Quick and easy to understand FAQs on GST
Goods and Services Taxes (GST), is an Indirect tax, applicable on sale of Goods and Services. Multiple taxes like VAT, Service Tax, etc are subsumed into GST.
Every entity whose taxable supply of Goods or Services or both exceeds the threshold limit has to be registered for GSTIN.
|North Eastern States||10 Lakhs||within 30 days from the date on which he become liable to registration|
|Rest of India||20 Lakhs||within 30 days from the date on which he become liable to registration|
Every entity who has registered under GST has to file GST return within due dates. Check the below table for knowing the due dates,
|Return Form||Description||Due Date|
|GSTR 1||Sales: Furnishing details of outward supplies||Within 10th of succeeding Tax period|
|GSTR 2||Purchases: Furnishing details of inward supplies||Within 15th of succeeding Tax period|
|GSTR 3||Monthly Return after finalization of outward supplies and inward supplies||Within 20th of succeeding Tax period|
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GSTR 1 needs to be filed even if there is no business activity (NIL return) in the tax period.
GSTR 1 can be prepared through the following modes.
The following taxpayers are not required to file GSTR 1
A normal taxpayer is required to discharge tax liability at the time of filing GSTR 3. The current due date for filing GSTR 3 is 20th of succeeding month.
DSC is not mandatory for all types of taxpayers. It is mandatory for all public & private limited companies, Limited Liability Partnerships(LLPs).
GSTR 2 contains invoice level inward supply information rate wise as reported by the supplier in GSTR 1. Most of the details are auto populated from the other party return.
The taxpayer can accept, reject, modify (if information provided by supplier is incorrect) or keep the transactions pending for action (if goods or services have not received).
Yes. The taxpayer can add invoice if he is in possession of invoices and have received the goods or services.
Every registered taxable person other than input service distributor/Composition taxpayer / TDS Deductor/TCS Collector (E Commerce operator) is required to file GSTR 2.
When GTSR 1 is filed after filing of GSTR2 by the counterparties, the details declared in GSTR 2 gets auto populated to GSTR 1 and the supplier is expected to take action on such details before filing of its GSTR 1.
GSTR 3 is a monthly return based on the finalization of GSTR 1 and GSTR 2 .GSTR 3 can be generated only when GSTR 1 and GSTR 2 for the tax period have been filed by the taxpayer.
Yes, it is mandatory to discharge the liability before filing GSTR 3. If not discharged, it is treated as invalid return.
Tax liability can be discharged by utilizing credit available in electronic credit ledger and electronic cash ledger.
The return will be treated as invalid return and the taxpayer has to file the part B of GSTR 3 again.
The taxpayer can claim refund from electronic cash ledger when all the return related liabilities for that tax period have been discharged.
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