What is GST returns?
These are the documents that have all the details related to GST invoices, payment and receipts for a certain period. The taxpayer is required to show all transactions related to the revenue of the business. It will be calculated accordingly, based on which the tax is to be paid. A business owner can file GST returns from the official portal of GSTN.
These are the documents required to file GST returns.
- Total sales and purchases
- Output GST (GST which is paid by the customer)
- Input tax credit(GST paid by the business for all the purchases)
There are 10 types of GST returns:
- GSTR 1 - Convey subtleties of available goods and services, or both and that of outward supplies
- GSTR 2 - Convey subtleties of inward supplies related to taxable goods and additionally benefits, alongside ITC guarantee.
- GSTR 3 - Includes information monthly returns based on finished detail related to inward and outward supplies.
- GSTR 4 - It has details about 4 months return filings.
- GSTR 5 – It includes the information about nonresident foreign individuals
- GSTR 6- It helps returns for input service distributors
- GSTR 7- Serves as the form facilitates Return filing for authorities initiating TDS.
- GSTR 8- Carries supply details for e-commerce operators along with the tax amount collected as per sub-section 52.
- GSTR 9- Serves as the form to file Annual Returns.
- GSTR 9 - A Includes details to file Annual Returns relative to Compounding taxable individuals registered u/s 10.
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Steps to file GST returns
- First, you must make sure that you are registered under GST and hold the 15 digit identification number which is usually based on your state code.
- Visit GST portal
- Now go to the services button.
- Click on ‘returns dashboard’ and then the drop-down menu.
- Once the filling of all details was done, click on save.
- Now click submit button.
The website stores entire information on sellers and buyers. So if you have a company which engage in the supply of services and goods, You are required to file returns for every 3 months and quarterly returns.
If you want to register your GST filing in Bangalore for your business, you can reach us out on Info@cosultary.in and contact us on:7975187793 or visit us on www.consultry.in/