GST Reports Download
DownloadTo follow all the GST requirements, everyone needs to file GST returns from time to time. These returns are important to get a clear idea about income details that are further useful for the calculation of annual tax that is required to be paid to the government.
GST Reports Explained:
Understanding your tax liability and potential eligibility for GST refunds is crucial. The GST report or return serves as a mechanism that encapsulates the GST amounts received and paid by you. It effectively summarizes the calculation of your GST, ensuring a smooth flow of credits to the rightful recipient.
GSTR 1 or Sales Report
Every registered taxable supplier is obligated to file this tax return, encompassing comprehensive details of sales, also referred to as outward supplies, involving taxable goods and services. The frequency of filing—whether monthly or quarterly—is contingent upon your turnover rate. If your turnover exceeds Rs. 1.5 crores, you'll file GSTR-1 on a monthly basis; however, if it falls below this threshold, quarterly filing is applicable.
The mandate for GSTR-1 filing applies to all registered taxpayers, except for specific categories such as composition dealers, input service distributors, non-resident taxable persons, and individuals responsible for collecting either TCS or TDS. Late filing incurs penalties of Rs. 50 and Rs. 20 per day.
Check out our tool page to find out how to check your GST number and complete GSTIN verification quickly and efficiently. Check it!Who Needs GSTR 1?
All registered dealers are mandated to file GSTR-1, regardless of the sales and transactions conducted within a specific month. Even if a dealer experiences no transactions or sales during a given month, filing GSTR-1 remains obligatory. However, certain entities and individuals are exempted from this requirement. Here is a rundown of those exempted from filing GSTR-1:
- If your business receives invoices for services utilised by other branches, you fall under the category of an input service distributor as per GST regulations.
- Those who have registered their businesses under the composition scheme specified by GST must file this report. It's important to note that businesses with an annual turnover of approximately 1.5 crores have been eligible for this scheme since April 1, 2019.
- Suppliers offering retrieval services, database access, and online information fall under the exempt category.
- Individuals importing services and goods from outside India or handling business responsibilities on behalf of non-resident Indians are considered non-taxable persons.
To file GSTR-1, a genuine and valid Goods and Service Tax Identification Number is imperative. Access to sign-in credentials for the portal, a valid digital signature certificate, and an Aadhar number are also crucial requirements. Additionally, access to the mobile number registered in the Aadhar card is necessary for filing.
GSTR 2 or Purchase Report
Similar to GSTR-1's focus on outward supplies, GSTR-2 centres on inward purchases of taxable goods, services, or both. It serves as a monthly report detailing inward supplies, which can encompass reverse charge transactions. The primary purpose of GSTR-2 lies in facilitating buyer-seller reconciliation, often termed invoice matching, overseen by the government.
Every registered taxpayer is obliged to file GSTR-2 on a monthly basis, except for businesses with an annual turnover below 1.5 crores, which are allowed to file quarterly. Filing this return is mandatory for suppliers, even without any purchases, as late filing incurs penalties of Rs.100 per day, up to a maximum of Rs.5000.
Given that GSTR-2 auto-populates from GSTR-1 details, its filing process is expedited. Leveraging online accounting software further streamlines this process. Importantly, failure to file GSTR-2 impedes the filing of GSTR-3.
Who Is Mandated to File GSTR-2?
This requirement applies to nearly every registered person, excluding non-residential taxable individuals, input distributors, and e-commerce operators. If you engage in importing goods and services, filing GSTR-2 becomes obligatory. The filing process is user-friendly and accomplished through the common portal. Many businesses opt for GSTR-2 to ensure vendor tax compliance and GSTN registration.
GSTR 3B or Tax Summary Report
This monthly tax filing, known as GSTR-3B, is an unmodifiable obligation for registered suppliers. For each GSTIN a taxpayer holds, filing a GSTR-3B is mandatory. This implies that if you possess multiple GSTINs, you must submit multiple GSTR-3B forms. All casual and normal taxable individuals must adhere to this tax return monthly. Even if there are no transactions in a specific month, filing "Nil" returns is obligatory. Failure to file by the due date incurs late fee penalties of Rs.50 per day for normal taxpayers; however, for those with nil tax liability, the penalty is Rs.20.
