Why Choose Us?
Why Choose Us?

GOODS & SERVICE TAX (GST) RETURNS

GOODS & SERVICE TAX (GST) RETURNS

An overview:

The introduction of GST is truly a game changer for Indian Economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology driven tax structure. Goods and Service Tax (GST) is an indirect tax which is introduced in India on 1st July, 2017 to replace a host of other indirect taxes such as Value Added Tax, Service Tax, Purchase tax, excise duty, Luxury Tax, Entertainment tax, Entry Tax, Special Additional Duty of Customs, etc.

GST return is a type of document thatcontains all the details of your sales, purchases, tax collected on sales (output tax), tax paid on purchases (input tax) and tax paid on reverse charge. It is mandatory to file the GST returnsif you are registered under the GST.GST Authorities make ensure that every person registered under GST make compliances with the provisions of the GST.

Need of Filing the GST Returns

⇒ Mandatory Requirement in GST Law

If any person is registered under the Goods and Service Tax then it becomes mandatory to file the GST return whether any sale or purchase is made during the tax period or not. It means you even have to file the nil return.

⇒Levy of Interest

If the GST returns are not filed timely then interest @ 18% per annum starting from the date on which return should be filed till the actual date of filing of return will be charged.

⇒Levy of Late Fees

If the GST returns are not filed timely then late fees will be levied depending upon the type of return whether nil return or other than nil return.

⇒Claim of Input Tax Credit

Entities having GST registration are eligible to collect GST from customer for the supply and offset the liability against GST taxes paid while purchasing various goods and services. But to offset the liability with the GST already paid, the GST Return must be timely filed.

⇒E-way Bill Generation

If any registered person does not file the GST Return for a consecutive period of two months in case of monthly return filer or for a consecutive period of two quarters in case of quarterly return filer then you are not able to generate the E-way Bill.

⇒Suspension of GST Number

If you are registered under the GST but not filing the GST returns, the GST Department may issue notice for not making the compliances with the Provisions of the GST and may also suspend the GST Number till all the GST returns will be filed along with the payment of Interest and Late fees.

⇒Not able to Cancel GST Number

If you want to surrender and cancel the GST Number, then it can be done only after filing all the GST Returns which are not filed.

 

Types of GST Returns

Regular Businesses
  1. GSTR-1: This return is filed for details of the outward supplies made (containing the details of interstate as well as intrastate B2B and B2C sales including purchases made under reverse charge).
  2. GSTR3B:GSTR-3B is the summary return through which the taxpayer discharged his GST liability. It shows the details of sale along with details of the Input Tax Credit availed for the said period by the taxpayer.
  3. GSTR9:This is the Annual return filed once in a year. It is the consolidation of monthly returns filed by the taxpayer. It contains the details of the income and expenditure in detail.
  4. GSTR9C:If the aggregate turnover of the taxpayer exceeds Rs 2 Crore in the financial year then this form GSTR-9C is to be mandatorily required to be filed.
Businesses registered under the Composition Scheme

 

  1. GSTR4: This is the quarterly return for businesses which are registered under composition scheme. It contains the total value of outward supplies made during the period along with the details of the tax paid.
  2. GSTR9A:This form is to be filed by every taxpayer once in a year who is registered under the Composition scheme. It is the consolidation of quarterly returns filed by the taxpayer.
For Other Types of Businesses  
  1. GSTR5: This return is for the Non-resident taxable persons. This need to be filed for the period when the Non-resident carry out the transactions in India. It contains the invoice details of all goods and services sold and purchased by the tax payer for the specified tax period.
  2. GSTR6: This return is to be filed by the taxpayers who are registered as Input Service Distributor under the GST. This return is filed by the taxpayer on monthly basis. It contains details of all documents issued for the distribution of Input Tax Credit and the manner of distribution of credit.
  3. GSTR7: This return is filed by the person who deduct tax at source (TDS). It contains the details of TDS deducted, amount of TDS Paid and any refund of TDS claimed. Based on these details, the deductee (on whose name the TDS has been deducted) can claim the Input tax credit of the same and utilize it while offsetting the GST liability.
  4. GSTR8:This return is filed by all theE-Commerce operators who are required to collect tax at source (TCS) for all the taxable supplies made through the ECO. It contains the details of supplies made by suppliers to their customers through the E-Commerce operator.
  5. GSTR9B:This is an annual return form that has to be filed by all E-Commerce operators who collect tax at the source. It contains the details of outward supplies of goods and services and the amount collected during the said period.
  6. GSTR10:This is the final GST return which need to be filed by every person registered under the GST and wants to cancel or surrender the GST Number. It will contain the details of all supplies, liabilities, tax collected, tax payable, etc
  7.  GSTR11: It is a statement of inward supply of goods or services or both received by Unique Identity Number (UIN) holders and required to file on quarterly basis. This is filed by the UIN holders in order to get the refund or credit of the taxes paid under the GST.

Benefits of Filing GST Returns

Bank Loans

GST returns filing serve as proof of business activity and create track record for a business. Banks and NBFCs lend to businesses based on GST return data. Hence, GST return filing can help you formalize your business and get credit. Banks evaluate the credit worthiness of the person based on the GST Returns.

