FAQs

3. What are the different types of GST?

GST in India is categorized into three main types: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). CGST and SGST are levied on intra-state supplies, while IGST is levied on inter-state supplies.

4. What are the GST returns, and how often should they be filed?

GST returns are periodic statements that taxpayers need to file to report their GST liabilities and claim input tax credits. The frequency of GST return filing depends on the type of taxpayer and their turnover. Regular taxpayers typically need to file monthly returns, while small taxpayers may opt for quarterly returns.

5. Are there any exemptions or special provisions under GST?

Yes, certain goods and services are exempted from GST, and specific provisions apply to particular industries or transactions. It’s essential to understand these exemptions and provisions to ensure compliance with GST regulations.

6. What are the penalties for non-compliance with GST regulations?

Non-compliance with GST regulations can lead to penalties, fines, and other legal consequences. Penalties may vary depending on the nature and severity of the violation, such as late filing of returns, incorrect invoicing, tax evasion, etc.

7. What is Income Tax?

Income tax is a direct tax imposed by the government on individuals and entities based on their earnings or income. It is a crucial source of revenue for the government to fund various public services and welfare programs.

8. What are Income Tax Returns (ITRs)?

Income Tax Returns (ITRs) are forms used by taxpayers to report their income earned during a financial year and calculate the tax liability on it. These forms also facilitate claiming deductions, exemptions, and refunds, if applicable.

9. What is ITR-1 (Sahaj) form?

ITR-1, also known as Sahaj, is the most commonly used form for filing income tax returns by salaried individuals, pensioners, and individuals having income from one house property and other sources like interest income, etc.

10. Who can file ITR-1 (Sahaj)?

Individuals with income from salary or pension, one house property, and income from other sources like interest can file their income tax returns using the ITR-1 form, provided their total income does not exceed ₹50 lakhs.

11. What is ITR-2 form?

ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. It is also used when the taxpayer has income from more than one house property or capital gains.     

12. Who should file ITR-2?

Taxpayers who have income from capital gains, multiple house properties, foreign assets, or foreign income, and individuals with income from business or profession exceeding ₹50 lakhs cannot use ITR-1 and should file ITR-2.

13. What is ITR-3 form?

ITR-3 is a form used by individuals and Hindu Undivided Families (HUFs) who have income from proprietary business or profession. It is applicable when the taxpayer’s income includes income from business or profession but does not include income from presumptive business.

14. Who should file ITR-3?

Taxpayers with income from business or profession, including those with income from partnership firms, but not opting for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE, are required to file ITR-3

15.What is ITR-4 (Sugam) form?

ITR-4, also known as Sugam, is applicable to individuals, HUFs, and firms (other than LLPs) having income from a presumptive business or profession. It simplifies the tax filing process for small taxpayers.

16. Who should file ITR-4 (Sugam)?

Taxpayers with income from presumptive sources such as business or profession under sections 44AD, 44ADA, or 44AE, and those having income from salary, house property, and other sources can file their returns using ITR-4.

17. What is ITR-5 form?

ITR-5 is applicable to firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), artificial juridical persons, co-operative societies, and local authorities.

18. Who should file ITR-5?

Entities such as firms, LLPs, AOPs, BOIs, artificial juridical persons, co-operative societies, and local authorities should file their income tax returns using ITR-5.

19. What is ITR-6 form?

ITR-6 is applicable to companies other than companies claiming exemption under section 11 (income from property held for charitable or religious purposes).

20. Who should file ITR-6?

All companies, except those claiming exemption under section 11, including companies required to furnish a return of income under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D), should file their income tax returns using ITR-6.

21. What is ITR-7 form?

ITR-7 is applicable to persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).

22. Who should file ITR-7?

Persons such as trusts, political parties, institutions, colleges, investment funds, universities, and entities who are required to furnish a return under sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) should file their income tax returns using ITR-7.

23. What is the due date for filing Income Tax Returns (ITRs)?

The due date for filing income tax returns varies depending on the type of taxpayer and their source of income. For most individuals, the due date is typically July 31st of the assessment year and in some cases it is 31^st October of the assessment year. However, these dates may be extended by the government under certain circumstances.

24. What happens if I miss the deadline for filing my Income Tax Return?

If you miss the deadline for filing your income tax return, you may still be able to file a belated return before the end of the assessment year. However, late filing may attract penalties and interest on any outstanding tax liability.

25. What is GSTR-1?

GSTR-1 is a monthly or quarterly return that contains details of outward supplies (sales) of goods or services by registered taxpayers. It includes information such as invoice-wise details of sales, HSN codes, taxable value, and GST charged.

26. What is the due date for filing GSTR-1?

The due date for filing GSTR-1 varies depending on the turnover of the taxpayer. Generally, it is the 11th of the following month for monthly filers and the 13th of the subsequent month for quarterly filers.

27. What is GSTR-2A?

GSTR-2A is an auto-generated read-only document that contains details of inward supplies (purchases) as reported by the suppliers in their GSTR-1.

28. Is GSTR-2A a return that needs to be filed?

No, GSTR-2A is not a return that needs to be filed separately. It serves as a reference document for taxpayers to reconcile their input tax credit (ITC) claimed in GSTR-3B.

29. What is GSTR-2B?

GSTR-2B is an auto-generated read-only document that provides a summarized view of eligible input tax credit (ITC) available to the recipient.

30. How is GSTR-2B different from GSTR-2A?

GSTR-2B is a static document generated on a monthly basis, whereas GSTR-2A is dynamic and gets updated as suppliers file their GSTR-1.

31. What is GSTR-3B?

 GSTR-3B is a monthly self-declaration return that summarizes the details of outward supplies, input tax credit (ITC) claimed, and tax liability for a particular tax period.

32. What is the due date for filing GSTR-3B?

The due date for filing GSTR-3B is the 20th of the following month.

33. What is GSTR-9?

 GSTR-9 is an annual return that provides a consolidated summary of outward and inward supplies, input tax credit (ITC) availed, tax paid, and other financial information for the entire financial year.

34. Who needs to file GSTR-9?

All regular taxpayers registered under GST, except composition scheme taxpayers and input service distributors (ISDs), are required to file GSTR-9.

35. What is GSTR-9C?

GSTR-9C is a reconciliation statement that taxpayers with an aggregate turnover above a specified limit need to file along with GSTR-9. It reconciles the figures reported in GSTR-9 with the audited financial statements.

36. Who needs to file GSTR-9C?

Taxpayers with an aggregate turnover exceeding Rs.2 crores during a financial year are required to file GSTR-9C.

37. What is GST 10?

GST 10 is an application for revocation of cancellation of registration. It needs to be filed by taxpayers whose GST registration has been cancelled by the authorities.

38. What is the time limit for filing GST 10?

GST 10 needs to be filed within 30 days from the date of service of the cancellation order