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GST Course in Delhi, "Learn Direct Tax Code 2025" 110007 after 12th and Graduation | |
Mastering GST Certification Course by SLA Consultants India Learn Comprehensive Guide to GST Returns by CA Trainer of SLA Institute The Goods and Services Tax (GST) is a crucial aspect of India’s indirect tax system, requiring businesses to comply with various return filings. Understanding these returns is essential for accurate tax reporting and avoiding penalties. In this SLA Institute blog, we will cover the key GST returns, their importance, and the consequences of late filing. GST Course in Delhi, "Learn Direct Tax Code 2025" 110007 after 12th and Graduation by SLA Accounting, Taxation and Tally Prime Institute in Delhi, Noida, "Free SAP FICO till 31 March 2025" [ Learn New Skills of Accounting & ITR, TDS for 100% Job] in Kotak Bank Understanding GST Returns GST returns are periodic statements that registered taxpayers must file to declare their tax liabilities and claim input tax credits. Here’s a detailed look at the various GST returns: 1. GSTR-1: Outward Supplies Details GSTR-1 is a monthly or quarterly return that captures details of outward supplies of goods and services. It helps the government track sales transactions and input tax credit claims. “Get Live Practical Classes on GST Portal in SLA Consultants India” 2. GSTR-2A & GSTR-2B: Auto-Generated Invoices for Recipients • GSTR-2A is an auto-drafted statement reflecting invoices uploaded by suppliers. Taxpayers can use this to verify input tax credits. • GSTR-2B is a static statement that provides a summary of eligible and ineligible input tax credits, helping taxpayers in ITC reconciliation. “Get Live Practical Classes on GST Portal by CA from SLA Consultants India” 3. GSTR-2: Details of Inward Supplies (Currently Suspended) GSTR-2 was designed to capture inward supplies of a taxpayer, but it has been suspended since the introduction of GSTR-2A and GSTR-2B. 4. GSTR-3 & GSTR-3B: Monthly Tax Summary & Payment • GSTR-3 (Currently Suspended) was meant to be a monthly tax return summarizing sales, purchases, and tax liabilities. • GSTR-3B is a simplified monthly return where taxpayers report summarized tax liabilities and input tax credits. It is mandatory for all regular taxpayers. 5. GSTR-4: Composition Scheme Taxpayers GSTR-4 is an annual return filed by businesses under the composition scheme, which allows small businesses to pay a fixed percentage of turnover as tax. 6. GSTR-5 & GSTR-5A: Non-Resident & OIDAR Service Providers • GSTR-5 is for non-resident taxable persons who conduct business in India. • GSTR-5A is for Online Information and Database Access or Retrieval (OIDAR) service providers supplying services to unregistered Indian consumers. 7. GSTR-6: Input Service Distributor (ISD) GSTR-6 is filed by Input Service Distributors to distribute input tax credit among their branches. 8. GSTR-7: Tax Deduction at Source (TDS) GSTR-7 is filed by entities required to deduct TDS under GST, mainly government departments and large businesses. 9. GSTR-8: E-Commerce Operators E-commerce operators file GSTR-8 to report tax collected at source (TCS) on transactions conducted through their platforms. 10. GSTR-9, GSTR-9A & GSTR-9C: Annual Returns & Audit • GSTR-9 is the annual return summarizing all monthly/quarterly returns filed during the year. • GSTR-9A is for composition taxpayers but has been waived for certain years. • GSTR-9C is a reconciliation statement and audit report for businesses with an annual turnover exceeding ₹5 crore. “Get Live Practical Classes on GST Portal in SLA Institute” 11. GSTR-10: Final Return for Canceled GST Registration GSTR-10 is filed by taxpayers whose GST registration has been canceled or surrendered, providing final tax details. 12. GSTR-11: Special Returns for UIN Holders GSTR-11 is filed by foreign diplomatic missions and embassies to claim GST refunds on purchases made in India. Conclusion Staying compliant with GST return filing is crucial for businesses to avoid penalties and ensure smooth tax operations. Taxpayers should stay updated with GST norms, maintain proper records, and file returns on time to remain compliant. If needed, professional assistance can help in managing GST efficiently. For more insights on GST compliance, keep following our blog! Contact Us: SLA Consultants India 82-83, 3rd Floor, Vijay Block, Above Titan Eye Shop, Metro Pillar No. 52, Laxmi Nagar,New Delhi,110092 Call +91- 8700575874 E-Mail: hr@slaconsultantsindia.com Website: https://www.slaconsultantsindia.com/  | |
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| Target State: All States Target City : Delhi Last Update : Feb 11, 2025 5:35 AM Number of Views: 3 | Item Owner : Structured Learning Assistance - SLA Contact Email: Contact Phone: 09205283200 |
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