Commerce Duniya

1. What is GSTR-9A? The GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme under GST for a particular financial year. It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year. 2. Who should file GSTR-9A? All taxpayers registered under the composition levy scheme under GST should file GSTR-9A. However, the following persons are not required to file this : Non-resident taxable persons Input service distributor Casual Taxable Person Persons paying TDS under section 51 of the Act E-commerce operator paying TCS under section 52 of the Act 3. When is GSTR-9A due? GSTR-9A has to be filed on or before 31st December* following the close of financial year. For example, if the composition taxpayer is filing his annual return for the FY 2017-18, the taxpayer should file it, on or before 31st December 2018*. 4. What is the penalty for the late filing of GSTR-9...

What is GSTR 9? The GSTR 9 is a document or statement that has to be filed once a year by a registered taxpayer. This document will contain the details of all supplies made and received under various tax heads (CGST, SGST and IGST) during the entire year along with turnover and audit details for the same. The government has introduced a GSTR 9C audit form, which is to be filed annually by taxpayers who have a turnover of more than Rs.2 crores. It is basically a reconciliation statement between the annual returns filed in GSTR 9, and the audited annual financial statements of the taxpayer. Latest Update as per the 37th GST Council Meeting Taxpayers with a business turnover up to ₹2 crores (for the FY 2017-18 and 2018-19) can opt out of filing GSTR-9. The CBIC is yet to notify about the date from which they can stop filing. The Council has also considered to simplify the filing of GSTR 9. Meanwhile, the large taxpayers should finish filing the annual return in GSTR-9 by Nov...

1. What is GSTR-8? GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct  TCS  (Tax collected at source) under GST. GSTR-8 contains the details of supplies effected through e-commerce platform and amount of TCS collected on such supplies.   2. Who should file GSTR-8? Every e-commerce operator registered under GST is required to file GSTR-8. E-commerce operator has been defined under GST Act as any person who owns or manages a digital or electronic facility or platform for electronic commerce such as Amazon etc. All such e-commerce operators are mandatory required to obtain GST registration as well as registered for TCS (Tax collection at source).   3. Who classifies as an e-commerce operator? E-commerce operator is any person who owns or manages the digital or electronic facility or platform for electronic commerce such as Amazon, Flipkart, etc. The e-commerce operator provides a platform whereby the sellers can reach out to a large nu...

What is GSTR-7? GSTR 7 is a monthly return that is required to be filed by the deductors who are required to deduct TDS under GST. Such a return consists of the details regarding: tax deducted at source, the liability towards TDS, TDS Refund claimed if any Interest , late fees etc. paid or payable GSTR-7 provides details with regards to the TDS deducted, TDS payable etc. by the deductor for a particular month. This information is made available to the deductees (suppliers) in Part C of Form GSTR-2A electronically via the  common portal . Further, this information can be included by the deductee in Form GSTR-2. The TDS deducted by the deductor gets reflected in Form GSTR-2 of the supplier. Further, the supplier can take the credit of this TDS amount in his  electronic cash ledger . Thus, he can utilize this credit to make payment for his output tax or any other liability. The deductor deducts TDS at the time of crediting the payment to the supplier or the deductee. Further, he ...

The  Input Service Distributors (ISDs)  are special category of persons who do not file basic returns in Forms  GSTR 1 ,  GSTR 2  and GSTR 3/ GSTR 3B . These persons are required to file monthly returns in form GSTR 6. So let’s first understand the concept of Input Service Distributor (ISD) and how an ISD files its  GST returns . Who is an Input Service Distributor? An Input Service Distributor has following characteristics according to section 2(61) of the CGST act. An ISD is an office of the supplier of goods or services This office receives  tax invoices  towards the receipt of input services An ISD issues a prescribed document in order to distribute the  input tax credit of the  CGST, SGST/UTGST and IGST paid on the services received This document is issued to a supplier of goods and services having the same  PAN  as that of an ISD. This means an ISD is the head office of a company having units or branches at other places. ...

What is GSTR 5 - How to File, GSTR 5 Due Date and Form Every registered or taxable person have to file GSTR every month or quarterly. GSTR are segregated in 11 different types which are GSTR 1, GSTR 2, GSTR 3, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 10, GSTR 11. Here we will know the detailed information about what is GSTR 5. The GSTR 5 return filing has to be done by registered but non-resident taxpayers (The one who resides in overseas, has occasional transactions in India, and the one who has no fixed business place. It is a periodic filing. The taxpayer must file information and details of outward supplies and inward supplies. GSTR 5 return form includes expenses and incomes details. GSTR 5 has the detailed information of the registered but non - resident taxpayer, which includes details of the sales and purchase done by him. How To File GSTR 5? As per the GST laws it is mandatory to file  GST return  periodically by every taxpayer. GSTR 5 filing has to be don...

What is GSTR 3B? The GSTR-3B is a consolidated summary return of inward and outward supplies that the Government of India has introduced as a way to relax the requirements for businesses that have recently transitioned to GST. Since a lot of small and medium businesses have been using manual accounting methods, filing returns within the July 2017 deadlines would be difficult for many of these businesses. Hence, from July 2017 to June 2018, tax payments will be based on a simple return called the GSTR-3B.  When to file GSTR-3B? The GSTR-3B for a particular month should be filed by the 20th of the following month. For example, GSTR-3B for July should be filed by the 20th of August, and the GSTR-3B for the month of August should be filed by the 20th of September and so on. This deadline applies to every month till June 2018. Prerequisites for filing GSTR 3B The GSTR-3B form should be submitted by any business that is liable to file the monthly returns  GSTR-1 ,  GSTR-2 ...

1. What is GSTR3? GSTR-3 is a monthly return with the summarized details of sales, purchases, sales during the month along with the amount of GST liability. This return is auto-generated pulling information from  GSTR-1  and  GSTR-2 .   2. Why is GSTR-3 important? GSTR-3 will show the amount of GST liability for the month. The taxpayer must pay the tax and file the return.   3. When is GSTR-3 due?   Latest Update: Due date for GSTR-3 of July has been extended to 11th Dec -As tweeted by Hon’ble FM Arun Jaitley on 30th Oct   As per 22nd GST Council meeting of 6th October 2017 Businesses with annual turnover up to 1.5 crores will submit quarterly returns. Taxes will be paid quarterly. Due dates of Aug & Sep will be declared later. Switch over to quarterly will happen from Oct-Dec 2017 cycle (More details will be announced by the Govt.)   As per Act: Due Date for Filing GSTR-3 is 20th of next month.  There is a 5-day gap between GST...

GSTR-2 is a monthly return that summarizes the details of inward purchases of taxable goods and/or services. 1. What is GSTR-2? Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2. 2. Why is GSTR-2 important? GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. It will also include purchases on which reverse charge applies. The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’  GSTR-1  for buyer-seller reconciliation. 3. What is buyer-seller reconciliation? Buyer-seller reconciliation or  invoice matching  or is a process of matching taxable sales by the seller with the taxable purchases of the buyer.  It is vital because ITC on purchases will only be available if the details of purchases filed in GSTR-2 return of buyer matches with the details of sales filed in  GSTR-1  of the seller. For e...