For any country, a strong economy is much required. It helps one to know how the condition of the country is financially and spend accordingly. The prime source of revenue for any state or country is the direct and indirect taxes that are collected from people. Recently due to the consistent demand for change in tax reforms the government has taken a bold step and introduced a different system of indirect tax. The GST was implemented in the year 2017, and since then it has been made mandatory for the businessmen to file GST return for each financial year. Some of them are monthly requirements wherein the details of the invoices raised and received have to be filled with GSTN. GSTN is a portal where the data of the taxpayers can be accessed in future.
Who has to File GST Return?
The businessmen and stakeholders who fall within the eligibility criteria of the Goods & Service Tax have to file the returns as per the mandates of the Tax Department. These days’ one can file the return online with the help of GST accounting software with the help of few easy steps.
The GST returns are a set of forms for reporting. Each form is designed to ensure the disclosure of every transaction made between the sellers and buyers.
Here’s a look at the types of return under GST:
- GSTR 3B: The government has introduced the interim return form GSTR 3B for July and August. It was kind of self-declaration form wherein the taxpayers could list out the invoice details for first two months.
- GSTR 1: This form is for providing the details to the income department of the outward supplies of the goods and services. One needs to file it by the 10th day of every following month.
- GSTR 2A: This is an auto-populated form which allows the recipient to see or check the details filed by the supplier.
- GSTR 2: The form offers details of inward supplies of goods and services approved by the recipient of the goods/ services. The form has to be filed every month by 15th.
- GSTR A1: This form gets generated once the GSTR2 is filed on every 15th. It shows the changes made by the recipient and goes to a supplier who will accept or reject the changes.
- GSTR 3: The auto-populated form contains details filed under GSTR 1, and GSTR 2which allows the income tax department to calculate the tax payable after considering the input tax credit availability.
- GSTR 4A: It’s the form for taxpayers who opt for composition scheme. The form is generated on a quarterly basis which contains the details of inward supplies as reflected in GSTR1.
- GSTR 5: It is a monthly form which is filled by foreign Non-resident taxpayers.
There are few other forms as well such as GSTR 7, 7A, 8, 9, and 9A under the GST return filing procedure. The business enterprises can also take help from CAs which can help in GST filing.