GST Return Filing

What is GST return filing?

Businesses that have registered for GST are required to submit GST returns on a monthly, quarterly, or annual basis, depending on their particular industry. Here, information on the sales or purchases of goods and services is required, as well as information about the tax that was collected and paid. GST, a comprehensive income tax system, has been implemented in India, guaranteeing that taxpayer services including registration, returns, and compliance are within budget and precisely coordinated.

Four forms, including returns for supplies, returns for purchases, monthly returns, and yearly returns, must be submitted by an individual taxpayer who is completing GST returns.

Regardless of the business activity, sales, or profitability during the period of filing the reports, all organizations with a valid GST registration in India are required to file GST returns. Consequently, even an inactive business with a current GST registration is required to file GST returns.

A GST return is a form that a taxpayer must submit to the tax administration authorities detailing all of their income and expenses.

Eligibility Criteria

Who should file the GST returns?

GST Return filing in India is to be done by the following:

• The GST returns must be compulsorily filed by everyone with a valid GSTIN.
• A person must also register for GST and submit GST returns on a mandatory basis if their yearly revenue exceeds Rs. 20 lakh.
• The cap on annual turnover in situations involving Special States is Rs. 10 lakh.

Types of GST Registration

What are the different types of GST registration in India?

 

 

 

 

 

 

 

 

 

 

 

Due dates for filing the GST returns

What are the due dates for filing GST returns?

GSTR 1: The 11th of Subsequent of that month

GSTR 3B: The 20th of that subsequent month

CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.

GSTR 4: 18th of the month succeeding the quarter.

GSTR 5: 20th of the subsequent month

GSTR 6: 13th of the subsequent month

GSTR 7: 10th of the subsequent month

GSTR 8: 10th of the subsequent month

GSTR 9: 31st December of the Fiscal year.

GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.

GSTR 11: 28th of the month that is following the month for which the statement was filed.

GST Return Filing Process

How to file the GST returns?

Offering complete GST services, IndiaFilings is a top business service platform in India. Thousands of business owners have benefited from our assistance in registering for GST and filing GST returns.

1. When a firm outsources its GST return filing to IndiaFilings, a dedicated GST advisor is assigned to the company.
2. Every month, you would receive a call from this committed advisor, who would gather the relevant data, prepare your GST forms, and assist you in filing them.

Why IndiaFilings for Filing GST returns?

Depending on the government portal's accessibility and the client's submission of the necessary paperwork, filing GST returns typically takes 1 to 3 working days.

Return Filing under the Composition Scheme

All individuals registered under the Composition Scheme are expected to file GSTR 4 annually through the GST Common Portal or a GST Facilitation Center and pay taxes using CMP-08 on a quarterly basis. The 18th of the month following a quarter is the deadline for Composition Scheme enrollees to submit their GST returns. Due dates for the GST return for the composition plan would therefore be 18 April, 18 July, 18 October, and 18 January. A Composition Scheme supplier's GST return must include information on:

• Invoice wise inter-State and intra-State inward supplies received from registered and unregistered persons
• Consolidated details of outward supplies made

If a registered person chose to pay tax under the composition scheme as of the start of a fiscal year, the taxpayer is required to submit monthly GST returns on the 10th, 15th, and 20th of each month and to continue doing so until the earlier of the due dates for September of the following fiscal year or the filing of the annual return for the year prior, whichever is later. In light of this, even if a GST taxable person chose a composition plan starting in April, the taxpayer must continue submitting monthly GST returns until September.

Benefits of choosing IndiaFilings for the GST returns

Dedicated GST Advisor

You will be guided through the GST registration and filing procedure by a relationship manager with expertise in the industry you operate in. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.

Reminder to file GST returns

With the help of our platform, we can make sure you receive timely reminders before the cutoff after which a penalty would be assessed. Additionally, your GST advisor will periodically remind you so that no deadlines are missed.

Monthly GST Status reports

The clients will receive monthly reports from the GST consultants outlining the state of GST return filing, including GSTR-3B, and the next steps.

GST returns by LEDGERS

The GST software, LEDGERS, prepares GST returns to ensure that they are hassle-free, error-free, and filed on time.

GSTR- 1 and GSTR- 3B filing

Every business is required to submit the GSTR-1 quarterly return. The due dates for GSTR- 1 are based on turnover. Quarterly returns can be filed by companies with sales up to Rs. 1.5 Crore.

Input Tax Credit Reconciliation

Businesses will be able to take advantage of the input tax reconciliation mechanism that the government is providing to achieve tax neutrality and ensure that such input tax element does not come into the cost of manufacturing or the cost of providing goods and services.

Standard accounting and cloud records

Accountants will record all of your financial transactions and invoices in LEDGERS to make it simple and affordable to file all of your returns, including ITR, TDS, and GST.

LEDGERS GST Software

The client will receive LEDGERS GST Software in addition to support from the GST advisor for GST invoicing, payments, returns filing, and accounting.

