GST Return Filing

What is GST Return Filing?

A vendor having registration under Goods and Service Tax in India needs to fulfill the compliances requirements regularly based on the turn over and activities, the requirements and period of filing returns are prescribed under law. With the filing of GST return, the tax payer intimates the GST department about the inflow and outflow of supplies including the amount of tax paid and collected.

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Benefits of GST Return Filing

Less Liability of Tax

Being a supplier you will get the benefit of exemption of tax already paid at the time of purchase of the good so you need to pay the tax for the difference between buying price and selling price. The tax paid and collected transactions should be filed by both parties to benefit the buyer with Input Tax Credit. Failure in filing returns on time may deny your right to get Input Tax Credit.

Simplified Filing Practice

Under GST regime, normally three types of taxes are collected – IGST (Integrated Goods and Service Tax), CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax). We do have to provide the information about all three taxes paid or collected in a single form itself hence the filing become more simplified.

Be the Top Scorer in Compliance Rating

GST network has introduced a mechanism of compliance rating to monitor the compliance structure of each registered users, where you provided rating based on history of transactions like timely filing and payment of tax. The GST Compliance ratings are publically available on the website, so be the best scorer to enshrine good marks in the market.

Get rid of Penalty and Interest

The delay in paying taxes or filing returns attracts a late fee of `50 each day till the date of filing. The tax payers with no tax liability also attract a late fee of `20 for each day in case of delay filing return and on top of all you need to pay 18% Per Annum interest on outstanding tax liability.

Documents Required to File GST Return

DSC

Digital Signature of Tax Payer

Certificate

GST Registration Certificate

Log-in Credentials

Log –in credentials to GST portal

Details of Supplies

Details of Inward and Outward taxable supplies

Types of Return under GST

GSTIN has prescribed different types of forms for return filing return based on nature of transactions

GSTR – 1: Details of outward supplies
GSTR – 2: Details of inward supplies (Suspended temporarily)
GSTR – 3: Finalised details of the supplies with payment of taxes
GSTR – 4: Quarterly return by Composition Taxpayers
GSTR – 5: Return by Non-Resident Foreign Taxpayer
GTSR – 6: Monthly return by Input Tax Distributor (ISD)
GSTR – 7: Monthly return by Tax deductor
GSTR – 8: Monthly return by e-commerce operator
GSTR – 9: GST Annual Return for normal taxpayers

GST Return Filing in 3 Easy Steps

Step 01

Register & Pay

Select any package suits your requirement
Fill up the form which will take less than 10 minutes
Provide details & upload documents required for GST Returns Filing
Make payment through secure payment gateway.

Step 02

We Will Help

Your queries will be answered quickly and effectively
Review of Documents and Information Provided
Preparation and Filing of GST Returns

Step 03

Filing Complete

Your GST Returns is Submitted

All this in 3 working days*.
*Subjected to Government Processing Time

The Process of GST Returns Filing

Day 1

Collection of Information
Collection of required documents (Scanned copies)
Review of documents and information provided

Day 2

Payment of Tax by tax payer if required

Day 3

Preparation and filing of GST returns
Payment of Tax if required
Acknowledgement of filing the GST Returns
*Subjected to Government Processing Time

Frequently Asked Questions

Is everyone supposed to file GST returns or are there any exemptions?

Every registered dealer, whether being a normal supplier or otherwise must file the return based on the transactions or activities involved in the business. Non-filing of the same may lead to default and may attract a penalty or additional fees.

What are taxable events under the GST Act?

Any supply i.e. transaction such as the sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration, of taxable goods or services, needs to be considered as a taxable event under the GST Act.

What are the modes of payment for GST?

Tax Payment or any penalty, fees, etc. are accepted through the following modes; • Internet Banking • NEFT or RTGS This amount shall be credited to the electronic cash ledger of the registered dealer.

What is the significance of all these returns?

By filling the returns with the Government, the information and details will be intimated to the Government. Further, the data provided will measure the liability of the Tax-payer. Also, returns filing help you claim the eligible Input Credit. In addition to which the regular filing will count on higher rating in the GST Compliance Rating.

What information is required to file GST return online?

Prescribed information from the invoices including the HSN code in respect to the supply of goods and the accounting code in respect to the supply of the services generated needs to be uploaded in the return. The information shall also cover the sales, purchase and any expenses occurred during the reporting period.

Does everyone need to file the Annual return even if one is filing the Monthly return?

All taxpayers filing a return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, and TDS/TCS deductors, are required to file an annual return (GSTR-9) along with the monthly return.