Compliance & Taxation

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Compliance & Taxation

Compliance & Taxation

1. Preparation of Tax Audit
2. Preparing and filing of GSTR-9 & 9C
3. Preparing and filing of GSTR Return (GSTR-1 & 3B)
4. Preparing and filing of TDS/TCS Return
5. Preparing and filing of Income Tax Return…etc various things

Preparing and Filing of GSTR 1 & GSTR 3 B 

A GST return is a document containing details of income/ sales and/ charges/ purchases that a GST-registered taxpayer( every GSTIN person) is needed to file with the duty executive authorities. This is used by tax authorities to calculate net tax liability. Under the GST Act, a registered dealer has to file GST returns that astronomically include.

  1. Purchases( Input)
  2. Output GST( On Sales)
  3. Input tax credit( Paid on purchases)

To file GST returns or for GST forms, check out the Clear GST software that allows the import of data from colorful Software systems similar to Tally, Busy, and custom-made Excel, to name a many. There’s also the option to use the desktop app for Tally druggies to directly upload data and files.

Who should file GST Returns?

Under the GST Tax governance, regular businesses having further than Rs. 2 crore periodic aggregate development( and taxpayers who haven’t decided on the QRMP scheme) have to file two monthly returns and one periodic return. This amounts to 25 returns each year.

Taxpayers having a turnover of less than Rs. 2 crore have the option to file returns under the QRMP scheme. The number of GSTR forms for QRMP filers is 9 each time, which includes 4 GSTR- 1 and 4 GSTR- 3B returns each and one periodic return. Note that QRMP filers have to pay duty on a monthly basis indeed though they’re filing returns quarterly or monthly.

What is GSTR 3B?

GSTR- 3B is a self-declared summary return filed every month( monthly and quarterly). Taxpayers need to report the summary numbers of sales, ITC claimed, and net duty adaptation and outstanding in GSTR- 3B.

  1. The GSTR- 3B formerly filed can’t be revised.
  2. A separate GSTR- 3B must be filed for every GST-registered person.
  3. Indeed in case of a zero liability, GSTR- 3B must be compulsorily filed -3 The GST return liability must be paid on or before the date of filing GSTR- 3B, earlier than its due date.

What is GSTR-1

GSTR-1 is a monthly or quarterly return that should be filed by every registered person, except a many as given in further sections. It contains details of all outside inventories i.e., deals. The return has an aggregate of 13 sections.

When is GSTR-1 due ?

The due dates for GSTR- 1 are grounded on your total turnover. Businesses with sales of over Rs. 2 crores have the option to file quarterly returns under the QRMP scheme which are due by the 13th and the 11th of the month following the applicable quarter.