GSTR9A Annual composition return form that has to be filed by every taxpayer who is enrolled in the composition scheme. Other types of business owners and dealers GST ReturnsPurpose GSTR5 Variable return for Non-resident foreign taxpayers (It contains the details of the taxpayer, period of retur...
Businesses in India can apply for the GST Composition Scheme online through the GST portal to limit tax liability and enhance liquidity.
The GST portal has introduced negative values in Table 4 which comes under form GSTR 3B return. For Financial Year 2023-24, regular taxpayers can opt for the composition scheme by navigating to the ‘Services-> Registration-> Composition Scheme Application Form’. It will be available on GST ...
Returns filed under composition scheme Difference between Composition Scheme & Regular Scheme Penalty for non-compliance of Composition scheme 8.Valuation of Supply & Different valuation rules How to determine the value of Taxable Supply Meaning of Transaction Value ...
Also, there is GST CMP 08 for the composition scheme dealers but it has to be filed every quarter lowering the need for regular updates on the GST due date filing calendar. GST Return Form NameFiling PeriodDue Date in March 2025 GSTR 07 Monthly (February 2025) 10th March GSTR 08 ...
Apart from these, there have been new changes including a window to opt for composition scheme opening for 2022-23, which have been released. Read all the latest GST news updates here: Top GST News of the month. On the IRIS GST front, our monthly newsletter – IRIS GST Times has complet...
C) Filing Two Annual Returns Wherever Applicable In such cases where the Taxpayer has first opted for the Composition scheme under GST and later has switched to become a Regular Taxpayer, then he is supposed to file two separate Annual returns for the different time periods, that is as a co...
GST Composition Scheme Read More→ GST Payment & Refunds Staying tax compliant and updated with all the statutory changes imposed by the government is one of the topmost priorities of any business. However, in a rut of running a business in the smoothest way possible, often the GST return fi...
The types of GST returns can be broadly classified as Regular Businesses, Companies registered under the Composition Scheme, Other types of business people and dealers, Amendments, Auto-drafted Returns, and Tax Notice. GST can be filed online conveniently by logging in to the GST Portal. ...
GST Return Filing Using Composition Scheme A dealer using a composition scheme enjoy many benefits such as less returns, few compliances, payment of tax at nominal rates etc. A dealer using composition scheme has to file only 2 GST returns – ...