If you have a business of supply and goods, then GST registration is a must for you. Also; if a business is involved in the interstate outward good supply, then also GST registration is compulsory. For eCommerce sellers or aggregators, who have a yearly turnover of less than 20 lakhs can avoid GST registration.
Types of GST Returns:
GSTR 1 in simple terms is a return statement provided by the dealer with details of taxable either services or goods, or both, along with the details of outward supplies.
GSTR 2 contains all the details of inward supplies that related to either the taxable goods or the taxable services, or both also the ITC claim.
GSTR 3 is the information on monthly returns that contains the completed detail of all the inward and outward supplies. Along with that; It also contains the details of the total tax payable by the dealer.
GSTR 4 contains all the details about filing the Quarterly Return. This one is precisely for specific individuals who have compounded tax liabilities.
GSTR 5 deals with the GST return filing for non-resident foreign individuals who have registered under GST. The individual has to file the GSTR 5 every month.
It is for the Input Service Distributors to file their monthly returns. This one also contains details of all the documents which are issued for input credit distribution.
GSTR 7 is a monthly return that has to be filed by the authorities that deduct TDS. It should contain information on payable and paid TDS liability, TDS dedicated, claimed TDS.
It is for the e-commerce operators to provide the supply details along with the tax amount collected under the sub-section 52. GSTR 8 is also filed monthly.
GSTR 9 is for all the taxpayers who are registered under GST to file Annual Returns. It should contain the details of all the outward supplies and inward supplies.
This is for those taxpayers who have registered under the composition scheme.
This one is for those individuals whose GST registration has been canceled. GSTR 10 has to be filed within 3 months of the cancellation order.
A person who has UIN and is claiming a refund will have to provide the details of inward supplies. GSTR 11 is a monthly task.