Under the Goods and Services Tax (GST) regime in India, there are several forms that businesses and taxpayers need to use for compliance and filing returns. Here are some of the important GST forms used in India:
- GSTR-1: This form is used to file the details of outward supplies (sales) made by registered taxpayers. It includes information about taxable supplies, exempt supplies, and exports.
- GSTR-2A: GSTR-2A is an auto-generated form that provides information on inward supplies (purchases) obtained from registered suppliers, as per their GSTR-1 filings. Taxpayers can view and reconcile this form while filing their own returns.
- GSTR-3B: GSTR-3B is a monthly summary return that taxpayers need to file, providing consolidated details of outward supplies, input tax credit (ITC) claimed, and the amount of tax payable. It is filed by the 20th of the following month.
- GSTR-4: This form is for composition scheme taxpayers who have opted for a simplified taxation scheme. GSTR-4 is a quarterly return that includes details of outward supplies, taxes paid, and tax liability.
- GSTR-5: GSTR-5 is filed by non-resident foreign taxpayers who engage in business transactions in India. It contains details of supplies made, taxes paid, and tax liability.
- GSTR-6: GSTR-6 is used by Input Service Distributors (ISDs) to furnish details of the input tax credit received and distributed to other units of the same organization.
- GSTR-7: GSTR-7 is filed by businesses required to deduct Tax Deducted at Source (TDS) under GST. This form contains details of TDS deducted, TDS liability, and the particulars of deductees.
- GSTR-9: GSTR-9 is an annual return that needs to be filed by regular taxpayers. It provides a summary of all transactions made during the financial year, including details of supplies, ITC, and taxes paid.
- GSTR-9C: GSTR-9C is a reconciliation statement and certification, which needs to be filed along with GSTR-9 by taxpayers whose annual turnover exceeds a specified threshold. It requires a certified reconciliation of the financial statements with the GST returns.
- GST CMP-08: This form is filed by taxpayers registered under the composition scheme. It contains details of outward supplies, ITC, and tax liability for a specific quarter.
These are some of the important GST forms used in India. It’s essential for businesses and taxpayers to be aware of the specific forms applicable to their situation and comply with the GST regulations by filing the required returns within the specified due dates.