E-Filing OF GST Returns Chennai

GST returns are to be filed by businesses or individuals who are registered under the GST system which includes businesses with an annual turnover of over Rs. 20 lakhs (or Rs. 10 lakhs for businesses in certain states), as well as businesses that are required to register under GST even if their turnover is below the threshold limit.

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Apart from regular taxpayers the following categories of individuals or entities are required to file GST Returns

✔ Input Service Distributors

✔ E-commerce Operators

✔ Non-resident taxable persons

✔ Casual taxable persons

✔ Those deducting TDS (Tax Deducted at Source)

✔ Those collecting TCS (Tax Collected at Source)

✔ Individuals who are required to pay reverse charge tax

It is important for all registered individuals or entities to file their GST returns on time to avoid penalties and other legal consequences.

✔ GSTR-3B is a monthly self-declaration form that are to be filed by all registered taxpayers under the GST system. This form contains a summary of the taxpayer's outward supplies, input tax credit availed, and payment of taxes for the given tax period.

✔ The GSTR-3B form are to be filed by the 20th of the following month. For example, the GSTR-3B for the month of January needs to be filed by the 20th of February.

✔ The GSTR-3B form does not provide details of individual transactions and it is just summary return. It is, therefore, important to maintain accurate records and file all other applicable GST returns to provide complete information about the taxpayer's business transactions.

✔ Filing of GSTR-3B is mandatory even if there are no transactions during the given tax period. Failure to file GSTR-3B within the due date may result in a penalty and interest charges. Therefore, it is important for businesses to ensure timely and accurate filing of the GSTR-3B form to avoid any legal consequences.

✔ GSTR-1 is a monthly or quarterly return. Every registered taxpayers are required to file GSTR 1 under the GST system. This return contains details of all outward supplies or sales made by the taxpayer during the given tax period.

✔ The due date for filing GSTR-1 return shall be 11th of the following month for monthly filers. For quarterly filers, the deadline is the 30th of the following month after the end of the quarter.

✔ The GSTR-1 return contains details of the taxpayer's outward supplies, including the description of goods or services, quantity, value, and applicable GST rate. The return also includes details of any amendments or modifications made to the previous returns.

✔ The information provided in the GSTR-1 return is used to verify the taxpayer's liability to pay taxes, input tax credit claims, and compliance with the GST law. Therefore, it is important for businesses to ensure the timely and accurate filing of the GSTR-1 return to avoid any legal consequences.

✔ GSTR-2A is an auto-generated form based on the information uploaded by the supplier in their GSTR-1 return. It contains details of all inward supplies or purchases made by a taxpayer as recorded by their suppliers in their respective GSTR-1 returns.

✔ The GSTR-2A form provides information such as the GSTIN of the supplier, invoice details, and the tax amount paid by the supplier. Taxpayers can use the GSTR-2A form to verify and reconcile their own purchase records with the supplier's details to avoid any discrepancies or errors in the supplier's details, which can be rectified by contacting the supplier.

✔ It is important to note that while GSTR-2A is not a return that needs to be filed, it is essential for taxpayers to reconcile the details provided in GSTR-2A with their own records and file the GSTR-3B return on time to avoid any legal consequences.

✔ GSTR-2B is an auto-generated form which is a static, read-only form that is generated by the GSTN (Goods and Services Tax Network) system on a monthly basis. It contains details of all inward supplies or purchases made by a taxpayer, similar to GSTR-2A.

✔ The form is auto-populated based on the details uploaded by the supplier in their GSTR-1 return and GSTR-5 (for non-resident taxpayers) returns. GSTR-2B is not updated in real-time and is only generated once a month, usually by the 14th of the following month unlike GSTR-2A.

✔ GSTR-2B provides a summary of the taxpayer's inward supplies, along with the details of the supplier, invoice, and tax amounts. It also includes a section on Input Tax Credit (ITC) eligibility, which helps taxpayers identify eligible ITCs and any restrictions or reversals that may apply.

✔ It helps to verify and reconcile their own purchase records with the supplier's details and to identify any discrepancies or errors in the supplier's details.

✔ It is important for taxpayers to reconcile the details provided in GSTR-2B with their own records and file the GSTR-3B return on time to ensure compliance with the GST law.