Some of the features of LEDGERS are:

• Customer management
• Supplier management
• GST Invoicing
• Estimate issuance & tracking
• Accounts receivables tracking
• Purchase register
• Payments tracking
• Payables management
• Automated GST return filing (GSTR-1, GSTR-3B)
• Automatic Input Tax credit reconciliation
• GST eWay bill generation & management
• ICICI bank integration

Penalties

What are the penalties, late fees, and interest rates?

If there are any offenses committed then a penalty has to be paid under GST

Late filing

A fine known as a late charge may be assessed for filing GST returns late. In addition, violators of the Goods and Service Tax are subject to a fine of Rs. 200 per day, or Rs. 100 under the CGST and Rs. 100 under the SGST.

An interest charge of 18% must be paid annually in addition to the late fee. On the tax that must be paid, it is determined.

Non-compliance

Subsequent returns cannot be filed if the taxpayer is not submitting their GST returns. Hence, to avoid heavy fines and penalties it is better to file the GST returns on time as it will lead to a cascading effect.

For 21 offenses with no intention of fraud or tax evasion

A penalty of 10% of the tax owed, subject to a minimum of Rs. 10,000, must be paid by an offender who is underpaying taxes or making short payments.

For 21 offenses with the intention of fraud or tax evasion

An offender is subject to a penalty amount of tax evasion or short deducted.

Even in case if there is no business the taxpayer is required to file the Nil GST returns.

Outsource GST Compliance

Give IndiaFilings the responsibility of handling your GST compliance to reduce your workload and concentrate on expanding your company. You can access real-time company data from anywhere at any time with IndiaFilings because your GST compliance will be managed on the LEDGERS GST platform. Other online and offline programs you frequently use can be smoothly synced and used in conjunction with LEDGERS.

How will the service be delivered?

You will be given a dedicated GST Accountant for your company. The accountant will compile all the data and submit your GST returns on a monthly basis.

How will the information or documents be collected?

You can upload the information or send it to us by email on any platform. We also accept purchase information and invoices in electronic form.

What returns will be filed?

For regular taxpayers who are GST-registered, we will file GSTR-3B returns and GSTR-1 returns. We will help composition dealers file their GSTR-4 returns.

What will be my responsibility?

You will only be responsible for providing the information or documents required to prepare your GST return. Once we have prepared the filing, you can verify the calculation and confirm the filing.

Will you provide support for GST input tax credit?

Yes, we will provide you input tax credit reconciliation. You can use the same to verify the input tax credit receivable for your business.

Will you provide support for GST refund?

Yes, for clients who subscribe to our GST return filing annual package, we provide support for GST refund processing.

Will you provide support for GST payment?

Yes, for clients who subscribe to our GST return filing package, we provide support for GST payment challan generation.

Find GST Filing Return Due Dates for GSTR 1 to GSTR 11

GSTR-1 (Monthly)

11th of every month

Monthly GSTR 1 returns must be filed by taxpayers having a turnover of more than Rs.1.5 crores on 11th of every month.

GSTR-1 (Quarterly)

13th of every quarter

Quarterly returns must be filed by taxpayers having a turnover of less than Rs.1.5 crores on 13th of every quarter.

CMP-08- Quarterly-Composition Scheme

18th of every quarter

CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore on 18th of every quarter.

GSTR-4- Annual-Composition scheme

30th April

The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.

GSTR-9- Annual returns

31st December

Annual GST return filing for the financial year is due on 31st December. This is mandatory for all entities.

GSTR-1 Return

GSTR 1 or return of outward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 1 return is the 10th of every month. For July, September and October, the GST return due dates are different from the normal schedule.

GSTR-2 Return

GSTR2 or return of inward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 2 return is the 15th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.

GSTR-3 Return

GSTR3 or monthly GST return must be filed by a taxpayer after filing GSTR1 and GSTR2 return. GSTR3 is due on the 20th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.

GSTR-4 Return

GSTR4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that is due on the 18th of October, January, April and July.

GSTR-5 Return

GSTR5 return must be filed by persons registered under GST as a non-resident taxable person. GSTR5 is due on the 20th of every month.

GSTR-6 Return

GSTR6 return must be filed by persons registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.

GSTR-7 Return

GSTR7 return must be filed by all taxpayers required to deduct tax at source (GST TDS). Under GST, only certain government agencies are required to deduct tax at source after obtaining registration. Hence, GSTR7 is due only for those entities having GST TDS registration. GSTR7 is due on the 10th of every month.

GSTR-8 Return

GSTR8 return must be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source. Hence, any persons operating an e-commerce venture must register for TCS, collect tax at source and file GSTR8 return before the 10th of every month.

GSTR-9 Return

GSTR9 is GST annual return that must be filed by all regular taxpayers. Details submitted with GSTR9 must be audited if the entity has a turnover of more than Rs.2 crores. GSTR9 is due on or before the 31st of December.

GSTR-10 Return

GSTR10 return must be filed by any person whose GST registration has been cancelled or surrendered. GSTR10 must be filed within 3 months of the date of cancellation order or surrender.

GSTR-11 Return

GSTR11 must be filed by persons having Unique Identity Number. GST Unique Identity Number is allotted to Consulate, Embassies and UN Bodies for claiming refund on inward supplies.

Staggered Return of GSTR-3B