Whether you are a business owner or an employee of a company or even a student of accounts you must know about GST. However, do you know about the various types of GST in India? Well don’t worry as we will explain these to you:
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GSTR-1 is the return that every registered dealer should file under the normal scheme as well as composition scheme. GSTR-1 primarily deals with the outward supplies of all the goods and supplies that the business owner deals with. It includes details of all invoices on which tax has been paid or is liable to be paid. These details are required to be filed on a monthly/quarterly basis.
GSTR-2 is the return relating to inward supplies filed by every registered dealer under the normal scheme as well as composition scheme. This return will include details of inward supplies i.e., purchases made by the dealer. The dealers can claim Input Tax Credit (ITC) based on this return only.
GSTR-3 is the monthly return filed by every registered dealer under the normal scheme. This return will comprise of summary of all outward and inward supplies along with input tax credit availed by the dealer during that particular month. The payment of taxes due will also be made in this return only. This return cannot be filed by dealers under the composition scheme.
GSTR-4 is the quarterly return under the composition scheme to be filled by every taxpayer having turnover up to Rs 1.5 crore in the preceding financial year. The due date for filing GSTR-4 is the 18th of the month succeeding quarter
A non-resident taxable person (NRTP) is required to file GSTR-5 on monthly basis in the GST portal within 20 days from the end of the month. NRTP can also file a Nil return if there is no taxable transaction during a month. The due date for filing GSTR-5 is the 20th of the following month.
GSTR-6 is filed by Input Service Distributor (ISD). ISD is required to file GSTR-6 by the 13th of the month succeeding the tax period. ISD can also file a Nil return if there is no credit received during a tax period.
TDS deductors are required to file GSTR-7 monthly by the 10th of the following month. In case, TDS has not been deducted then Nil Return can be filed on the GST portal. TDS deductors can also revise the details mentioned in GSTR 7 within five days from the due date of filing the return.
GSTR-8 is a monthly return to be filed by e-commerce operators (ECOs) with the tax authority. It reflects the supply of goods and services through the e-commerce portal, as well as details of TCS collected on behalf of the government. GSTR-8 is to be filed by the 10th of every month for the preceding month’s transactions.
GSTR-9 is an annual return that is due to be filed by all registered taxpayers under GST. This is a simple consolidated form that captures all supplies made and received during the year and all taxes paid against them.
In addition to knowing about different types of GST returns you should also educate yourself on the correct due dates so that you stay on top of your taxes. You can visit Khatabook, to learn more about these.