GST Return Filing

GST Return Filing in India

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Intro

GST NIL Returns

₹ 6299/-

  • Expert Consultation
  • GST Return Types Excluded1
  • Data Collection through Tally or any GST/Accounting software/CSV
  • Filing of GST Returns Online
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

Base

GST Returns upto 150 Invoices /Month

₹ 12999/-

  • Expert Consultation
  • GST Return Types Excluded1
  • Data Collection through Tally or any GST/Accounting software/CSV
  • Filing of GST Returns Online
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

Pro

GST Returns Upto 500 Invoices/Month

₹ 16999/-

  • Expert Consultation
  • GST Return Types Excluded1
  • Data Collection through Tally or any GST/Accounting software/CSV
  • Filing of GST Returns Online
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your filingbee account
Select Plan

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As per the following timeline, your selected plan will be processed

Day 1-2

We collect the necessary information through the prescribed format for GST Return Filing.

Day 3-4

We reconcile the information & Prepare GST Return. Tax payment by the taxpayer (if applicable)

Day 5-6

We proceed to submit the GST Return Online & share the acknowledgment with you.

Finally

Government processing time.

GST Return Filing: An Overview

As part of the GST regime, businesses have to file their returns monthly, quarterly, and annually using the GST portal maintained by the Government of India. They must provide details of the sales and purchases of goods and services as well as the taxes collected and paid for GST Return Filing.
The GST return is a document where the taxpayer (each GSTIN) reports all income, sales, expenses, and purchases submitted to the tax authority. Tax authorities use this to calculate their net tax liability.

Under GST, a registered dealer has to file GST returns that broadly include:

  • Purchases
  • Sales
  • Output GST (On sales)
  • Input tax credit (GST paid on purchases)

A comprehensive income tax system in India, such as GST, will ensure that taxes are processed transparently and straightforwardly. Individuals will file GST returns on four forms: supplies, purchases, monthly returns, and annual returns. Those who have opted for a composition scheme will have to file quarterly returns. The filing of all returns will be done online.

What are the benefits of GST Return Filing?

GST eliminates cascade effects

In the past, tax on tax was often paid for a single transaction. GST eliminated several taxes such as central excise duty, service tax, customs duty, and state-level value-added tax, so you are no longer subject to paying taxes on taxes. You save money this way.

Organized system

The tax filing system was disorganized before GST. As a result of introducing GST, all taxes are now paid online, and significant hassles associated with filing taxes have been eliminated.

Seamless flow of ITC

A supplier's tax already paid is deducted from its tax liability. It is possible to pass on the Input Tax Credit to the buyer only if the tax paid and collected transaction is recorded by filing a return by both parties. If a return is not filed on time, the registered person cannot claim the input credit.

Avoid penalties and interest.

For each day the return is delayed until the actual filing date, the taxpayer will be charged a late fee of Rs. 50. To avoid such heavy penalties, the return must be filed as soon as possible. To avoid the late fee of Rs.20 for each day the return is delayed, even taxpayers with no tax liability must file their returns. The outstanding tax is subject to 18% interest per annum.

Types of GST Return Filing

GSTR - 1

Details of outward supplies

GSTR - 3

Finalised details of the supplies with payment of taxes

GSTR-3B

Tax return in which the taxpayer declares their outward supplies along with their input tax credit and pays the tax due.

GSTR - 4

Quarterly return by Composition Taxpayers

CMP-08

Statement-cum-challan for tax payments by taxpayers under the composition scheme.

GSTR - 5

Return by Non-Resident Foreign Taxpayer

GTSR - 6

Monthly return by Input Tax Distributor (ISD)

GSTR - 7

Monthly return by the Tax deductor

GTSR - 8

Monthly return by an e-commerce operator

GSTR - 9

GST Annual Return for normal taxpayers

GSTR-10

Taxpayer’s final GST return if registration has been cancelled.

GSTR-11

Details of inward supplies to be furnished by a person having UIN and claiming a refund

List of Documents Required for GST Return Filing

  • GST Registration Certificate
  • DSC of Authorised Director/Partner
  • Consolidated data as per the prescribed format
  • Invoices/Data of the inward and outward supplies

Here Are Some Frequently Asked Questions

Are GST returns required to be filed every month?
Every registered taxpayer must file GSTR-1 every month. The QRMP scheme, on the other hand, requires you to file quarterly returns only.
Each month, GST has to be paid by the due date. Paying GST is the first step, followed by filing returns.
GST considers any supply of taxable goods or services as a taxable event, whether for a consideration or not. These include sales, transfers, barter, exchanges, licenses, rentals, leases, and disposal.
GST returns cannot be revised. Therefore, it is advised to hire professionals to file your taxes. There can be changes made to the information in the next period’s amendment section.
To upload the return, the prescribed information from the invoices, including the HSN codes for the suppliers of the goods and the accounting codes for the suppliers of the services, must be included. During the reporting period, you must have information on any sales, purchases, and expenditures that occurred.