GST
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Frequently Asked Question
There are several types of GST returns depending on your business and the nature of your transactions:
- GSTR-1: Details of outward supplies (sales).
- GSTR-2: Details of inward supplies (purchases) (Note: Currently suspended and replaced by GSTR-2A and GSTR-2B).
- GSTR-3B: Summary of outward and inward supplies and payment of tax.
- GSTR-4: For composition scheme taxpayers.
- GSTR-9: Annual return.
- GSTR-10: Final return (for businesses that are closing).
There are several types of GST returns depending on your business and the nature of your transactions:
- GSTR-1: Details of outward supplies (sales).
- GSTR-2: Details of inward supplies (purchases) (Note: Currently suspended and replaced by GSTR-2A and GSTR-2B).
- GSTR-3B: Summary of outward and inward supplies and payment of tax.
- GSTR-4: For composition scheme taxpayers.
- GSTR-9: Annual return.
- GSTR-10: Final return (for businesses that are closing).
GST returns are typically filed on a monthly or quarterly basis, depending on your business turnover and the type of GST return. For example, GSTR-1 and GSTR-3B are usually filed monthly, while GSTR-4 (for composition scheme) is filed quarterly.
- GSTR-1: 11th of the following month.
- GSTR-3B: 20th of the following month.
- GSTR-4: 18th of the month following the end of the quarter.
- GSTR-9: 31st December of the financial year.
Due dates may vary based on government notifications and changes in regulations. Contact us for any queries.
If you miss the due date, you may face penalties and interest on the outstanding tax amount. The government may also initiate proceedings for non-compliance. It’s crucial to file returns on time to avoid these issues.
You can claim a refund for excess GST paid or for input tax credit (ITC) that exceeds your output GST liability. This is done by filing a refund application, typically through GSTR-3B or a separate refund application form, depending on the nature of the refund.
Yes, you are required to maintain detailed records of all business transactions, invoices, and GST payments for a minimum period of six years. This helps in accurate filing and for audit purposes.
Absolutely! We offer comprehensive GST return filing services, including preparation, filing, and ensuring compliance with all relevant regulations. Book a call with our Chartered Accountants (CA) to discuss your specific needs.
If you receive a notice from the GST department, contact our CA immediately. We can help you understand the notice, gather required documentation, and respond appropriately to ensure compliance.
For any GST-related questions or assistance, you can reach out to us through our Contact Us page, call us at [8800939899], or email us at info@mydigitalca.com. Our team of experts is here to help you navigate GST regulations smoothly.