Why GST Return Filing Matters

• Regulatory Compliance: Meet statutory obligations by adhering to GST return filing deadlines and requirements.
• Input Tax Credit: Efficiently claim credits for taxes paid on inputs, reducing your overall tax burden.
• Financial Accuracy: Maintain accurate records of your financial transactions and tax liabilities.
• Avoid Penalties: Prevent fines and interest charges associated with late or incorrect return submissions.

Our GST Return Filing Process

1. Data Collection: Compile all necessary documents, including sales and purchase invoices, previous GST returns, and bank statements.
2. Preparation: Accurately prepare your GST returns, ensuring all data is correctly reported.
3. Submission: File returns through the GST portal, ensuring timely and accurate submission before deadlines.
4. Tax Payment: Facilitate the payment of any taxes due as per the returns filed.
5. Acknowledgment: Receive and review the acknowledgment from the GST portal confirming successful submission.

Documents Required for GST return filings

Here is a list of documents required for GST return filings:

• Customer GSTIN
• GST invoices
• Place of supply
• B2B and b2c service in voices
• Bill number
• Credit or debit notes 
• HSN summary of goods sold
• Amount of IGST, CGST, SGST applicable
• Required GST return forms

Checklist for GST Return Filing

Here is a list of checklists for GST return fillings. Filing your GST returns online requires you to submit multiple documents and individual clear cutting information on ITC claims.

• Supply bill
• GST refunds
• List of all tax invoices
• Information regarding pending ITC
• Information on credit notes or cancelled sales
• Information on returned goods
• Check credit for reverse charge
• Cross verifying purchase bills
• Sale reversed post GST payment
• Information on GST reversal on purchases

Required Documentation

• Invoices: Sales and purchase invoices, along with credit and debit notes.
• Bank Statements: Proof of tax payments and other financial transactions.
• Previous Returns: Copies of previously filed GST returns.
• Business Details: Business registration documents and identification proofs

Overview of GST Return Filing

GST return filing has become more accessible in today’s digital age. With online GST return filing, businesses can save time and resources that would have otherwise been spent on manual filing. GST return filing online allows for a seamless and hassle-free process. All you need to do is log into the GST portal and enter your details, including sales and purchase invoices, and the system will generate your return. The benefits of GST return filing online are numerous. It saves time, reduces errors, ensures compliance with regulations, and provides real-time information on taxes payable and credits available.

GST Return Filing is an essential part of tax compliance for businesses in India. It consists of reporting your income, purchases, and tax bills to the government. This procedure is needed for all organizations noted underneath GST, and it’s vital to file your data well and on time to avoid penalties and fines. The GST return submitting process includes information of outward substances, inward supplies, and tax payments made all through a particular time, normally a month or a quarter.

Accurate and short GST return filing is vital for businesses to keep in compliance with tax legal guidelines. It helps in tracking the tax payments, making sure that the enterprise is paying an appropriate amount of tax, and also allows in locating any gaps or errors in the tax payments. Additionally, filling GST reviews regularly allows for a clean and open monetary report, that’s essential for any business.

Eligibility Criteria for GST Return Filing

All businesses noted under the Goods and Services Tax (GST) system need to report their GST returns frequently in keeping with the said due dates. This qualified criteria applies to any commercial enterprise, whether it is a sole proprietorship, partnership, or limited company that has gotten a GST licence and is involved in the sale of taxed goods or services.

Adhering to the GST return filing dates is crucial for keeping compliance with the tax laws. Failure to file forms on time can result in fines and other legal effects. Businesses must ensure that they file their GST reports, including GSTR-1 for outward sales and GSTR-3B for monthly summary, within the stated times set by the government. This not only helps in escaping any financial affects but also shows the organization’s commitment to openness and responsible tax practices. By meeting the qualifying criteria and filing GST reports carefully, businesses can add to the efficient running of the GST system and keep a good standing with the tax officials.

Checklist for GST Return Filing

To ensure an easy and accurate GST return filing process, follow this checklist:

Verify Sales and Purchase Data:

• Review your sales and buy data to prove its truth and thoroughness.
• Cross-check bills, papers, and transaction records to ensure all information is right.

Ensure Accurate Tax Calculations:

• Double-check your tax numbers to avoid mistakes that could lead to changes in your reports.
• Verify that input tax benefits and tax payments are calculated correctly.

Submit All Required Documents:

• Gather and send all necessary papers, including bills, buy orders, bank records, and tax payment receipts.
• Ensure that all related information is full and organized for smooth filing.

By sticking to this plan, you can improve the accuracy and speed of your GST return writing process, lowering the risk of mistakes and ensuring compliance with GST laws.

How Many Returns are there under GST?

Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.

Below is a snapshot of the 13 GST returns:

• GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
• GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
• GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
• GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
• GSTR-5A: For providers of online information and database access or retrieval services.
• GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
• GSTR-7: For entities required to deduct TDS under GST.
• GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
• GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
• GSTR-10: The final return upon cancellation or surrender of GST registration.
• GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
• CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
• ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.

Additionally, there are return-related statements for input tax credits:

• GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report.
• GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers’ filings.

