Businesses with an annual turnover of more than Rs. 40 Lakh and Rs. 20 Lakh for north-eastern and hilly states have to file GST mandatorily. They have to obtain a GSTIN, a 15-digit alphanumeric code required for filing returns.
There are various goods and service tax forms that taxpayers have to fill depending on their income. Entities with an annual turnover of up to Rs. 1.5 Crore can choose to file quarterly returns while those above that have to file monthly returns.
The GSTR-1 is a monthly or quarterly returns form they have to fill which details all outward supplies or sales.
This form has 13 sections which include details of a taxpayer, GST identification number, returns filing period, invoices provide in the last month, previous taxes paid, revisions made to outward supplies invoices during the last filing, advances received against supplies, etc.
The GSTR-2 is a monthly returns form that details the purchases made during the filing period. This form is auto-populated with the information provided by suppliers or vendors fill their respective GSTR-1.
The GSTR-3 is another monthly returns form detailing the sales and purchases of the taxpayer. Part A of this form is auto-populated with the information from GSTR-1 and GSTR-2. Part B contains the tax payable and paid, late fee, interest, refunds, debit entries, etc.
The last form is GSTR-9, an annual form that taxpayers have to full. This form contains the details provided in GSTR-3 over the last 12 months.
Any business owner in India should know what is GST, benefits of GST, latest gst updated and also the GST number before they start filing returns.
Additional read: A Quick Overview Of GST Tax Returns Filing In India
Here are some other GST related informational posts:
Guide To Get GST Identification Number
Mandates On GSTIN Display Penalty On Non-Compliance By Maharashtra Government