GST Returns

Service Description

Under GST, Taxpayers are required to file GST Returns to report their business transactions and to pay taxes to the Government. The following are the different types of GST returns that need to be filed: 1. GSTR 1: Form GSTR-1 is a monthly/quarterly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. 2. IFF: Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers who are in QRMP scheme, to file their details of outward supplies in first two months of the quarter (M1 and M2), to pass on the credit to their recipients. 3. GSTR 3B: FORM GSTR-3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file FORM GSTR-3B returns for every tax period. 4. COMP 08: Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable person or taxpayer who have opted for composition levy. 5. GSTR 9: Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed, or demand created etc. 6. GSTR 9C: Every registered person whose turnover during a financial year exceeds the prescribed limit of rupees five crore^ shall get his accounts audited by a chartered accountant or a cost accountant. 7. GSTR 4: Form GSTR-4 (Annual Return) is a yearly return to be filed once, for each financial year, by the taxpayers who have opted for composition scheme during the financial year, or were in Composition scheme for any period, during the said financial year, from 1st April 2019 onwards.