GST retainership on assignment basis, undertaking compliances and management of indirect tax function

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. In GST system one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.

TYPE OF GST RETURNS

There are three types of GST Returns to be filed every month and an annual return for registered businesses as below:
  • GSTR-1 includes monthly details of outward supplies of taxable goods and/or services affected. It’s due on 10th of the next month
  • GSTR-2 includes monthly details of inward supplies of taxable goods and/or services effected claiming input tax credit. It’s due on 15th of the next month.
  • GSTR-3 is a monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. It’s due on 20th of the next month.
  • GSTR-9 is required to be filed annually on 31st December of next financial year.

INPUT TAX CREDIT

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers.