GST Return Filing

Every person who is applying for the GST Registration has to file GST return Filing. GST Return is mandatory for each person whose enroll under the GST Registration.There is a lot of the type of the GST Returns which you have to file the monthly basis with one annual return. A registered personal have to file the returns about the following things –

#1 Total Sales of the Month
#2 Total Output GST Tax
#3 Total Purchase of the Month
#4 Total Input GST Credit Tax

If you are registered under the GST Composition Scheme then there are the different rules for the same.

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    TYPES OF GST RETURNS

    GSTR 1

    GSTR 1

    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.

    GSTR 4

    GSTR 4

    A business who opt for composition scheme and needs to pay to subsidize GST rates from 1% to 5% & file this quarterly return.

    GSTR 8

    GSTR 8

    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.

    GSTR 3B

    GSTR 3B

    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.

    GSTR 1A

    GSTR 1A

    The purpose of this return is to rectify/resolve the mismatch in sales figures with your customers to whom you raise the tax invoice

    GSTR 9

    GSTR 9

    This is the Annual GST return, which is to be filed by all registered persons till 31st March of every financial year.

    WHY SHOULD YOU FILE GST RETURNS ON TIME?

    1. Avoid Penalty – Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return 
    2. Avoid Registration Cancellation – To be worst if you don’t file GST Returns on time your certificate might get cancelled. 
    3. Better Relationship with your prospects – Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects  
    4. Better Compliance Rating – Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.   
    5. Ease of availing loan – Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer’s credibility on the basis of his GST Returns. 
    6. E-Waybill generation – In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.

    GST RETURN FILING PROCESS

    01.

    Provide Required Information and Documents over the mail

    04.

    Our professional will prepare GST Return and intimate the tax liability

    02.

    Choose Package and Pay online with different payments modes available

    05.

    Our professional will file GST Return online with GST department 

    03.

    On placing order, your task is assigned to one of our dedicated professional

    06.

    Share the acknowledgment receipt obtained from the portal  

    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.

    TypesDetails about GST ReturnBy When?By Whom?
    GSTR – 1Outward return (Details about your sales/ Supplies made during month)10th of next monthRegistered person except few
    GSTR – 2Inward return (Details about your purchases made during month)15th of next monthRegistered person except few
    GSTR – 3Month return (for cumulative records of inward and outward made during month)20th of next monthRegistered person except few
    GSTR – 4A return by Composite dealer (a person availing such service with supplies < Rs. 50 lakh)18th of next quarterComposite dealer only
    GSTR – 5Monthly return by Non resident taxable person13th of next monthRegistered non resident
    GSTR – 6Monthly return by input service distributor13th of next monthInput service distributer
    GSTR – 7Person who are required to deduct TDS10th of next monthPrescribed persons
    GSTR – 8E-commerce market places who are required to deduct TDS18th of next quarterRegistered person except few
    GSTR – 9Annual Return31th of next yearEvery Registered Person
     

     

    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.

    Frequently Asked Questions​

    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.

    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, Kanakkiyal 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.

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