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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...
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GST to Make Return filing Easy & Online







Myth

 1) Every taxpayer has to file invoice wise details in the return
2) There are 3 returns to be filed every month

Reality

 1) Only suppliers to re-sellers (i.e. B2B suppliers) not under composition scheme have to file invoice wise details.
2) There is only one return to be filed by the taxpayer with other components getting auto-populated.

Category of Taxpayers
Details to be Given
Form to be used
Periodicity / Last date
Aggregate Turnover less than Rs. 20 lakh
Nil
Nil
Nil
Aggregate Turnover up to Rs. 75 lakh and availing the composition Scheme
Ø  Consolidated details of outward supplies made by you during the quarter including that if advance received
Ø  Details of supplies received ( Auto-populated from the GSTR-1 of the supplier)
Form GSTR-4
Quarterly or 18th of the month following the quarter
Aggregate Turnover more than Rs. 20 lakhs and not availing Composition Scheme but supplying to consumers (only B2C supplies)
Tax-rate wise summary of all intra-state supplies made
Form GSTR-1
Monthly / 10th of the following month
Supplies received
Form GSTR-2
Auto-populated by the computer and only needs to be verified and submitted by 15th of the following month
Final return
Form GSTR-3
Auto-populated by the computer and only needs to be verified and submitted by 20th of the following month
All other Suppliers including suppliers to re-sellers and / or consumers (both B2B and/or B2C supplies)
Ø  Invoice-wise details of all B2B supplies and Inter-state B2C supplies of value above Rs. 2.5 lakh
Ø  Tax-rate wise summary of B2C intra-star=te supplies
Ø  State-wise and tax-rate wise summary of B2C inter-state supplies of value below Rs. 2.5 lakh
Form GSTR-1
Monthly / 10th of the following month
Supplies received
Form GSTR-2
Auto-populated by the computer and only needs to be verified and submitted by 15th of the following month
Final return
Form GSTR-3
Auto-populated by the computer and only needs to be verified and submitted by 20th of the following month
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