However, exemptions from filing GSTR-3B exist for non-resident taxpayers, businesses under composition schemes, input service distributors, OIDAR (online information and database access or retrieval services) suppliers, online information suppliers, TDS deductors, and TCS collectors.
Who Is Required to File GSTR-3B?
This obligation extends to all taxpayers registered under the GST regime, irrespective of the scale or absence of monthly transactions. However, composition dealers, input service distributors, suppliers of retrieval services, database access or online information, and non-resident taxable individuals are exempt from filing GSTR-3B.
The report mandates the provision of all available Input Tax Credits (ITC), a comprehensive summary of purchase and sales information, tax liabilities, and tax payments.
For a seamless, rapid, and hassle-free tax filing experience, consider employing GST accounting software and following a step-by-step filing procedure on any device in real-time. Assistance can be sought from tax professionals or by following instructions provided on online portals for efficient filing of these forms.
GSTR-6
GSTR-6, a monthly return mandated for Input Service Distributors (ISDs), encompasses crucial details of the Input Tax Credit (ITC) received and its subsequent distribution. This return outlines all documents pertaining to the distribution of ITC, detailing the allocation method and the tax invoices reflecting the credited amount. Even if it's a nil return, every ISD must file GSTR-6 regularly.
What About GSTR-6A?
It's an auto-generated form derived from details furnished by an ISD's suppliers in their GSTR-1. This read-only document, GSTR-6A, cannot be directly altered. Any necessary modifications to GSTR-6A should be made while filing GSTR-6.
Get all your GST-related queries answered in a click and we are happy to help you with our Latest GST Software and other products. Check it out!Important Note: Filing GSTR-6A is unnecessary as it remains a read-only document. You can access GSTR-6A through the Return Dashboard on the GST Portal. Simply click on ‘PREPARE ONLINE’ under the GSTR-6A tile for viewing purposes without the need for filing.
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Frequently Asked Questions
What’s the Difference Between GSTR 1 and GSTR 2?
GSTR 1 is nothing but the return of reporting about your business. This type of return is filed by the normally registered taxpayers once a month or quarterly. It represents your business sales return (outward supplies).
GSTR 2 is also the return of reporting about your business. This type of return is also filed by all taxpayers either once a month or quarterly. It represents your business purchase return (inward supplies). GSTR 2 is currently suspended. This return has not been in use since September 2017. The data on this GSTR 2 return had to be auto-populated from the GSTR-2A return.
What is R1 R2 R3 in GST?
The R1, R2, and R3 in GST represent the GST R1, GST R2, and GST R3. Here the
- R1 in GST represents sales return (outward supplies)
- R2 in GST represents purchase return (inward supplies)
- R3 in GST represents both sales return and purchase return (outward and inward supplies respectively)
Can I change GSTR 1 quarterly to monthly?
Yes, the taxpayers can modify the GSTR 1 filing frequency to either monthly or quarterly. But business taxpayers holding their respective annual turnover of 1.5 crores or more than 1.5 crores, must file their sales return every month.
Who should file GSTR 6?
GSTR 6 has to be filed by every Input Service Distributor.
What Is A GST Report?
The GST report is a type of report that prints your paid and received GST summary, which is broken down into different tax codes. It is utilized to determine your GST refunds or payments. By knowing the priority, businesses must make a return. The GST report is printed by displaying your business transactions, offering a standard reference as to how your business GST was estimated.
What details does GSTR 2 Provide?
GSTR-2 gives the details of your business monthly tax return displaying the complete number of purchases that you made for that whole month. When the businesses make purchases from the respective registered vendors, the data from the GSTR-1 will be there in the GSTN portal in the form of GSTR-2A for you to utilise in your GSTR-2.
What’s the Difference Between GSTR 1 and GSTR 3B?
GSTR 1 is a return of reporting. It is filed by the taxpayers either monthly or quarterly. This return indicates your return on outward supplies, which is nothing but a sales return.
GSTR 3B is the return of tax payments. This return indicates your return on inward and outward supplies (i.e., sales and purchase returns respectively).