GST return is a document that registered taxpayers must file regularly with details of supplies made, taxes paid and collected, and net tax liability. There are different types of GST returns depending on the taxpayer's registration and turnover, including monthly, quarterly, and annual returns. Filing returns accurately and on time helps taxpayers comply with tax laws, claim input tax credits, avoid penalties, and improve cash flow while gaining insights into their business performance.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
GST REGISTRATION
Pre 1st July 2017, a manufacturer, trader, retailer or any other business was filing returns in respect of various compliances – Excise, VAT, Service Tax, Sales Tax, Income Tax etc. with separate returns for each of them. A continuous process of filing returns – monthly, quarterly, half-yearly and yearly existed and businesses were kept occupied throughout the year by filing one or the other return.
For detail guience with our experts request you to visit our website : onlinecompliances.com . where our experts are ready to provide you instant solution for your financial issues.
The GST mechanism includes the information of sales, purchases, input tax credit and every taxpayer is required to file GST returns.
Under GST taxpayer needs to file monthly returns and one annual return.
GSTR-1, GSTR-2 and GSTR-3 are required to file by normal taxpayers.
https://www.trutax.in/gst-returns-filing
GSTR-3B: Filing, Rules, and Reconciliations | Academy Tax4wealthAcademy Tax4wealth
GSTR-3B is a monthly summary return form under the GST. GSTR-3B serves as a summary statement of a taxpayer & outward supplies, inward supplies are liable to reverse charge, input tax credit claimed, and tax liability for a particular tax period.
For more information, visit us at:-
https://academy.tax4wealth.com/blog/e-invoicing
GST Filing is the process by which buyers and suppliers file their GST returns to the IT Department of the Indian government. A GST return is essentially a document that contains details regarding the taxpayer's income that helps IT officials calculate their liability for a particular period.
Registered GST dealers have to file GST returns for purchases, sales, Output GST, and Input Tax Credit. To complete the GST filing, dealers require compliant sales and purchase invoices. Read on to find out more about GST Filing, why it’s important and how to get it done.
GST returns types, applicability of returns with due date to different assessees, CGST, IGST, SGST, Returns for regular Dealer, Composition Dealer, Annual return,Monthly return, Quarterly Return
The GSTR 9 is a GST annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. GSTR 9 form must be filed by all registered taxable persons under GST.
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GST is an Indirect Tax which has replaced many Indirect Taxes in India.
The Act came into effect on 1st July 2017.
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
This is about the understanding of the provisions applicable in GST. This Presentation talks about the complete practical understanding. There is a series of presentation available but for now we are providing our first PPT free of cost.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
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Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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GST Return Filing.pdf
1. GST Return Filing
What is GST Return?
A GST return is a document that every registered taxpayer under the Goods and Services
Tax (GST) law must file for every GSTIN registered. It is a monthly or quarterly return that
contains details of all outward supplies made, inward supplies received, tax collected on
sales (output tax), tax paid on purchases (input tax), and the net tax liability.
Filing GST returns is not just a legal obligation, it is a way for the government to keep track
of economic activities and collect taxes in a streamlined manner. Timely and accurate filing
helps in preventing tax evasion and keeps the taxpayer’s records up to date.
Components of GST Return
Sales and Output GST
This section requires businesses to report the total sales made during the tax period. The
applicable GST rate on these sales is also mentioned here.
Purchases and Input Tax Credit
In this part, businesses provide details of their purchases during the tax period and claim
input tax credit on the GST paid on these purchases.
Other Adjustments
Adjustments, if any, related to credit notes, debit notes, and other transactions are reported
in this section.
Types of GST Returns
The full form of GSTR is Goods and Services Tax Return.
• GSTR-1: This is a monthly return that must be filed by all taxpayers who have a
turnover of more than Rs. 20 lakhs. It contains details of all outward supplies made
during the month.
• GSTR-2A: This is an auto-generated return that is prepared by the GST portal
based on the information filed by the supplier in GSTR-1. It contains details of all
inward supplies received by the taxpayer during the month.
• GSTR-3B: This is a quarterly return that must be filed by all taxpayers. It is a
consolidated return that combines the information filed in GSTR-1 and GSTR-2A.
• GSTR-4: This is a return that must be filed by composition dealers. Composition
dealers are small taxpayers who are allowed to pay a simplified tax rate.
2. • GSTR-5: This is a return that must be filed by non-resident taxable persons
(NRITPs). NRITPs are foreign taxpayers who supply goods or services in India.
• GSTR-6: This is a return that must be filed by input service distributors (ISDs). ISDs
are entities that distribute input services to other taxpayers.
• GSTR-7: This is a return that must be filed by taxpayers who deduct tax at source
(TDS). TDS is a tax that is deducted from the payments made to suppliers by certain
taxpayers.
• GSTR-8: This is a return that must be filed by e-commerce operators. E-commerce
operators are entities that facilitate the sale of goods or services online.
