As per the GST Bills introduced in the Parliment, the taxpayer has to pay GST on the gifts given to the employees if the value of the gifts is more than Rs 50,000 worth in a financial year.
GSTR – 10 is a Final Return to be filed by the taxpayer when he surrenders his tax registration number. The return will show a statement of input tax credit to be paid on the closing stock on which input tax credit has been availed previously when goods were purchased.
GSTR – 9A is an annual return to be filed by the Compounding Taxable Person. In Section 5 of the return details relating to the inward supply of goods and service without reverse charge, with reverse charge, import of goods and services along with the expenses for each ledger account has to be provided.
Annual Return GSTR – 9 has to be prepared, from the audited results of the tax taxpayers. A reconciliation statement for the inward supplies and outward supplies for each registration number along with expenses for each GSTIN (GST registration number) basis of the audited financial statements has to be filed.
Every registered tax payer under GST has to file an annual return called GSTR – 9. This return has to be filed by every tax payer expect by the ISD (input service distributor) by 31st of December of the next year. Say for example Annual return for FY 2016 -17 has to be filed by 31st December of 2017.
GSTR – 4 is the quarterly return to be filed by the tax payers who have opted for the Composition Scheme under GST. The tax payer how has registered under Composition scheme will file only return per quarter compared to three returns filed by regular tax payer every month.
Every tax payer who has collected tax under GST other than composite tax payer, TDS Deductor, e-commerce operator has to file monthly outward supplies return i.e GSTR -1 by 10th of the next month.