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01 GST Return Filing
Get your monthly GST filings done with a personalized accountant.
Easily file all three monthly returns plus the annual return at the lowest price in India.
We can help you with hassle-free GST filings for your business while you sitting from home. Go Online!!
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02Here's How It WorkGet Deliverables
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03Overview
Goods and Services Tax (GST) comes into existence in India from first July 2017. Under the new GST system, there are almost 1.4 crore business houses in India have done GST registration. All business houses having GST registration done are required to do GST return filing restores each month. GST return recording is compulsory for all business houses having GST registration, irrespective of business nature or sales or productivity during the return filing period. Henceforth, even a torpid business that acquired GST dormant must record GST return.
In basic words, it is an indirect tax levied on the supply of goods and services. This law was brought to replace the law which was in existence before.
As a business house/firm, one of your first needs will be to do is GST return filing. While filing a GST return, you should give all the points of interest identified with your business exercises, like the tax liability declarations, and furthermore some other related data according to guidelines gave by the government.
With online GST return filing, the taxpayers inform the GST department about the inflow and outflow of goods and services, including the amount of tax paid and collected. The taxpayer is required to pay the amount of tax collected from outward suppliers of goods or services after the minimizing of Input Tax Credit (ITC).
What is GST Return?
A return is a file containing details of income that a taxpayer required to submit with the GST department authorities. This is utilized by GST department authorities to calculate tax liabilit
GST return file must include the below following
- Purchases Invoice
- Sales Invoice
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
To file GST returns, GST mentioned sales and purchase invoices are required.
Who should file GST Returns?
In the GST system, any ordinary business needs to file two monthly returns and one yearly return.
The excellence of the framework is that one needs to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by getting data from GSTR-1 recorded by you and your vendors.
Benefits of GST Return filing
Seamless Flow Of ITC
The tax previously paid by the supplier is deducted from the amount he is liable to pay. The taxes paid and collected are recorded by filing return by both the parties, the Input Tax Credit can be given to the buyer. The registered taxpayer can’t claim the input credit if the return is not filed on time.
Simple and common form for all taxes
Under the GST system, tax is collected in three different way – IGST, CGST & SGST. The data of all the taxes paid or collected is required to be recorded in a single form itself. The online filing system is improved under this system which is additionally proposed to be progressively simplified through one form of filing for recording all exchanges.
Avoid penalty and interest
For delay in filing return, the taxpayer is accused of a late fee of ₹ 50 for every day of a postponement till the actual date of filing. To avoid such heavy penalties, the filing must be done immediately. The taxpayer with no tax obligation is also liable to file the return. The late charge of ₹ 20 for every day of postponement.
Process for GST Return Filing
Taxxinn is one of the best platforms for all business needs. Taxxinn enables a huge number of entrepreneurs to record their GST returns each month, and we can assist you with filing GST returns for your business.
Some Of The Advantages Of Your GST Return Filing Through Taxxinn Are:
- Get a dedicated GST Advisor.
- Get reminders for each and every month
- Monthly GST Status reports
- GST returns prepared using ZOHO GST Software
- GSTR-1 and GSTR-3B return filing
- Input Tax Credit Reconciliation
- Having proper accounting and bookkeeping of records for the future.
The normal time taken to file a GST return is around 1-2 working days, which is subject to government portal and details submission.
Types Of GST Returns
Purpose of this return is to furnish details of all sales including B2B and B2C. Due date of this return is 10th of every month and in case of a quarterly return, the end of next month of every quarter.
This is a summary return with details of net tax liability based on the output & input tax. Due date of this return is 20th of every month.
A business who opt for composition scheme and needs to pay to subsidize GST rates from 1% to 5% & file this quarterly return.
The purpose of this return is to rectify/resolve the mismatch in sales figures with your customers to whom you raise the tax invoice
An e-commerce operator who needs to collect TCS (Tax collected at source) under GST requires to file this return till 10th of every month..
This is the Annual GST return, which is to be filed by all registered persons till 31st March of every financial year.
GST Returns and their due dates
There are various returns to be filed under GST law. The most common are GSTR 1, GSTR 2 and GST 3, because they need to file them monthly.
| Types | Details about GST Return | By When? | By Whom? |
|---|---|---|---|
GSTR - 1 | Outward return (Details about your sales/ Supplies made during month) | 10th of next month | Registered person except few |
GSTR - 2 | Inward return (Details about your purchases made during month) | 15th of next month | Registered person except few |
GSTR - 3 | Month return (for cumulative records of inward and outward made during month) | 20th of next month | Registered person except few |
GSTR - 4 | A return by Composite dealer (a person availing such service with supplies < Rs. 50 lakh) | 18th of next quarter | Composite dealer only |
GSTR - 5 | Monthly return by Non resident taxable person | 13th of next month | Registered non resident |
GSTR - 6 | Monthly return by input service distributor | 13th of next month | Input service distributer |
GSTR - 7 | Person who are required to deduct TDS | 10th of next month | Prescribed persons |
GSTR - 8 | E-commerce market places who are required to deduct TDS | 18th of next quarter | Registered person except few |
GSTR - 9 | Annual Return | 31th of next year | Every Registered Person |
FAQs on GST Return Filing Process
Under Normal Registration, two important types of GST returns required to filed i.e. GSTR-1 & GSTR-3B.
Under Normal Registration, two important types of GST returns required to filed i.e. GSTR-1 & GSTR-3B.
The GST return has to filed online through the GST portal. GST portal allows you to prepare returns offline and file it online.
There would be no technique or modification of a GST Return. Every single unreported receipt of the past tax period must be included for the return for the present month and interest if any would be applicable.
The certified Chartered Accountant(s) reviews provided data. The specialists will direct you to the possible solutions in the occurrence of any discrepancy found in the information of outwards and inwards supply
The information or the invoices will be given in the CSV format. If the customer is utilizing any Accounting software like Tally, QuickBooks and so forth, the information can be extracted in the CSV format, which will be utilized to file Returns.
No, Only the registered business under GST is permitted to gather GST from the clients. A business not registered under GST can’t gather GST nor claim the input tax credit on GST paid.
GST registration must be taken for every one of the branches or offices or spots of business out of which the business works. Subsequently, the taxable individual must get GST registration in each State from which he plans to supply goods or services
No, TaxxInn totally gives the GST Filing service online. Along these lines, you need not need to be truly present during the Filing procedure. We can get the job done for you, regardless of whether you are in the remotest area in India.
For delay in filing return, the taxpayer is accused of a late fee of ? 50 for every day of a postponement till the actual date of filing. To avoid such heavy penalties, the filing must be done immediately. The taxpayer with no tax obligation is also liable to file the return. The late charge of ? 20 for every day of postponement
GSTR-3B requires to be each month. Due date of documenting GSTR-3B return is 20th coming month.