Avoid Notice of Defaults from Government

If there is any irregularity in filing of returns, then the taxpayer may get a notice from the GST department. Departments keep checking of any type of irregularity done by the taxpayer through their GST Returns.

Accountability of the registered user

If the person who is registered under the GST and timely files all the returns, it will show or serve as a proof of accountability of the person. As timely filing of the GST returns shows that the person is settling his GST liability timely without any delay.

Avoid Levy of Interest and Late Fees

The Person who is registered under the GST Act has to file the GST return whether he has a transaction or not during that period. So timely filing of GST returns will avoid levy of interest and late fees.

Claim of Input Tax Credit

Entities having GST registration are eligible to collect GST from customer for the supply and offset the liability against GST taxes paid while purchasing various goods and services. For claiming the benefit or adjusting the GST Paid on your purchases against the GST Collected on the sales, you must need to file the GST Return.

 

Documents Required
  • Books of Accounts
  • Sale Invoices
  • Purchase Invoices
Details Required
  1. GST Login ID
  2. GST Login Password
  3. Nature of Business
financial accounting

Process of Company Registration

COMPLIANCESPRO has a separate team which is expert in completing this complex process very easily and helps you to get the company registered within 3 daysonly in a very reasonable price.

Documents & Details required for company incorporation in very simple terms
Documents Required
  • 1. Pan Card of All Directors and Shareholders
  • 2. Aadhar Card of All Directors and Shareholders
  • 3. Residential Proof of All Directors and Shareholders anyone of the following (Not older than 2 Month): -
  • Bank Statement
  • Electricity Bill
  • Telephone Bill
  • Mobile Bill
  • 4. Identity Proof of All Directors and Shareholders anyone of the following:
  • Passport
  • Driving License
  • Voter’s Identity Card
  • 5. Passport Size Photograph of All Directors and Shareholders
  • 6. Sign of Any one Director
  • 7. Company Address Proof:
  •  Electricity Bill or
  • Telephone Bill
  • (Not older than 2 Month)
Details Required
  1. Company Name
  2. Company Email Id and Phone No
  3. Business Activity
  4. Directors Name
  5. Shareholders Name
  6. All Directors and Shareholders Details:
  • Email ID and Mobile Number
  • Place of Birth (District & State)
  • Nationality
  • Qualification
  • Current Employment: Salaried/ Businessman/ Other
  • Duration of Stay at Present Address
  • Capital Amount
financial accounting

Due Date for Filing the GST Return

Return

Frequency

Due Date

GSTR-1

Monthly

11th of Next Month

 

Quarterly (If opted under the QRMP scheme)

13th of the month succeeding the quarter

 

 

 

IFF (Optional by taxpayers under the QRMP scheme)

Monthly (for the first two months of the quarter)

13th of the next month.

 

 

 

GSTR3B

Monthly

20th of the next month

 

Quarterly (If opted under the QRMP scheme)

24th of the next month

 

 

 

GSTR-4

Annually

30th of the month succeeding a financial year.

GSTR-5

Monthly

20th of the next month

GSTR-6

Monthly

13th of the next month.

GSTR-7

Monthly

10th of the next month.

GSTR-8

Monthly

10th of the next month.

GSTR-9

Annually

31st December of the next financial year.

GSTR-9C

Annually

31st December of the next financial year.

GSTR-10

Filed when the GST registration is cancelled or surrendered

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

GSTR-11

Monthly

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

Interest leviedon Late filing and payment of GST

The Taxpayer who fails to file the GST returns and pay the GST within the limit specified in the provisions of the GST shall be liable to pay simple interest at the rate of 18% per annum.The interest will be charged for the period starting from the due date till the actual date of filing of return.

 

Late Filing Fees of GST Returns

The amount of late fees is different for Nil return and other than Nil Return.

  • Late Fees for Nil GST Return- Rs 100 will be charged per day for delay in filing the Nil return.
  • Late Fees for other than the Nil Return- Rs 200 will be charged per day for delay in filing other than nil return. However, the total amount collected cannot exceed Rs 5000.

Deliverables

  • Statement of Outward Supplies GSTR-1

  • Statement of Inward Supplies GSTR-2

  • Statement of Summary of Outward and Inward Supplies GSTR-3B

multitasking

  • HSN wise summary of Outward Supplies

  • Reconciliation of Input Tax Credit ofGSTR-2 with Books

  • Details of purchase invoices not filed by the supplier

Compliances PRO

We are an organized team of experienced CA, CS and Lawyers, duly supported by a pool of trained staff helping aspiring Entrepreneurs throughout India and providing professional services at the most reasonable fee with complete transparency and helping them to grow by taking their whole burden of all kinds of compliances so that they can focus on their business only.

Support

Live Chat
Whats App
Get A Call Back
Payments

Links

About Us
Company Registration
LLP Registration
Trademark Registration
Digital Signature Certificate

Contact Us

©2022. Compliances Pro. All Rights Reserved.

Terms & Conditions
Privacy Policy
Refunds
Call
WhatsApp
Location
About