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Know the GST Returns for Your Business

Whether it is a small dealer or a large corporate, everyone is keen to understand the kind of GST returns one will be expected to file from the month of August 2017. Under GST regime, a taxpayer will be required to furnish three returns on monthly basis and one return on annual basis. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS). To simplify this GreenGST brings to you the simplistic understanding of the types of returns for all shape and form of businesses.

Business 1:  Buyer- Supplier transactions

This is the most common form of transaction happening across the markets, where there is a supplier and there is a buyer who transact to exchange goods, services and money. The returns required to be filed in this arrangement are as follows:

Business 2: Composite Tax Payer

Composite Tax payers are typically small tax payers who are exempted from collecting outward tax and can’t claim input tax credit as well. Since these dealers, can not avail the input tax credit, the government has given them a special privilege to pay taxes only on a certain pre-defined percentage of the turnover.

Business 3: Foreign Tax Payer

If you are a foreign tax payer, GST regime has got a single form GSTR-5 to be filed on monthly basis

Business 4: Input Service Distributor

Nowadays, it is a common phenomenon to find businesses with distributed units in the same or different state. For example, Minda Services Pvt Ltd., has its Branch Office (BO) in Gurgaon, Head Office in (Mumbai), and manufacturing unit in Delhi. This system of operating from different locations leads to accumulation of input tax credit paid on common inward supplies which are used by each branch unit of Minda Steel Pvt Ltd. To avoid this scenario, it is ideal to centralize invoices for procurement of common services to HO that will further distribute the input tax credit to each unit. This efficient operations process is known as ‘Input Service Distributor,’ and the HO, which does the centralized billing for procurement of common services is termed as the ‘Input Service Distributor’. If you are an Input service Distributor, following GST returns are relevant to you:

Business 5: Tax Deductor

If you are a company that is procuring services from external agencies and freelancers  and deducting their TDS while making payments, following GSTR forms are relevant for you.

Business 6: E-commerce Players

For all the new age e-commerce sellers like Amazon, Flipkart, Myntra, Moglix, Snapdeal etc who have been offering us amazing deals and bringing amazing products at our doorsteps, the relevant return will be GSTR-8 which needs to be filed on monthly basis.

In addition to the returns spoken about above, all businesses will be expected to file GSTR-9 as annual returns.

GreenGST to simplify tax filing for all Businesses

No matter whether you are a Buyer or supplier, GreenGST helps you file and reconcile taxes with absolute ease. GreenGST.com gives you a state of the art user interface where a buyer can file his GSTR2 and Supplier can file GSTR1 and GSTR3. Any discrepancy of input or output credit in the buyer-supplier invoices is automatically detected by the system and Mismatch report is generated in the system. The same is done basis the parameters advised by GSTN such as Invoice Number, Invoice Date, Taxable amount, Invoice Quantity and HSN codes.  While working on thousands of invoices with strict timelines of 10th, 15th and 20th each month, GreenGST makes lives of Finance and accounting teams very serene, very green.

Simplify your GST Return Filing & Invoicing with GreenGST

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Smart and Secure GST Filing Software Online in India – GreenGST

GST India is a comprehensive tax on manufacturing, sale and consumption of goods and services at national level, under, which no distinction will be made between, goods and services for levying of tax. GST India has subsumed almost every indirect tax, levied on goods and services by the Central and State governments in India.

GST has a G2B portal for taxpayers, to access the GST System, seeking to file their GST returns. However that would not be the only way, for interacting with the GST India Services, as the taxpayer, pertaining to his preference of third party applications, for instance GreenGST, will be able to interact with the GST system, seamlessly, sans any hassle via desktop, mobile and other interfaces.

The Advent of GST has paved way for modern SAAS based software’s, to facilitate your tax filing management. Therefore, to handle the great number of invoices that will be uploaded and GST returns that will be filed, every single day, there arises a great need for reliable GST filing software that will chisel out your GST filing woes, all at once! This is where, innovative SAAS based GST Software, such as GreenGST, wade their way to decongest the scenario of GST filing in India.

GreenGST, a product by Moglix, is a one stop-solution for meeting all your GST compliance needs. We extend our expertise in commerce, manufacturing and supply chain to solve problems related to digitization of supply chain as well as making it GST Compliant. Green GST makes your GSTR filing seamless irrespective of whether you are the buyer or the seller.

GreenGST helps you in reporting, invoice creations, reconciliation and GST filing. Our system will not only keep you GST compliant but it also comes with a dashboard based on daily analytics. It will gently remind you five days prior to the deadlines, so that you can download the report on non-compliant vendors and be safe from the hassle of last minute rush.


Test your GST readiness with this fun and interactive checklist!