GST Compliance
GST Compliance, Under the Goods and Services Tax (GST) regime in India, different categories of taxpayers are required to File returns to fulfill their GST Compliance.
Here are the types of taxpayers and their corresponding return filing requirements:
Regular taxpayers:
Registered individuals or businesses who are liable to pay GST on their supplies of goods and/or services. They need to file regular monthly or quarterly returns, depending on their turnover.
Composition taxpayers:
Individuals or businesses who have opted for the composition scheme under GST. They are require to file quarterly returns, including a quarterly return for composition taxpayers (GSTR-4).
Input Service Distributors (ISDs):
Persons who receive input tax credits (ITC) and distribute them to their branches or units. They need to file monthly returns (GSTR-6) to report the ITC distribution.
E-commerce operators:
Individuals or businesses operating e-commerce platforms through which goods and services are supplied. They are require to file monthly returns (GSTR-8) and collect and deposit tax on behalf of the suppliers.
Non-resident taxable persons:
Persons who are not residents of India but are engage in supplying goods and/or services in India. They need to file a return for the period of their activity within India (GSTR-5).
Tax deductors:
Persons who are require to deduct tax at source (TDS) from payments made to suppliers. They need to file a return to report the details of TDS deductions (GSTR-7).
Tax collectors:
Persons who are require to collect tax at source (TCS) from buyers of certain goods and/or services. They need to file a return to report the details of TCS collections (GSTR-8).
The specific types of returns and their due dates vary depending on the category of the taxpayer. It is crucial to adhere to the prescribe return filing schedule to avoid penalties and interest charges.
To visit https://www.gst.gov.in/
