Aditya Birla Sun Life Insurance Company Limited
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With the goal of "One Nation, One Tax" the GST was implemented as substantial tax reform in India in 2017.
By combining the information about products and services provided by vendors and customers, GST has simplified the process of submitting tax returns. The GST Council and the Finance Ministry developed the GSTN (goods and services tax network) system, which allows taxpayers to correctly record all information on invoices, purchases and sales, dates, and locations.
This provides a simple platform for taxpayers who have registered for GST to connect and conveniently access and submit the GST return form, claim ITC, and other things according to the type of taxpayers they belong to.
A GST return is a taxpayer’s report to administrative tax authorities detailing their revenue, sales, expenses, and purchases. The rules utilise this to determine the net tax obligation.
Additionally, the GST method makes it simple to finish, efficient and best.
Regular taxpayers are obliged to submit monthly returns and an annual return under GST. Additionally, there are individual returns for taxpayers registered under several different schemes, including the composition scheme, taxpayers reported as input service distributors, non-resident taxpayers, individuals liable to deduct or collect tax (TDS or TCS), and individuals granted a unique identification number.
A taxable person is qualified to be registered under the GST Act if they have a business established in India in any state. This individual must participate in trade, commerce, or other economic activity. This covers municipal government, LLPs, HUFs, people, cooperative societies, trusts, and AOPs/BOIs. The GST regime, therefore, requires all such firms to submit GST returns.
All companies are required under the GST system to submit GST returns. However, the frequency and timing of the filing are determined by the kind of company and the total yearly sales. Businesses may opt to offer their GST returns under the QRMP scheme if their combined annual revenue is up to Rs. 5 crores. Each year, they must submit 4 GSTR-1 returns, 4 GSTR-3B returns, and one annual return for 9 GST returns.
Businesses must submit GST returns twice a month if their combined yearly revenue exceeds Rs. 5 crores and they have not opted for the QRMP programme. They also have to submit one annual return. There are 25 GST returns in all each year. Remember that other returns must often be produced and presented by the GST system, such as in the case of composition dealers.
The Budget 2025 has introduced several changes to the GST framework, which will impact how businesses file their returns. Here are some key updates:
Input Tax Credit (ITC) Distribution: From April 1, 2025, Input Service Distributors (ISDs) will be able to distribute ITC for inter-state supplies where tax is paid on a reverse charge basis. This will streamline the process of ITC distribution for businesses with multiple locations.
Other Changes:
○ Amendments to Section 17(5)(d) of the CGST Act.
○ Changes to voucher supply provisions.
○ Clarification of the definition of "Local Authority".
○ Changes to the Appellate Authority Pre-Deposit.
Businesses should familiarize themselves with these updates and ensure their GST return filing processes are aligned with the new regulations.
Current GST returns come in various formats and may be submitted monthly, quarterly, or yearly based on the numerous applicable elements. GST return form categories include the following:
The record of all sales is GSTR 1. The suppliers must record their outgoing supply using this form throughout the reporting month. All registered taxpayers are typically expected to submit their taxes by the 11th of the following month.
Who has to submit form GSTR 1?
GSTR-2A is an automatically generated statement that gives the receiver access to all the inbound supplies your supplier disclosed on GSTR-1. The information will be accessible when the return is submitted via the Portal.
In addition to the information from GSTR-1, auto-populating data will also include the information from GSTR-5 (Supplies from Non-resident Taxable Person), GSTR-6 (ISD), GSTR-7 (TDS Deductor), and GSTR-8 (TCS collected by e-commerce operator).
Who needs to submit the GSTR 2A form?
It is an automatically filled-out form.
A registered dealer is required to submit the GSTR-3B monthly self-declaration. The objective of the return, a streamlined summary return of inbound and outward supplies, is for taxpayers to report their total unpaid GST obligations for the tax period and promptly discharge those liabilities.
Who has to submit form GSTR 3?
Everyone registered for GST must submit the GSTR-3B return, even for Nil returns.
GSTR 3B Due date: The 20th day of every month for companies with five crores or more revenue. Depending on their state, the 22nd or 24th day of the month would be the due date for taxpayers with lower sales.
Organisations that are also Input Service Distributors are required to submit a Goods and Services Tax Return 6 each month. This report must include information about the inbound supplies received from purchases from other registered taxpayers (B2B) and how input tax credits were allocated across the organisation’s branches.
Who has to submit form GSTR 6?
By every provider of Input Services.
GSTR 6 Due date: GSTR 6 is due on the thirteenth day of the following month.
Each taxpayer registered for GST must submit an annual return in a particular form. The GSTR 9 is the name of such a form. The information on the supplies made and received throughout the year under the various tax headings CGST, SGST, and IGST is included in GSTR-9.
It compiles the data provided in the monthly/quarterly returns for the specific year. The tax agency has always firmly complied with law violations, and GSTR 9 is no exception. The taxpayer may incur high costs if they fail to file GSTR 9 on time or do so after the deadline.
The GSTR-9 must be submitted by December 31 of the year before
Who has to submit a GSTR 9?
Average taxpayers who submit GSTRs 1, 2, 3, and 3B during the fiscal year will be offered.
GSTR 9 Due date: Annually on December 31st of the next financial year.
GSTR 9C is a reconciliation between the data from the taxpayer's audited yearly financial statements and the annual returns submitted in GSTR 9 for a given fiscal year. Registered taxpayers must submit the GSTR-9C return form if their combined revenue exceeds ₹5 crores.
A copy of the taxpayer's audited annual accounts and reconciliation statements that compare the value of the supplies listed in return provided for the financial year to those declared in the case in question must also be submitted.
Who has to submit form GSTR 9C?
Taxpayers who are registered and have annual revenue of more than ₹5 crores.
GSTR 9C Due date: GSTR 9C is due on December 31 of the following calendar year.
A fine will be assessed if the taxpayer fails to submit the returns by the deadline. The late charge is the name of this fine. The late penalty for the Central Goods and Services Tax (CGST) and State Goods and Services Tax is Rs. 100 for each day under the GST Law (SGST). As a result, the daily fee will be ₹200. This rate is subject to adjustments, which will be disclosed through notifications. The highest fine that may be assessed is ₹5,000.
If the return filing is delayed, the integrated GST, or IGST, does not incur any late fees. In addition to the late charge, the taxpayer will be compelled to pay interest at 18% p.a. The taxpayer must compute this interest based on the amount of tax that has to be paid. The time frame shall be measured from the day after the filing deadline to the day on which the payment is settled.
As stated below, you may submit your GST return online.
For the remainder, it must be filed monthly. Before submitting the return, you must keep the following three things in mind:
The following considerations should be made before submitting this return:
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Buy ₹1 Crore Term Insurance at Just ₹575/month1
Life cover up to 100 years of age.
Joint Cover Option
Inbuilt Terminal Illness Benefit
Tax Benefit^
Return of Premium Option~
Life Cover
₹1 crore
Premium:
₹575/month1
Guaranteed returns after a month¹
1Scenario for Female, Non Smoker, Age: 21 years, Plan Option: Level Cover, Premium paying Term: Regular pay, Policy Term: 25 years, Pay Frequency: Annual, Premiums are exclusive of GST. (Annual Premium of Rs. 6900/12 months(On Average Rs.575/month) (offline premium)
ABSLI DigiShield Plan (UIN: 109N108V13) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws.
~Available only on regular pay
^Tax benefits are subject to changes in tax laws. Kindly consult your Tax advisor for more details. For more details you may visit the official website of the Income Tax Department of India.
ADV/5/25-26/261
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