SME News Bites: How To File Taxes Under GST (VIDEO)

File Taxes Under GST
(Last Updated On: January 24, 2023)

The Goods and Services Tax (GST) is all set to roll out by July 01, 2017. The tax system will change drastically after it has come into effect. How will small businesses file taxes under GST? Here is your two-minute guide.

There are multiple forms under GST filing. There is a form for each type of return filing:

Form Type/Number

What To File Who Should File Due Date

GSTR – 1

Outward Sales

By Suppliers

10th of next month

GSTR – 2

Purchases made

By Recipients

15th of next month
GSTR – 3 Monthly return of what went out and what came in (supplies) + payable tax amount By all businesses

20th of next month

GSTR – 4 Compound GST return

By all businesses

18th of every quarter

GSTR – 5

GST returns

By taxable non-residents

20th of next month

GSTR – 6

GST returns Input Service Distributor

16th of next month

GSTR – 7

GST returns TDS deductors

10th of next month

GSTR – 8

Supplies + taxes collected via e-commerce platform E-commerce operators/ tax collectors

10th of next month

GSTR – 9 Annual GST returns By all businesses

31st Dec of next financial year

All the forms will be available on the GST Network as soon as it is rolled out.

A small business will need to file returns three times in a month using the GSTR 1, GSTR 2 and the GSTR 3. You can read more about the components of these forms, here.

Has your small business registered yet? If you are already an Instamojo user, you can start your GST migration process with us right here.

If you are registered under VAT and Service Tax, you have to register for GST. If you are a new business, you need to get a new enrollment number.

Have more questions? Visit our GST FAQ Page.

Disclaimer: Information in this article is intended only to provide a general overview and is not intended to be treated as legal advice. Please consult a tax expert to get a better understanding of the GST Laws.

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