What is GST?
There are so many taxes that the Central and State Governments charge on Goods & Services. And all these taxes are united, and now there is only one taxation system in India, known as GST.
GST is the single taxation system in India. GST’s complete form is Goods and Service Tax. The name indicates that it is an indirect tax on goods and services. It replaced many taxes that previously existed in India. Any person who is supplying goods and services is responsible for charging GST.
GST is collected on goods and services at every stage of sale or purchase in the supply chain. The end consumer has to bear this tax. The current tax structure does not allow a business person to take tax credits.
How many types of GST returns?
There are different types of GST returns are there, as shown below:
GSTR-1(sales invoice)
- Details of outward supplies of taxable goods or services or both effected.
- Filing of Returns must be done Monthly.
- On or before the 10th day of the month succeeding the said tax period
GSTR-2(purchase invoice)
- Details of inward supplies of taxable goods or services or both claiming input tax credit.
- Filing of Returns must be done Monthly.
- Submission must be made after the tenth but on or before the fifteenth day of the month succeeding the tax period.
GSTR-3
- Monthly return based on finalization of details of outward supplies and inward supplies along with the payment of the amount of tax.
- Filing of Returns must be done Monthly.
- Submission must be made On or before the twentieth day of the month succeeding such calendar month or part thereof.
GSTR-4
- Quarterly Returns for compounding taxable persons are required to furnish the return.
- Filing of Return must be done each quarter or part thereof
- Submission must be made eighteen days after the end of such a quarter.
GSTR-5
- A registered non-resident taxable person is required to furnish the return.
- Filing of return must be done Every calendar month or part thereof
- Submission must be made twenty days after the end of a calendar month or within seven days after the last day of the registration period, whichever is earlier.
GSTR-6
- A taxable person registered as an Input Service distributor is required to furnish the return.
- Filing of Return must be done Every calendar month or part thereof
- Submission must be made thirteen days after the end of such a month.
GSTR-7
- A registered person is required to deduct tax under section 51.
- Filing of returns must be done monthly.
- Submission must be made Ten days after the end of such month.
GSTR-9
- This simplified annual return by compounding taxable persons registered under section 10.
- Filing of returns must be done yearly.
- Submission must be made On or before the thirty-first day of December following the end of the such financial year.
