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GST Returns: Accurate Returns for GST Credits

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Accurate Returns for GST Credits

Under the GST regime, filing returns is most critical business activity as it determines compliance rating and timely refunds. It appears to be complicated to many because it consists of multiple steps.

GST

Step 1: You need to upload outward supplies of taxable goods and services in prescribed format before the 10th of every month (GSTR-1)

Step 2: You need to download GSTR-2A (Details of supplies auto drafted from GSTR-1 or GSTR-5 to recipient)

Step 3: You need to upload inward supplies of taxable goods and services before 15th of every month (GSTR-2)

Step 4: You need to download GSTR-1A (Details of auto drafted supplies of goods or services)

Step 5: Once all the outward supplies and inward supplies are declared, GSTN portal will auto calculate the total tax liability. Separate values for CGST, SGST and IGST will be shown. In this step, the registered taxable person authenticates his return before the 20th of each month. Any change in details must be made before this.



There are mainly 11 classified forms. A combination of them would be applicable to tax payers depending upon the category they fall under.

Business entities, generally, would be required to file at least the first 3 returns every month, and 1 Annual return.

GSTR-1

Details of outwards supplies of goods or services

GSTR-2

Details of inward supplies of goods or services

GSTR-3

Monthly return

GSTR-4

Quarterly return for registered persons opting composition levy

GSTR-5

Return for Non-Resident Taxable Persons

GSTR-6

Return for input service distributors

GSTR-7

Return for Tax Deduction at Source

GSTR-8

Statement for Tax Collection at Source

GSTR-9

Annual Return-- To be filed by a Registered Taxable person, by the 31st December of next financial year.

GSR-10

Final return-- To be filed by a taxable person whose registration has been surrendered or cancelled, within 3 months of (the date of cancellation or date of cancellation order)- Whichever is later.

GSTR-11

Inward supplies statement for persons having Unique Identification Number (UIN).

Auto Generated Forms

GSTR-1A

Details of auto drafted supplies of goods or services

GSTR-2A

Details of supplies auto drafted from GSTR-1 or GSTR-5 to recipient

GSTR-2A

Details of supplies auto drafted from GSTR-1 or GSTR-5 to recipient

GSTR-4A

Auto drafted details for registered persons opting composition levy

GSTR-5A

Details of supplies of online information and database access or retrieval services by a person located outside India made to non-taxable persons in India

GSTR-6A

Details of supplies auto drafted from GSTR-1 or GSTR-5 to ISD.

GSTR-7A

Tax Deduction at Source Certificate

 

The ERachana GST Returns software helps businesses prepare their monthly returns in a seamless and hassle free manner. It helps the businesses file the outward and inward supply of taxable goods and services.

The auto error detection feature helps businesses identify corrections in the total tax liability calculated by the GSTN portal.

ERachana GST Returns software can help you achieve this and more. If you are using ERachana GST Billing Software or ERachana Excel Billing Software, then ERachana GST Returns software can directly prepare the returns using output of these softwares.