What are the components of GST?
There are 3 taxes applicable under this system: CGST, SGST & IGST.
1. CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within the State)
2. SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within the state)
3. IGST: Collected by the Central Government for inter-state sale (Eg: Transaction within Different States)
Understanding GST returns in detail
GSTR-1
The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity. The due date for filing GSTR-1 is 10th of every month.
The GSTR 1 acts as the base on which all other form submissions can be made for the month.
GSTR-2A
GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. This form is filed by the 15th of every month. GSTR-2A is auto populated where the data will be fetched from the GSTR-1 filed by the supplier. It is a read-only return and cannot be edited.
GSTR-2
GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government.
GSTR-3B
It is a summarized monthly return of all the details of inward and outward supplies, input tax credits and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period.
The due date for filing GSTR-3B return form is 20th normally. However, the date may be changed if there are any government notifications.
GSTR-4
GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract reverse charge.
The due date for filing this form is the 30th of the month succeeding the financial year.