If you are playing the role of a business owner and also a taxpayer, it is mandatory to declare your income that you receive as part of your business transaction within your GST Return. There have been some changes from the time GST came into being. At present, it shows that if form GSTR-1 is filed late, after the due date, the late fee will then get auto-populated and collected in that next open return in the Form GSTR-3B.
Moreover, it was also presented from January 1st, 2022, that taxpayers should not be permitted to file the form GSTR-1 in case they have not filed the Form GSTR-3B in the preceding month.
Understanding what GST return means:
In layman’s term, GST return is a document which consists of all the details related to your sales, purchases, tax collected on sales and also the tax that has been paid on purchases. Whenever you file GST returns, you have to pay the resulting tax liability or the money that you owe your government.
Who should be the one filing for GST return?
It is time to focus on GST Filing and who should be taking over the work. All the business owners and dealers, who have registered under GST system, need to file the GST returns as per the nature of their transactions or businesses. Some of those options are:
- Auto drafted returns
- Tax notice
- Other forms of business owners and dealers
- Businesses as registered under the Composition Scheme
- Regular businesses
Get on with the types:
There are times when you need to get help with Annual Return GST as well. But before any of that, learning about the types of GST return is mandatory. So, let’s get to the points right away!
- GSTR 1:
The main purpose is the tax return for the outward supplies made. In case this form is filed late, then there will be a late fee auto-populated and will get collected within the next open return in the Form GSTR-3B.
It is a temporary consolidated summary return associated with the outward and inward supplies that he Indian government has introduced as relaxation for the businesses, which have been transitioned to GST. During the months of July and August, the tax payments will all be based on simple return, also known as GSTR-3B instead.
It is also known as the annual consolidated tax return. It consists of the income and expenditure of the taxpayer in thorough detail. These are further re-grounded as per the monthly returns filed by tax payer.
Here, you will come across audit forms that must be filed by every taxpayer who is also liable to get annual reports audited when the aggregate turnover exceeds the 2 crores INR mark within a financial year.
Get along with the consultant:
To learn more about GST return, focusing to work with the best GST Consulting Firm in Hyderabad will help you big time, in attending your result and avoiding penalty fees.