Monday, September 24, 2018

Filing GST Returns for Your Business-ASTER BILLING


ReturnForTo be filed by 
GSTR 1Outward supplies made by taxpayer (Sales)10th of the next month
GSTR 2Inward supplies received by a taxpayer (Purchases)15th of the next month
GSTR 3Monthly return20th of the next month
GSTR 4Quarterly return for Composite Taxpayer18th of the month next to quarter
GSTR 5Return for Non-Resident Foreign TaxpayerLast day of registration
GSTR 6Return for Input Service Distributor (ISD)15th of the next month
GSTR 7Return for Tax Deducted at Source10th of the next month
GSTR 8Return for e-commerce operator10th of the next month
GSTR 9Annual ReturnBy 31st December of next financial year

Monthly GST Returns Filing

Annual GST Return Filing

Composite Taxpayer and GST Filing

Composite taxpayers will have to file GSTR 4, which will be filed quarterly. The composite tax will be a flat rate of tax, which a business pays based on their turnover in a specific period. They will not be able to take input credits for their purchases. Taxpayers eligible for the composite scheme can opt against the composite scheme and file monthly returns and thereby claim input tax credits on their purchases/supplies as well. Annual return (GSTR-8) will be filed by all normal / regular taxpayers. It will be based on financial records. A compounding taxpayer will also need to file a simple annual return. With GST, though the taxes are getting simplified which is a good for all businesses, there may be an increased burden of compliances on businesses as they have to file a total of 37 returns in year (3 x monthly returns for 12 months; and one return annually) Related Articles: GST Compliance Rating and Why It is Important for YouComposition of Tax Levy Scheme for Small Business in GSTGST Impact on IT and Consultancy Services

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