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Comprehensive Guide to Types of GST Returns in India

Explore the types of GST returns in India and understand their purpose, filing requirements, and benefits. Stay GST-compliant with Bravima Solutionu2019s financial expertise.

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Comprehensive Guide to Types of GST Returns in India

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  1. Comprehensive Guide to Types of GST Returns in India Understanding GST Returns for Businesses Goods and Services Tax (GST) has revolutionized the tax structure in India by creating a unified system for businesses. As a registered business owner, filing GST returns is a crucial compliance requirement. Every GST-registered business must file periodic returns that include details of sales, purchases, and tax collected or paid. At Bravima Solution, we aim to simplify business financing and compliance for our clients. If you’re looking to streamline your GST filing and focus on your business expansion, understanding the different types of GST returns is essential. What is a GST Return? A GST return is a document that contains details of your income, sales, purchases, and tax liability. Businesses file these returns periodically to report their financial activity and comply with GST regulations. Filing the right GST return ensures smooth operations and helps you avoid penalties for non-compliance. Types of GST Returns in India Here is an overview of the various GST returns businesses must file:

  2. 1. GSTR-1 ● ● ● ● Purpose: Reports outward supplies of goods or services. Who Files: Businesses with sales and turnover above the threshold. Frequency: Monthly or quarterly (for taxpayers under QRMP scheme). Due Date: 11th of the next month (monthly) or 13th of the quarter (QRMP). 2. GSTR-2A ● Purpose: Auto-generated for recipients of goods and services, based on suppliers' GSTR-1. Who Files: View-only; no filing required by businesses. ● 3. GSTR-2B ● ● Purpose: Auto-drafted statement providing input tax credit (ITC) details. Who Files: Not filed; used by businesses for ITC reconciliation. 4. GSTR-3B ● ● ● ● Purpose: Summary of sales, ITC claimed, and tax paid. Who Files: All GST-registered taxpayers. Frequency: Monthly or quarterly. Due Date: 20th of the next month or 22nd/24th for QRMP taxpayers. 5. GSTR-4 ● ● ● ● Purpose: Filed by taxpayers under the composition scheme. Who Files: Composition scheme taxpayers. Frequency: Annually. Due Date: 30th April of the following financial year. 6. GSTR-5 ● ● ● ● Purpose: Filed by non-resident taxpayers for reporting sales and purchases. Who Files: Non-resident taxable persons. Frequency: Monthly. Due Date: 20th of the next month or within 7 days after the period ends. 7. GSTR-6 ● ● ● ● Purpose: Filed by Input Service Distributors (ISD). Who Files: ISD taxpayers. Frequency: Monthly. Due Date: 13th of the next month. 8. GSTR-7

  3. ● ● ● ● Purpose: Filed for tax deducted at source (TDS) under GST. Who Files: TDS deductors. Frequency: Monthly. Due Date: 10th of the next month. 9. GSTR-8 ● ● ● ● Purpose: Filed by e-commerce operators for tax collected at source (TCS). Who Files: E-commerce operators. Frequency: Monthly. Due Date: 10th of the next month. 10. GSTR-9 ● ● ● ● Purpose: Annual return summarizing monthly or quarterly returns. Who Files: Regular taxpayers. Frequency: Annually. Due Date: 31st December of the next financial year. 11. GSTR-9C ● ● ● ● Purpose: Reconciliation statement certified by a Chartered Accountant. Who Files: Taxpayers with a turnover exceeding ₹5 crores. Frequency: Annually. Due Date: 31st December of the next financial year. 12. GSTR-10 ● ● ● ● Purpose: Filed for final return upon cancellation of GST registration. Who Files: Businesses whose GST registration is canceled. Frequency: Once. Due Date: Within 3 months of the cancellation date. 13. GSTR-11 ● Purpose: Filed by individuals with Unique Identification Number (UIN) claiming GST refunds. Who Files: UIN holders like foreign embassies or UN bodies. Frequency: Monthly. Due Date: 28th of the following month. ● ● ● Why is GST Compliance Important?

  4. 1. Avoiding Penalties: Non-filing or late filing of GST returns attracts penalties and interest. 2. Claiming Input Tax Credit (ITC): Timely filing ensures you can claim ITC accurately. 3. Smooth Business Operations: GST compliance is crucial for building trust with suppliers and customers. 4. Legal Obligations: It is a mandatory compliance requirement for GST-registered businesses.

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