24 October 2017
I am new to GST and am not a professional GST/TAX practitioner. I am Laymen who knows little bit about the income tax only. I am Buying Agent. As my incomes come from multiple states by way of commission on the exports that I facilitate/liaison, I am aware that I will not be entitled to any exemption or composition benefits. (I hope I am right!) I have registered under GST and have a GSTIN no. for my firm. And that is the end of my knowledge!
What I am seeking to know is that what are the steps in GST filing, what is the frequency of filing? ( I am below a t/o of 1 cr. per year) and what are the terms I keep hearing of which are: GSTR-1,2 & 3? What does these stand for? Is there a resource which explains this to a layman in detail? Any Guidance in this regard will be appreciable.
25 July 2024
Navigating GST filings can indeed be overwhelming at first, but let's break it down step by step:
### Steps in GST Filing:
1. **GSTR-1**: This is the return for outward supplies. As a buying agent, you might not have outward supplies to report unless you are selling goods as well. Typically, GSTR-1 is filed by businesses that make outward supplies (sales).
2. **GSTR-3B**: This is a summary return that needs to be filed monthly by all regular taxpayers. It includes details of outward and inward supplies along with the payment of taxes.
3. **GSTR-9**: This is an annual return that needs to be filed once a year by all regular taxpayers. It consolidates the information furnished in the monthly/quarterly returns during the financial year.
### Frequency of Filing:
- **GSTR-3B**: Monthly, by the 20th of the following month (e.g., for June, it is due by 20th July). - **GSTR-1**: Monthly or quarterly, depending on your turnover. Quarterly filing is available for taxpayers with turnover up to Rs. 1.5 crore (subject to certain conditions). - **GSTR-9**: Annually, by 31st December of the subsequent financial year.
### Terms Explained:
- **GSTIN**: Goods and Services Tax Identification Number, unique to each taxpayer. - **Turnover (T/O)**: Total value of taxable supplies made (excluding taxes) by a taxpayer during a financial year.
### Resources for Understanding GST:
1. **GST Portal**: The official GST website (https://www.gst.gov.in) provides detailed guides and FAQs.
2. **GSTN (Goods and Services Tax Network)**: They provide online tutorials and webinars to help taxpayers understand various aspects of GST filing.
3. **Consultation with Experts**: If you're still unsure, consider consulting with a GST practitioner or accountant who can provide personalized guidance based on your specific business activities.
### Additional Tips:
- **Keep Records**: Maintain proper records of all invoices and transactions to facilitate accurate GST filings. - **Compliance**: Ensure timely filing and payment of GST to avoid penalties.
As a buying agent involved in commission-based earnings from exports, your GST compliance primarily involves reporting and paying taxes on your commission income. If you have specific questions or encounter difficulties, don't hesitate to seek assistance from professionals or resources provided by the GST authorities.
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