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GST Return-What is GST Return Who Should File Due Dates and Types of GST Returns PowerPoint Presentation

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GST Return-What is GST Return Who Should File Due Dates and Types of GST Returns Presentation Transcript

Slide 1 - GST Return – What is GST Return? Who Should File, Due Dates & Types of GST Returns GST Return is a document that contains details of a taxpayer's sales, purchases, taxes collected on sales, and taxes paid on purchases. GST Return is a way of showing the government how much tax you have collected and paid during a specific period. Who Should File GST Return? GST Return is mandatory for all registered taxpayers who are engaged in the supply of goods or services or both. This includes regular taxpayers, casual taxpayers, non-resident taxpayers, and those who are required to deduct tax at source or collect tax at source. Due Dates for GST Return The due dates for filing GST Return depend on the type of taxpayer and the type of GST Return to be filed. Generally, the due dates for filing GST Return are as follows: For monthly GST Returns, the due date is the 20th of the following month. For quarterly GST Returns, the due date is the 30th of the following month. Types of GST Returns There are different types of GST Returns that a taxpayer may have to file, depending on the nature of their business. The different types of GST Returns are as follows: GSTR-1: This is a monthly or quarterly return that contains details of outward supplies made by the taxpayer. GSTR-2A: This is a return that is auto-generated based on the details of inward supplies received by the taxpayer from their suppliers. This return cannot be edited by the taxpayer. GSTR-3B: This is a monthly return that contains details of the taxpayer's sales, purchases, and taxes paid during the month. GSTR-4: This is a quarterly return that is filed by taxpayers who have opted for the Composition Scheme. GSTR-5: This is a return that is filed by non-resident taxpayers who are registered under GST. GSTR-6: This is a monthly return that is filed by Input Service Distributors. GSTR-7: This is a monthly return that is filed by taxpayers who are required to deduct tax at source. GSTR-8: This is a monthly return that is filed by taxpayers who are required to collect tax at source. GSTR-9: This is an annual return that contains details of the taxpayer's sales, purchases, and taxes paid during the financial year. GSTR-10: This is a final return that is filed by taxpayers whose registration has been cancelled or surrendered. For More Details Visit Here : https://filemydoc.com/
Slide 2 - Faq's: Sure, here are some commonly asked questions about GST Return: What is the penalty for late filing of GST Return? If a taxpayer fails to file GST Return within the due date, they are liable to pay a late fee of Rs. 50 per day of delay, subject to a maximum of Rs. 5,000. If there is no tax liability, the late fee is Rs. 20 per day of delay, subject to a maximum of Rs. 2,000. Can I revise my GST Return? Yes, taxpayers can revise their GST Return within the due date of filing the next return or the annual return, whichever is earlier. Can I file my GST Return after the due date? Yes, taxpayers can file their GST Return after the due date by paying the applicable late fee. However, late filing of GST Return may attract interest and penalties as well. What happens if I don't file my GST Return? If a taxpayer fails to file their GST Return, they may face penalties, interest, and legal consequences, which may include cancellation of GST registration. Do I need to file GST Return if I have no sales or purchases? If a taxpayer has not made any sales or purchases during a specific period, they are still required to file a Nil GST Return. For More Details Visit Here : https://filemydoc.com/