What is GST Return Filing?
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.
Based on billing
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
- 1
Day 1
Collection of Information · Collection of required documents (Scanned copies) · Review of documents and information provided
- 2
Day 2
Payment of Tax by tax payer if required
- 3
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
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.
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.
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.
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.
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.
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.
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