RETURNS,UNDER,GST,REGIME,OVERV law RETURNS UNDER GST REGIME OVERVIEW
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What is GST return?· Every person registered under GST Act has to periodically furnish the details of sales, purchases and tax paid and collected thereon by filing a return with GST Authorities. Before filing any return payment of tax due is prerequisite otherwise such return will be invalid.Who is required to file a return under model GST Law?Every registered person required filing a return for the prescribed tax period. A Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return. Persons exclusively dealing in exempted / Nil rated / non – GST goods or services would neither be required to obtain registration nor required to file returns under the GST law. Which return to file?Categories / Types of returns under GST LawReturn / FormDetailsFrequency Due DateGSTR – 1Outward supplies made by a taxpayer.Monthly10th of succeeding month.GSTR – 2Inward supplies received by a taxpayer.Monthly15th of succeeding month.GSTR – 3Monthly return along with the payment of an amount of tax.Monthly20th of succeeding month.GSTR – 4Quarterly return for compounding taxpayer.Quarterly18th of the month succeeding quarter.GSTR – 5Periodic return by a Non-Resident foreign taxpayer.Monthly 20th of the next month.GSTR – 6Return for Input Service Distributor (ISD).Monthly15th of the next month.GSTR – 7Return for Tax Deducted at Source Monthly10th of the next month.GSTR – 8Supplies effected through e-commerce operator and the amount of tax collectedMonthly10th of the next month.GSTR – 9Annual ReturnAnnually31st December of next financial year.GSTR – 10Final Return (For the taxable person whose registration has been surrendered or cancelled )MonthlyWithin three months of the date of cancellation or date of cancellation order, whichever is later.GSTR – 11Details of inward supplies for UIN.Monthly28th of the month following the month for which statement is filed. Steps for filing GST return?GST return can be filed in different forms depending upon the nature of the transaction. Return Forms that are applicable for Normal Taxpayers and their due dates· Monthly Details of inward supplies in FORM GSTR-1 by the 10th of next month.· Monthly Details of outward supplies in FORM GSTR-2 by the 15th of next month.· Monthly Filing of Return in FORM GSTR-3 by the 20th of next month.· Annual Filing of Return in FORM GSTR-8 by 31st December of next financial year.
RETURNS,UNDER,GST,REGIME,OVERV