• GSTR-9: This is an annual return that must be filed by all taxpayers. It contains
details of all supplies made and received during the financial year.
• GSTR-9C: This is a self-certified reconciliation statement that must be filed by
taxpayers with a turnover of more than Rs. 5 crore. It reconciles the data filed in
GSTR-1, GSTR-2A, and GSTR-3B.
• ITC-04: This is a return that must be filed by taxpayers who want to claim input tax
credit (ITC). ITC is a credit that can be claimed by taxpayers for the taxes paid on
their input supplies.
• CMP-08: This is a return that must be filed by taxpayers who opt for the quarterly
return filing and monthly payment of taxes (QRMP) scheme.
• PMT-06: This is a return that must be filed by taxpayers who want to pay their GST
liability in advance.
Depending the type of return and turnover of the taxpayer’s, the due date for filing GST
returns can vary. The GST portal has a dedicated section where taxpayers can find the due
dates for filing returns.
GST Return Type and Due Date
GSTR-1
Type: Monthly/Quarterly Return for Outward Supplies
Due Date: 11th of the following month (Monthly) / Last date of the month following the end of
the quarter (Quarterly)
GSTR-1 is used to report details of outward supplies, including B2B and B2C transactions. It
provides vital information for recipients to claim input tax credit.
GSTR-2A
Type: Auto-Generated Return for Inward Supplies
Due Date: N/A (Auto-Generated)
GSTR-2A is an auto-generated return that provides details of inward supplies based on
suppliers' GSTR-1 submissions. Taxpayers need to reconcile this with their records.
3. GSTR-3B
Type: Monthly Self-Declared Summary Return
Due Date: 20th of the following month
GSTR-3B is a monthly return that summarizes both outward and inward supplies along with
input tax credit claimed. It aids businesses in managing their tax liabilities effectively.
GSTR-4
Type: Quarterly Return for Composition Scheme Taxpayers
Due Date: 18th of the month following the end of the quarter
GSTR-4 is for composition scheme taxpayers and includes details of outward supplies,
inward supplies attracting reverse charge, and tax payable.
GSTR-5
Type: Monthly Return for Non-Resident Taxpayers
Due Date: 20th of the following month
GSTR-5 is for non-resident taxpayers providing taxable services in India. It reports inward
and outward supplies along with tax paid.
GSTR-6
Type: Monthly Return for Input Service Distributors
Due Date: 13th of the following month
GSTR-6 is for Input Service Distributors (ISD) and includes details of input tax credit
distributed and received.
GSTR-7
Type: Monthly Return for Tax Deducted at Source (TDS)
Due Date: 10th of the following month
GSTR-7 is filed by businesses required to deduct TDS. It reports details of TDS deducted,
liability, and payment.
GSTR-8
Type: Monthly Return for Tax Collected at Source (TCS)
Due Date: 10th of the following month
GSTR-8 is for e-commerce operators collecting TCS. It includes details of supplies made
through the platform and TCS collected.
4. GSTR-9
Type: Annual Return
Due Date: 31st December of the following financial year
GSTR-9 consolidates information from GSTR-1 and GSTR-3B for the entire financial year. It
offers a comprehensive overview of all supplies made and received.
GSTR-9C
Type: Reconciliation Statement with Audit Certificate
Due Date: Same as GSTR-9
GSTR-9C is filed along with GSTR-9 and requires a certified audit by a chartered accountant
or a cost accountant. It ensures accuracy in the annual return's information.
ITC-04
Type: Return for taxpayers who want to claim input tax credit (ITC).
Due Date: 10th of the following month
CMP-08
Type: Return for taxpayers who opt for the quarterly return filing and monthly payment of
taxes (QRMP) scheme.
Due Date: 18th of the month succeeding the quarter
PMT-06
Type: Return for taxpayers who want to pay their GST liability in advance.
Due Date: Any day
GST Return Filing Process
Filing GST returns is an essential part of complying with the Goods and Services Tax (GST)
regime in India. It involves submitting accurate information about your business transactions
to the tax authorities. Here’s a step-by-step guide to help you navigate the GST return filing
process:
1. Login to the GST portal by using your GSTIN and password.
2. Click on the "Returns" tab.
3. Select the type of return you want to file.
4. Enter the details of your supplies and purchases.
5. Calculate the tax liability.
5. 6. Pay the tax liability, if any.
7. Submit the return.
Here are some additional details about each step:
• To login to the GST portal, you will need your GSTIN and password. You can
generate your password if you have forgotten it.
• The type of return you need to file will depend on your taxpayer category and
turnover. You can find the details of the different types of returns on the GST portal.
• The details of your supplies and purchases can be found in your invoices. You can
also download the GST returns forms from the GST portal.
• To calculate the tax liability, you will need to know the tax rates applicable to your
supplies and purchases. You can find the tax rates on the GST portal.
• You can pay the tax liability online through the GST portal or through a bank.
• To submit the return, you will need to click on the "Submit" button. You will receive a
confirmation message once the return is submitted successfully.
