GST Regular Return Filing
Under the Goods and Services Tax (GST) regime in India, regular return filing is a crucial aspect of compliance for registered businesses. The primary return that businesses are required to file regularly is the GSTR-3B, along with other relevant returns based on the nature of the business. Here’s an overview:
GSTR-3B:
- GSTR-3B is a monthly self-declaration return that businesses need to file, summarizing their outward and inward supplies, tax liability, and input tax credit (ITC) details.
- The due date for filing GSTR-3B is typically the 20th of the following month.
GSTR-1:
- GSTR-1 is a monthly or quarterly return that contains details of outward supplies made by the taxpayer. It includes information such as sales invoices, credit and debit notes, and details of exports.
- The due date for filing GSTR-1 varies based on the turnover of the taxpayer.
GSTR-2A and GSTR-2B:
- GSTR-2A is an auto-populated form that reflects the inward supplies based on the information uploaded by the seller in their GSTR-1.
- GSTR-2B is an auto-generated static statement that provides a summary of ITC available to the buyer.
GSTR-9:
- GSTR-9 is an annual return that provides a consolidated summary of all the monthly or quarterly returns filed during the financial year.
- The due date for filing GSTR-9 is typically December 31 of the following financial year.
GSTR-9C:
GSTR-9C is a reconciliation statement that needs to be filed along with the GSTR-9 for businesses with an aggregate turnover above a certain threshold. It involves the reconciliation of the books of accounts with the GST returns filed.
It’s essential for businesses to adhere to the due dates for filing these returns to avoid late fees and penalties. The specific requirements and due dates may change, so businesses should refer to the latest notifications and guidelines issued by the GST authorities or consult with a tax professional like Legato Business Solution llp for the most current and accurate information.
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