GST Return Filing

You can easily file all of the three returns which are monthly along with the yearly GST return, at the most economical price!

Package Inclusion

  • Collection of Information
  • Preparation of Returns
  • Filing of the Returns
  • The GST return will be prepared and ready for you at no time at all

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What is GST Return Filing?

GST Return is a document that contains the detail of the income of the taxpayer and is used by the tax authorities to calculate tax liabilities. Any person applying for GST Registration will also have to apply for GST Return filing in India.

    A Registered dealer needs to file GST Returns that include:
  • Purchases and sales
  • Output GST (ON Sales)
  • Input tax credit

GST Return Filing – A Complete Overview

Every business which is registered under the GST Act/regime is obliged to have its GST Return filed. It works as a link between the government and the taxpayer.

During the GST Return filing, the taxpayer needs to provide information such as the details of the business activities, payment of taxes, declaration of tax liability and other information as required by the government.

GST Returns are filed electronically on the GST portal. Also, there is a facility that one can also file the GST Returns manually in the offline mode.

The GST Returns which are filed manually are uploaded to the GSTIN Portal by the taxpayer or the facilitation centre.

Notification Issued by The GST Council in Reference to The GST Return Filing:

  • GSTR-2 and GSTR-3 filing is suspended until any further notice arrives.
  • Only GSTR-1 needs to be filed on the 11th of the next month.
  • The registered taxpayers whose business turnover exceeds INR 1.5 Crores are given an option to file their returns quarterly instead of monthly returns.

Who should File GST Returns?

Any business which is registered under GST needs to file the GST returns on a timely basis that is monthly, quarterly, or annually, or else it causes unnecessary penalty and additional compliances. According to the GST Regime, any regular business needs to file two monthly returns and one annual return. So, in a year, a taxpayer has to file 26 returns.

However, there are separate returns that are required to file for the composition dealers. This will be discussed later in the different types of GST Returns.

What are The Different Types of GST Returns?

To make the entire system transparent and keeping in mind the nature of Businesses, GST Returns have been introduced by the government. Every Return has different due dates, eligibility and importance.

GST Return Form

Particulars Mentioned

Frequency

Due Date

GSTR-1

Details Outward supplies of taxable goods or services affected

Monthly

11th of the next month

GSTR-2

(SUSPENDED)

 

Details Outward supplies of taxable goods or services affected claiming the input tax credit.

Monthly

15th of the next month

GSTR-3

(SUSPENDED)

Monthly Return based on finalization of details of Outward supplies and inward supplies along with payment of tax.

Monthly

20th of the next month

GSTR-3B

Simple Return in which a summary of Outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer.

Monthly

20th of the next month

GSTR-4

Return for a taxpayer registered under the composition levy

 

18th of the month succeeding quarter

GSTR-5

Return for a Non-Resident foreign Taxable person

Monthly

20th of the next month

GSTR-6

Return for an Input Service Distributor

Monthly

13th of the next month

GSTR-7

Return for authorities deducting tax at source

Monthly

10th of the next month

GSTR-8

Details of supplies effected through e-commerce operator and the amount of tax collected.

Monthly

10th of the next month

GSTR-9

The annual return of a normal taxpayer

Annually

31st December of the next financial year.

GSTR-9A

Annual return a taxpayer registered under the composition levy anytime during the year.

Annually

31st December of the next financial year.

GSTR-10

Final Return

Once when GST registration is canceled or surrendered

Within three months of the date of cancellation order, whichever is later

GSTR-11

Details of Inward Supplies to be furnished having UIN (Unique Identification Number) and claiming a refund.

Monthly

28th of the month following the month for which statement is filed.

How to file GST return Online?

Follow the under mentioned steps to file GST return online;

  • Firstly, go to the GST web portal https://www.gst.gov.in/
  • GST identification number consisting of 15 digit will be issued on the basis of your state code and PAN number
  • Now, upload all the invoices on the GST portal or the software. A reference number against every invoice will be issued.
  • After uploading invoices, upload outward return, inward return, and cumulative monthly return online. If any error occurs, you will have the option to correct it and re -file the returns.
  • Filing of outward supply returns in GSTR-1 form should be done through the information section at the GST Common Portal (GSTN) on or and should be filed before 10th of the following month.
  • Details of outward supplies provided by the supplier will be available in GSTR-2A to the recipient.
  • Recipient has to verify, validate, and modify the details of outward supplies, and also required to furnish details of credit or debit notes.
  • In form GSTR-2, recipient has to furnish the details of inward supplies of taxable goods and services
  • The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.

What are The Advantages of Filing GST Returns?

The are several advantages of filing GST Return filing, which is listed as below:

  • Large Volume Data handling Capacity

    Easy return filing on a timely basis that monthly, quarterly and annually helps the government is maintaining the large volume of data related to that particular business.

  • Easy Reconciliation of records

    Timely filing of GST Returns helps in maintaining the records in the database of the government.

  • Lesser number of Compliances

    Since the GST Return filing is on a timely basis, this helps in reducing the number of compliances.

  • It serves as proof of tax Compliance.
  • Filing GST Return on time show tax liability and tax paid for a given period.
  • The Return of the supplier of the goods and services facilitate ITC (Input Tax Credit) claims for the recipient of these goods and services.

What are The Details Required For Filing GST Returns?

  • Details of Expenditure
  • Total Purchase (Inter-State and Intra-State)
  • Total Imports
  • Sales Return
  • Other purchases and expenditure
  • Details of Income

  • Total Sales (Inter-State and Intra-State)
  • Total exports
  • Supplies on which no GST is paid
  • Purchase Returns
  • Other Income
  • Other Amount

  • Audit and Assessment arrears
  • Refunds
  • Profit and Loss Statement

  • Gross Profit
  • Profit after tax
  • Net profit

What if The GST Returns are Not Filed on Time?

If the GST return filing is not done within the specified time frame, the taxpayers need to pay interests as well as the late fee as a penalty.

An interest of 18% p.a is liable to be paid by the taxpayer on the outstanding amount. The duration will be calculated from the next day of the return filing to the date of payment.

A fine of INR 200 per day will be imposed in case there is a delay in the fee paid which includes INR 100 under CGST and INR 100 under SGST. The maximum is INR 5000, and there is no late fee on IGST.

Frequently Asked Questions

GST Return filing finalizes the tax liabilities of the taxpayer within the stipulated time frame. It gets easier to manage audit and anti-tax evasion programs of tax administration.

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