Steps to Download GST Returns Online
Downloading your Goods and Services Tax (GST) returns online is a straightforward process
that allows you to keep a record of your filed returns. Here’s a step-by-step guide on how to
download your GST returns from the official GST portal:
Step 1: Visit the GST Portal
Go to the official GST portal at www.gst.gov.in using a web browser.
Step 2: Log In
1. Log in to the portal using your GST identification number (GSTIN) and the password
you set during registration.
Step 3: Access the Returns Dashboard
1. After logging in, you'll be directed to the dashboard.
2. Click on the "Services" tab in the top menu and select "Returns" from the drop-down
menu.
Step 4: Choose Return Type
1. Under the "Returns Dashboard" section, you'll find tiles for different types of returns
such as GSTR-1, GSTR-3B, and more.
2. Click on the tile corresponding to the return you want to download.
Step 5: Generate and Download Return
1. On the selected return's page, you'll see an option to "Prepare Online" or "Generate
File to Download."
6. 2. Choose the option to generate the return file for download.
Step 6: Save the File
1. A pop-up window will appear asking you to save the generated return file.
2. Choose a location on your computer or device to save the file and provide a suitable
name.
Step 7: Download the Filed Return
1. The file will typically be in ZIP format or another format specified by the portal.
2. Double-click the file to extract its contents if it's in a compressed format.
Step 8: Review and Store
1. Review the contents to ensure accuracy and completeness.
2. Save the file in a secure location on your computer or cloud storage for future
reference.
Benefits of GST Return Filing
Compliance with the law: Filing GST returns is a legal requirement for all registered
taxpayers. By filing your returns on time and accurately, you can ensure that you are in
compliance with the law.
Claiming input tax credit: Input tax credit (ITC) is a credit that can be claimed by
taxpayers for the taxes paid on their input supplies. By filing your returns correctly, you
can ensure that you are able to claim the ITC that you are entitled to.
Avoiding penalties and interest charges: Late filing of returns or filing incorrect
returns can result in penalties and interest charges. By filing your returns on time and
accurately, you can avoid these penalties and interest charges.
Improved cash flow: By filing your returns on time, you can ensure that you are able
to make timely payments of your GST liability. This can help to improve your cash flow.
Better understanding of your business: Filing GST returns can help you to better
understand your business. By tracking your sales and purchases, you can get insights
into your financial performance and make informed business decisions.
Improved compliance with other taxes: Filing GST returns can help you to
improve your compliance with other taxes, such as income tax and excise duty. By
having a good understanding of your GST obligations, you can be more proactive in
complying with other taxes.
Who is eligible for GST Return
• Any business or individual that is registered under the GST regime must file GST
returns. Registration is mandatory if the aggregate turnover (revenue) of the business
exceeds the prescribed threshold limit.
7. • Businesses with an aggregate turnover of more than ₹20 lakh (₹10 lakh for special
category states) in a financial year are required to register for GST and subsequently
file GST returns.
• Entities engaged in the supply of goods or services across state borders, irrespective
of their turnover, are required to register for GST and file appropriate returns.
• E-commerce operators and sellers on e-commerce platforms must register for GST
and file returns, regardless of their turnover. The operator must also collect Tax
Collected at Source (TCS).
• Entities that receive invoices with an ISD on them and intend to distribute the input
tax credit (ITC) to their branches or units need to file GST returns as Input Service
Distributors.
Documents required for GST Filing:
The documents required for GST filing vary depending on the type of return and the
taxpayer's turnover. However, in general, the following documents may be required:
• GSTIN: The GSTIN is the unique identification number assigned to all registered
taxpayers.
• HSN (Harmonized System of Nomenclature) codes for goods and SAC
(Services Accounting Code) for services. These codes classify goods and services
for tax purposes.
• PAN card: The PAN card is the taxpayer's permanent account number.
• Aadhaar card: The Aadhaar card is a 12-digit identification number issued by the
Unique Identification Authority of India (UIDAI).
• Bank account details: The bank account details are required for making payments
of GST liability.
• Invoices: The invoices are required to substantiate the details of supplies made and
purchases received.
• Other supporting documents: Other supporting documents may be required, such
as rent agreement, electricity bill, or lease agreement.
FAQs
What happens if I don't file my GST return on time?
Failure to file on time can result in penalties and a suspension of input tax credit.
Can I revise my GST return after submission?
Yes, you can make revisions in the subsequent period's return.
Is there a penalty for errors in my GST return?
Penalties might be levied for incorrect information or discrepancies.
8. Do I need to file different returns for different tax periods?
Yes, each tax period requires a separate filing.
How does GST return affect my Input Tax Credit?
GST return is essential to claim input tax credit on taxes paid on purchases.
To simplify, GST return is a crucial document that businesses must file regularly to fulfil their
tax obligations and maintain a transparent financial record. By adhering to the guidelines and
deadlines, businesses can ensure seamless compliance and enjoy the benefits that come
with it.