Imagine you are running a small business, excited to see your products selling quickly. But then, you remember, the task of filing your taxes. It sounds stressful, right?
However, the process has become simpler with GST (Goods and Services Tax. Instead of dealing with multiple taxes for different things, GST combines them into one system. It helps you track what you need to pay and what you have already paid. Think of it like a digital checklist, guiding you step-by-step to make sure everything is in order.
To make the process smoother, you need a DSC certificate to file your returns online. This helps ensure your submissions are secure and valid. You can Buy DSC for GST Filing easily from authorized providers like Capricorn CA.
How many types of GST filings are there?
There are 13 returns under GST. These are:
1. GSTR-1:
- GSTR-1 is a monthly or quarterly return that contains details of all outward supplies (sales) made during the period.
- Who should file it: All registered taxpayers, except those under the
composition scheme or those who only provide services under GST.
- Penalties: Failure to file GSTR-1 on time attracts a penalty of ₹200 per day (₹100 each for CGST and SGST). After 30 days, the late fee increases.
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2. GSTR-3B:
- This summary return includes details of outward and inward supplies, and the taxes payable. It also includes payment of taxes.
- Who should file it: Every GST-registered taxpayer except for
composition scheme taxpayers, NRIs, and others. For filing GSTR-3B you need DSC for GST Filing.
- Penalties: Late filing attracts a penalty of ₹50 per day (₹25 for CGST and ₹25 for SGST) for small taxpayers, and ₹100 per day (₹50 for CGST and ₹50 for SGST) for others.
3. What is GSTR 4?
- GSTR-4 is filed by taxpayers who have opted for the
Composition Scheme. It summarizes the outward supplies and the tax payable.
- Who should file it: Taxpayers under the Composition Scheme.
- Penalties: If not filed on time, a late fee of ₹50 per day is applicable (₹25 for CGST and ₹25 for SGST).
4. GSTR-5:
- GSTR-5 is for non-resident foreign taxpayers temporarily doing business in India. It contains details of outward and inward supplies, and taxes paid.
- Who should file it: Non-resident foreign taxpayers.
- Penalties: Late filing of GSTR-3B can lead to a penalty of ₹100 per day (₹50 for CGST and ₹50 for SGST).
5. GSTR-5A:
- GSTR-5A is for non-resident online information and database access or retrieval services (OIDAR) providers.
- Who should file it: Non-resident service providers offering digital services.
- Penalties: Late fees and penalties similar to those of GSTR-5. You need DSC for GST Filing to complete the filing process on time. They authenticate the return submitted and confirm that the filing is accurate.
6. GSTR-6:
- GSTR-6 is filed by
Input Service Distributors (ISDs) to distribute the credit of taxes to various branches.
- Who should file it: Input Service Distributors.
- Penalties: Late fees of ₹50 per day (₹25 for CGST and ₹25 for SGST) apply.
7. GSTR-7:
- GSTR-7 is for
tax deductors (TDS deductors) under GST, reporting TDS deductions and taxes paid.
- Who should file it: Persons required to deduct TDS under GST.
- Penalties: Late filing attracts a penalty of ₹100 per day (₹50 for CGST and ₹50 for SGST).
8. GSTR-8:
- It is for
e-commerce operators to collect tax at source (TCS) from suppliers.
- Who should file it: E-commerce operators.
- Penalties: Similar late filing penalties to other returns, ₹100 per day (₹50 for CGST and ₹50 for SGST).
Ensure hassle-free and secure filing with a
Digital Signature Certificate for GST Filing.
9. GSTR-9:
- GSTR-9 is an annual return that consolidates all GST returns filed during the year, offering a summary of the taxpayer's financials and taxes paid.
- Who should file it: Regular taxpayers, except for
composition scheme taxpayers.
- Penalties: A penalty of ₹200 per day (₹100 for CGST and ₹100 for SGST) applies for non-filing.
10. GSTR-10:
- This is a final return filed when a taxpayer's GST registration is cancelled or surrendered.
- Who should file it: Taxpayers whose registration has been cancelled.
- Penalties: A late fee of ₹100 per day (₹50 for CGST and ₹50 for SGST) applies.
11. GSTR-11:
- GSTR-11 is filed by individuals or entities eligible for a refund of GST paid on inward supplies under the UIN (Unique Identification Number) scheme.
- Who should file it: Persons with UIN (such as embassies, and international organizations).
- Penalties: No late fee if the refund is due, but penalties for late submission of documents or claims might apply.
12. CMP-08:
- CMP-08 is a quarterly return for taxpayers under the
Composition Scheme to pay tax.
- Who should file it: Taxpayers registered under the Composition Scheme.
- Penalties: Late fees of ₹50 per day (₹25 for CGST and ₹25 for SGST).
13. ITC-04:
- ITC-04 reports the details of goods sent to a job worker for processing or manufacturing.
- Who should file it: Manufacturers who send goods for processing to a job worker.
- Penalties: Penalties can be imposed for incorrect or late filing, based on the case specifics.
Buy DSC for GST Filing from a certifying authority like Capricorn CA for secure and efficient submissions.
New GST Rates
The GST rate on tobacco products and aerated water will increase from 28% to 35%. This hike aims to reduce tobacco consumption and increase government revenue. Using a
DSC for GST filing simplifies the process, saves time, and compliance with updated tax laws. Businesses can use a DSC signature to securely authenticate their e-filings, reducing errors and ensuring data integrity.
Conclusion
DSC for GST filings ensures secure and timely submissions, keeping your business compliant. Staying updated with the latest GST rates helps you avoid penalties. File your returns effortlessly and manage your tax obligations with ease.