Young businessman?? Scared of GST?? After this you will understand all about GST returns.

Any person registered in GST, has to file GST returns. I know you are confused what are GST returns and how do we get that ready.

Assuming you are normal registered person in GST, the following are the Monthly compliance you have to do (don’t worry after this you will understand all conversation between accountant and Boss):

Mainly 2 kinds of return are filed monthly, and one return annually, so total 25 returns(2*12+1)

For monthly return:

First monthly return is GSTR-1: In this return you disclose all the sales you have made to different parties maybe B2B or B2C. This is filed on 11th of the next month. So if you have made sale on April 2021, the you have to file the sales return on 11th May 2021, informing the government about sales made and tax collected from the buyer. Easy right?

And second monthly return is GSTR-3B: In this return you pay government after set-off of all the inputs you have acquired from GSTR-2B. The due date is usually 20th of next month.

One annual return is filed in GSTR-9 on 31ST Dec of the next year.

So, GST is very easy right? Of course not that easy. The above is a very basic information a business man should know for understanding the compliance of GST. And as and when to handle the complexity do hire a GST consultant or a Chartered Accountant.

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CA Umang Jain

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