Latest GST Returns and their Due Dates 2022-23

Transcript

Hey guys, how are you doing? Lets learn about GST due dates and form numbers. So, if I ask you which GST return forms are normally filled? Well, it depends upon whether you are normal dealer or composition dealer. What's the difference between both? Lets find out Normal dealer pays tax by deducting Input from Output. Output is tax on Sales while Input is tax on Purchase. So we reduce tax on purchase, from tax on sales to get GST Payable. Now lets talk about Composition Dealers. These are small dealers having turnover upto 1 point 5 Crores. They pay tax on Sales at lower Rate. But they do not get any input So, which returns normally filled by Normal Dealers? For Output, we fill Gstr1. It contains details of only sales, not purchase. For complete details, we fill Gstr3b.It contains details of sales, purchase as well as tax payable. Is gstr1 filed monthly or quarterly? It depends upon our turnover. If turnover is more than 1 point 5 crores, it is compulsory, to file returns monthly. If turnover is upto 1 point 5 crores , we can file returns either monthly or quarterly. So What is the due date for GSTR1? For Monthly return filers, it is 11th of next month. Like for January, it will be 11 Feb. For February, it will be 11 March. For March, it is 11 April and so on Now for quarterly tax payers , it is 13th of next quarter. Like for Jan to March ,return will be filed by13 April. So now, let's talk about Gstr3b. This, can also be filed quarterly or monthly. Here, the limit is 5 crores .If turnover is more than 5 crores, filling monthly is compulsory. But If turnover upto 5 crores we have a choice to file quarterly or Monthly . What is the due date for 3b? For monthly, it is 20th of next month. like For January, it will be 20th Feb. For February, it is 20th March and so on . But for quarterly, here, there are 2 due dates. Due date depends upon our location. It is either 22nd or 24th of next quarter. \ For South and West India, it is 22nd of next quarter. For North and East India, it is 24th of next quarter. So if u are living in Delhi, it is 24th April for Jan to March. but, if you are living in Mumbai, it is 22nd April Why? because Mumbai is in West India. Note, If you are large tax payer, Due date is same ,20th of next month, for both Delhi and Mumbai. So Normally 2 Returns are filed every month or quarter First GSTR1 Then GSTR3B These are compulsory for every tax payer. Apart from this, Sometimes Annual Returns are also filled These are GSTR9 and GSTR9C GSTR9 is normally filed for whole year by 31 December like for 2022-23,it will be filed by 31 December 2023 Filing GSTR9 is compulsory only if turnover more than 2 Crores. Small Tax payers do not normally file it. GSTR9C is Annual Reconciliation Statement. It is used to reconcile Annual Return with audited books. This is filed by CA, if turnover more than 5 Crores So how many total Returns for Normal Dealer? 4 Returns to be filed by Normal Dealers GSTR1 GSTR3B GSTR9 and GSTR9C. 1 and 3B are compulsory for all, 9 and 9C are not compulsory for small tax payers Now, lets talk about Composition Dealers. Every quarter they have to pay tax by filing a mini return called CMP-08 Due date is 18th of Next Quarter Like for Jan to March, it will be 18 April. Apart from this, they also file GSTR 4 every year. This contains complete details of sales for whole year. Due Date is 30 April of next year. Like for 2022-23,it will be 30 April 2023 Hey guys, Thanks a lot for Watching. You can download free pdf of these due dates from our website Also you can join our GST Return filing course where we will teach these returns practically on the computer live, We will also provide you GST Demo Portal where you can practice these returns Link in the description Please like and subscribe and share this video as much as possible And have a nice day