GST Returns

gstr 1 return filing
GST Returns
CA. Vipin Tyagi

Quick Guide on GSTR-1 Return Filing: Essential Facts You Need to Know

GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. The GSTR-01 return contains details about outward supplies.  Based on your turnover, the due dates of filing GSTR-1 vary. Industries with aggregate turnover more than Rs. 1.5 crore, will have to file the GSTR-01 return on a monthly basis. However, businesses with aggregate turnover up to 1.5 crores have an option to file the return on quarterly basis..  1. Features of GSTR-1 Form All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of

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Interest on GST Delayed Payments
Blog
CA. Sachin Jindal

Interest Payable on Gross GST Liability, as Declared in GSTR-3B: CBIC

Taxpayers are liable to pay interest on delay in the deposition of GST liability, as declared in GSTR-3B. Section 50 of the Central Goods and Service Tax Act, 2017 contains interest related provisions. However, whether interest is payable on the gross amount of GST liability or net amount of GST liability (i.e., after setting off ITC Balance) is still under dispute. On 10th February 2020, the CBIC (Central Board of Indirect Taxes and Custom) issued a notice (F. No. CBEC-20/16/07/2020- GST) regarding the amount of payable interest on Delayed Tax.  The CBIC has declared that the taxpayers, who have filed

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GSTR-5A
GST Returns
CA. Kapil Mittal

GSTR-5A Returns: Non-Resident OIDAR Service Provider| Eligibility | Due Date

GSTR- 5A form is documentation that contains details of the goods or services provided to an unregistered person inside India through Online Information and Database Access or Retrieval (OIDAR) by any person who is situated outside India. For e.g., an individual person, unregistered under GST, access database of any company located in China. Then, such service providers are liable to pay GST on services rendered through GSTR-5A. Basically, OIDAR service providers fill the GSTR-5A by logging into the GST portal to get returns. Here, we are going to let you know about every single detail of filing GSTR-5A returns.  1.

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GST Returns
CA. Sachin Jindal

GSTR-8 Return Filing: Due Date | Eligibility & Rules

The GSTR-8 is a TCS (Tax collected at source) deduction form. The e-commerce companies, registered under the GST regime, file GSTR-8 return for every month. This form contains all the details of supplies made through e-commerce platforms (to both registered and unregistered customers) and TCS amount collected with respect to such supplies.  Along with that, the form also contains details of the consumers, payable tax, and paid tax amount. Under section 52 of Central Goods and Service Tax Act, 2017 (“CGST Act”), GSTR-8 filing is mandatory for registered e-commerce operators because, under the same law, the e-commerce platform is defined

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GSTR-5 Returns
GST Returns
CA. Kapil Mittal

All You Need to Know About GSTR-5 | Due Dates |Eligibility | FAQs

Government of India has introduced the Goods and Service Tax in the country’s business regime since 1st July 2017. Since the day of its inception, GST has changed the way businesses used to process in the country. Not only Indian but also non-resident suppliers do come under the regime. Registered Non-resident taxable suppliers are not only liable to register themselves under GST but also need to file GSTR-5 Form mandatorily. 1. Who Needs To File GSTR-5? As previously said, non-resident taxable suppliers need to file the GSTR-5 form. A person who does not have a business establishment in India but

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GST Returns
CA. Sachin Jindal

Form GSTR-7: Return Filing | Due Date | Formats

TDS refers to tax deducted at source. The concept under Goods and Service Tax is similar as given under the Income Tax Act. Individuals or industries who make payments for services and goods are liable to deduct tax at source when the payment meets a certain threshold limit. The Form GSTR-7 is all about Tax deducted at source (TDS) under GST.  Every eligible taxable person who deducts TDS needs to file GSTR-7. Every person who deducts TDS shall file the return by 10th of the following month from a certain tax period. GSTR-1 must get filed irrespective of the filing

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GST Form CMP-08
Composition scheme
CA. Kapil Mittal

Must Know Facts On Filing CMP-08 Return: Due Date | Eligibility | Penalties

CBIC has segregated taxpayers across the country, and there are certain business persons who have been given the option to opt for a simplified procedure of compliance under GST. The option is given if you opt for composition scheme under section 10 of the CGST Act 2017  or benefit of Notification NO. 2/2019-dated 7th March 2019-Central Tax Rate. If you are one such specified person, then you need to furnish your return in a simplified statement on a quarterly basis through Form CMP-08.  1. Insights on Form CMP-08? A challan/statement through which one can declare the details or summary of

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GSTR-6 return filing
GST Returns
CA. Sachin Jindal

Know All About Filing GSTR 6| Return for ISD| Input service Distributor | Due dates and Penalty

If you are registered under GST, as an Input Service Distributor (“ISD”), you will have to file GSTR-6 return within its given deadline. The GSTR 6 form contains all the details regarding your purchase invoices and most of the information in this return is auto-populated. In this article, we will talk about every detail you need to know about the GSTR-6 return. It is important to note that ISD registration is separate from normal registration under GST. Therefore, if you have registered as a regular supplier under GST and you are liable to register as ISD also. Then you need

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File GSTR-3B Returns in staggered manner
GST Returns
CA. Sachin Jindal

Must Know Facts About GSTR-3B: Return Filing, Format, Due Date

Got your business registered under the GST regime? Then, you must be already aware of the GSTR-1, GSTR-2, and GSTR-3 forms. Similar to other GST return forms, GSTR-3B is another essential form you need to file monthly. More precisely speaking, the GSTR-3B is nothing but a self-declaration form that acts as a consolidated summary of all the inward and outward supplies your business has gone through in a month. 1. What is GSTR 3B? As said earlier, GSTR 3B is the form that summaries all your monthly returns. Through GSTR 3B, you need to accumulate the total values of purchases

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