR-1 needs to be filed by the 10th of each month.

GSTR-2

GSTR-2 is a return that is filed to furnish all necessary information related to the supply of goods and services.

GSTR-2A

GSTR-2A contains information about inward supplies of goods or services received from registered suppliers. The deadline for filing GSTR-2A is the 15th of each month.

GSTR-3B

GSTR-3B is a return that includes the summary of monthly inward and outward supplies, as well as input tax credits. The deadline for submitting GSTR-3B is the 15th day of each month.

GSTR-4

GSTR-4 is a return that provides an overview of all outward supplies made by a taxpayer, along with the details of tax paid on imported services. The deadline for filing GSTR-4 is the 30th day of the month following the end of the financial year.

GSTR-5

All business entities are required to submit details of their inward and outward supplies, as well as their tax liability, in GSTR-5. The deadline for filing GSTR-5 is the 20th day of each month.

GSTR-5A

GSTR-5A is a return that is specifically for Online Information & Database Access or Retrieval (OIDAR) service providers. It includes details of services provided to individuals or organizations. The deadline for filing GSTR-5A is the 20th day of each month.

GSTR-6A

GSTR-6A is a summary report generated by the system that provides information on a taxpayer’s inward supplies. The deadline for filing GSTR-6A is the 13th day of each month.

GSTR-6

GSTR-6 is filed after the verification and acceptance of the details provided in GSTR-6A. The deadline for filing GSTR-6 is the 13th day of each month.

GSTR-7

GSTR-7 is filed to claim a refund of TDS (Tax Deducted at Source) under GST, and the details provided in this return are used for further processing. The deadline for filing GSTR-7 is the 18th day of the subsequent month.

GSTR-7A

GSTR-7A is a TDS (Tax Deducted at Source) certificate that is generated after filing the GSTR-7 return..

GSTR-8

GSTR-8 is a return that is specifically for e-commerce businesses that collect Tax Collected at Source (TCS). It includes details of the suppliers associated with the e-commerce entity. The deadline for filing GSTR-8 is the 10th day of each month.

GSTR-9

GSTR-9 is an annual GST return that provides information on all the sales, purchases, refunds, and input tax credit of various entities, including taxpayers, Special Economic Zone (SEZ) units, SEZ developers, and more.

GSTR-9A

The GSTR-9A form is applicable to taxpayers who have opted for the Composition Scheme at any time during the financial year. It encompasses inward and outward supplies, suppliers, and input tax credits within this particular category.

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The elimination of the cascading method,

Which involves the imposition of tax on top of tax, is a key benefit of GST filing, as it simplifies the entire tax process.

Filing GST Returns

When it comes to filing GST returns, a business entity is required to provide the following documentation as part of the process.

Business Opportunities

Thanks to the Indian tax system’s harmonization, business entities can now take advantage of a nationwide market without having to pay varying taxes to state governments, creating more business opportunities.

An Organised Tax System

GST return filing has replaced the previous chaotic tax system, allowing businesses to pay their entire tax amount at once and creating a more organized tax system.

Help Helping the start-ups

Start-up entities previously faced challenges with the mandatory VAT, which applied to any company with an annual turnover of INR 5 lakhs. However, GST return filing has replaced VAT, providing a more beneficial system for start-ups.

Legal Advisory

We provide a client-focused approach to flexible procedures

Advisory Service

We have a team of dedicated accountants available serve you.

TDS Return Filing

Flexible and cost-effective solutions to suit your budget.

Professional Advisory

Knowledge, resources to handle any business intricacy hassle-free

GST Advisory Services

A dedicated in-house team awaiting to provide their service

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GST for Service Oriented Business?

The services or persons making a turnover of more than Rs. 20 lakhs per annum are applicable and need to pay GST based on their tax rate.

GST for Product or Goods Business?

The business related to goods, manufacturers, and wholesalers is applicable for goods taxes in GST. A company acquiring a turnover of Rs. 40 lakhs per annum is eligible for GST registration and pays tax under GST.

Who is applicable for GST Registration?

Goods and Service tax is applicable for all Goods and services related business. Every business in India needs to register under the GST registration. Tax will be applicable only when they earn more than the limit. GST registration and paying GST at the correct time are necessary. If you cheat or forget to pay, it will be punishable by a penalty. The penalty may be Rs. 10,000–25,000 or 10%, depending on the annual revenue. A dual GST Model has been introduced, distributing authority to both the Centre and the States to charge the tax simultaneously.

What are the types of GST components?

GST or Goods and Services taxes have four components central Goods and services taxes (CGST), State goods and Services taxes (SGST), Union Territory Goods and Services Taxes (UGST), and Integrated Goods and Services Taxes (IGST). These are the components of GST.

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