Skip to main content

Simplified Understanding of GST Returns and Streamlining Compliance with EaseMyGST Software


Simplified Understanding of GST Returns and Streamlining Compliance with EaseMyGST Software
Understanding of GST Returns
May 31, 2023


Goods and Services Tax (GST) compliance can be a complex process for businesses in India. However, with the right tools and understanding of GST returns, businesses can streamline their compliance efforts effectively. This blog aims to provide a simplified understanding of various GST returns and highlight the benefits of using EaseMyGST software to simplify the GST filing process.

1. GSTR-1: Details of Outward Supplies
GSTR-1 contains sales transactions, including outward supplies of taxable goods or services. It is filed monthly or quarterly based on the taxpayer's turnover. Businesses with a turnover less than INR 1.5 Crore file quarterly, while those with turnover exceeding INR 1.5 Crore file monthly.

2. GSTR-2: Details of Inward Supplies
GSTR-2 includes details of taxable inward supplies from registered persons, imported inputs/services, debit/credit notes, supplies received from unregistered persons, and various credits. It helps businesses track their input tax credits accurately.

3. GSTR-3B: Monthly Summary Return
GSTR-3B is filed within 20 days from the end of the respective month. It summarizes the monthly tax liability, turnover, TDS credits, and other related details. It is crucial for businesses to meet their monthly GST obligations promptly.

4. GSTR-4: Return for Composition Scheme Taxpayers
Businesses under the composition scheme file GSTR-4, an annual return. It includes details of businesses that have opted for the composition scheme since registration and have never opted out.

5. GSTR-5: Non-Resident Taxable Person Return
GSTR-5 is filed by non-resident taxable persons within 20 days from the end of the respective month. In case of registration expiry or cancellation, GSTR-5 must be filed within 7 days.

6. GSTR-6: Input Service Distributor Return
Input service distributors file GSTR-6 within 13 days from the end of the respective month. It includes details of input tax credit received for distribution, ITC redistribution, and other related information.

7. GSTR-7: TDS Return
Persons deducting tax at source file GSTR-7 within 10 days from the end of the respective month. It contains details of TDS deducted and tax paid.

8. GSTR-8: E-commerce Operator Return
E-commerce operators liable to collect tax at source file GSTR-8 within 10 days from the end of the respective month.

9. GSTR-9: Annual GST Return
GSTR-9 is an annual return that must be filed by all taxpayers registered under GST. It consists of six major parts and 19 sub-sections. Some sub-sections are auto-populated based on GSTR-1 and GSTR-3B filings.

10. GSTR-9C: Reconciliation Statement and Audit Report
Applicable taxpayers file GSTR-9C, a reconciliation statement, and audit report. It is mandatory for registered persons with an aggregate turnover exceeding Rs. 5 crore during a financial year.

11. GSTR-10: Final Return for Cancellation
Taxable persons who opt for GST registration cancellation file GSTR-10.

12. GSTR-11: UN Organization Refund Claim
United Nations organizations in India file GSTR-11 to claim refunds on taxes paid for official purchases.


EaseMyGST Software Features

EaseMyGST provides comprehensive business software solutions, including GST compliance software. Here are key features that make it an ideal choice for businesses:

1. GST Return Preparation: The software enables easy and accurate preparation and filing of GST returns.

2. Invoicing and billing: Users can generate GST-compliant invoices and bills quickly and easily.

3. Automated reconciliation: The software automatically reconciles GST data with financial data, reducing the risk of errors.

4. Dashboard and analytics: The software provides users with a dashboard and analytics tools to help them monitor their GST compliance and performance.

5. User Management: EaseMyGST enables users to work on the software as per the access privileges assigned to them by your organization.

6. API Integration: EaseMyGST has APIs to integrate any of ERP solutions or accounting software, to automate GSTR1 and GSTR 3B return filing.

7. Reports: EaseMyGST provides you easy-to-use and informative reports which are enriched with charts and graphs to help with quick understanding of your data.

Overall, EaseMyGST can help businesses simplify their GST compliance process and save time and effort in meeting their GST obligations.