For small taxpayers enrolled in the Quarterly Return Monthly Payment (QRMP) scheme, the Invoice Furnishing Facility (IFF) permits the declaration of B2B sales during the first two months of a quarter. Nonetheless, these taxpayers are obligated to remit taxes monthly using Form PMT-06.

GSTR-1 (Return for Outward Supplies)

GSTR-1 is the mandatory return for businesses to detail their outward supplies of goods and services. This encompasses all sales-related invoices and adjustment notes for the given tax period. Every regular taxpayer under GST, including those classified as casual taxable persons, is obligated to file GSTR-1.

Submission Deadlines

• Monthly: Due on the 11th of the subsequent month for businesses whose yearly turnover exceeds Rs. 5 crore or for those not enrolled in the QRMP scheme.
• Quarterly: Due on the 13th of the month after the quarter’s end for businesses participating in the QRMP scheme.

GSTR-2A (Dynamic Read-Only Return)

GSTR-2A is a dynamic, read-only return for the recipients or purchasers of goods and services, capturing details of all incoming supplies from registered GST vendors within a tax period. The information in GSTR-2A is filled automatically from the GSTR-1 returns of suppliers and the Invoice Furnishing Facility (IFF) data for those in the QRMP scheme.

GSTR-2B (Static Read-Only Return)

Introduced in August 2020, GSTR-2B is a static read-only return that provides consistent ITC information sourced from the previous month’s GSTR-1 filings. It supports purchasers in matching their ITC claims for each tax period, advising on necessary actions for each listed invoice, including any need for reversals, ineligibility, or application of the reverse charge.

GSTR-2 (Deferred Return)

GSTR-2, an editable return, is presently deferred and was meant for registered purchasers to declare their inward supply of goods and services for a tax period. Initially planned to be auto-filled from GSTR-2A, its filing has been on hold since September 2017.

GSTR-3 (Deferred Return)

GSTR-3, a suspended monthly summary return for regular taxpayers, compiled concise figures of both outward and inward supplies, input tax credits, tax liabilities, and tax payments. It was automatically generated from GSTR-1 and GSTR-2 filings but has been deferred since September 2017.

GSTR-3B (Consolidated Return)

GSTR-3B, a monthly summary declaration for normal taxpayers, summarizes outward supplies, input tax credits, and tax dues. Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.

Submission Deadlines

• Monthly: Due by the 20th of the month following the reporting month for taxpayers with an annual turnover above Rs. 5 crore.
• Quarterly: Due by the 22nd of the month following the quarter for ‘X’ category states and by the 24th for ‘Y’ category states for taxpayers with a turnover of up to Rs. 5 crore in the QRMP scheme.

GSTR-4 (Return for Composition Scheme Taxpayers)

GSTR-4 is the yearly return for those under the Composition Scheme, due by April 30th of the subsequent financial year. GSTR-4 has replaced the prior quarterly submissions, with taxpayers now submitting a simplified challan via Form CMP-08 by the 18th following each quarter’s end

Under the Composition Scheme, businesses with goods turnover up to Rs. 1.5 crores may pay tax at a predetermined rate on their turnover. Service providers with a turnover of up to Rs. 50 lakh can opt for a similar benefit

GSTR-5 (Return for Non-Resident Foreign Taxpayers)

GSTR-5, required by non-resident foreign taxpayers engaged in business in India, details their outward and inward transactions, adjustments, tax liabilities, and payments, with submissions due by the 20th of each month

GSTR-5A (Return for OIDAR Service Providers)

GSTR-5A is the monthly summary for providers of Online Information and Database Access or Retrieval Services, due by the 20th of every month.

GSTR-6 (Return for Input Service Distributors)

Input Service Distributors must file GSTR-6 monthly, reporting the ITC received and allocated, including detailed documentation related to the distribution of credits, by the 13th of each month.

GSTR-7 (TDS Return)

Entities must deduct TDS under GST file GSTR-7 monthly, documenting TDS deducted, due and paid amounts, and any TDS refunds, with filings due by the 10th of the subsequent month.

GSTR-8 (Return for E-commerce Operators)

E-commerce operators under GST must submit GSTR-8 monthly, recording the supplies made and tax collected at source, due by the 10th of the following month.

GSTR-9 (Annual Return)

All GST-registered taxpayers must file GSTR-9 annually, summarizing their outward and inward supply details, taxes due, and paid. The due date is December 31st of the year after the

Penalty for Late Filing GST Returns

If you submit GST returns late, you could face penalties and interest charges. Businesses should submit on time to avoid these costs. Here’s what you need to know about late GST returns:

• Filing Returns is Required: Every registered taxpayer has to file GST returns regularly, even if there’s no business activity.
• Delays Lead to More Delays: If you miss a filing deadline, you can’t file for the next period until you’ve filed for the previous one. This can lead to a pile-up of late returns.
• Penalties for Late Filing: If you file GSTR-1 late, for example, you’ll get a penalty that shows up when you file GSTR-3B.
• Interest on Late Tax Payments: If you owe taxes and pay late, you’ll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay
• Late Filing Fees: The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
• Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.