GST RETURN FILING
GST has been implemented in India from 1st July, 2017. Under the new GST regime, more than 1 crore businesses in India have obtained GST registration and the number is going up everyday. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
How we work with our clientele’
- Help with specific doubts/ queries raised daily transactional matters related to GST including:
- Registrations at various locations from where supply is to be made
- Base on which goods and services can be valued for payment of Goods and Service Tax.
- Helping with sample invoices and credit/debit note formats to be used
- Helping with records that need to be maintained
- Help relating to claiming input tax credit
- Help on liability under reverse charge.
- GST Return filing:
- Assistance in Preparation and filing/ review of monthly GST return on GSTN portal (3 in no.) on or before due dates i.e 10th, 15th and 20th of subsequent month
- Assistance in Preparation and filing/review of annual GST return on GSTN portal (1 in no.) on or before 31st December 2017.
- GST Audit
- Help with GST audit and uploading of relevant information/report on portal.
- GST representation Service
- Representation before GST officers as and when required.
GST RETURN FILING CHARGES
STARTING ₹ 750 ONWARDS NIL RETURNS ₹ 500
Charges for filing of GST depend on volumes and nature of services that are required by specific clients which may or may not involve invoicing, accounting, reconciliations and reporting etc. They are tailormade to each clients specific situation
GST RETURNS TO BE FILED
GST returns need to filed on regular frequency to avoid fines and penalties.
GSTR-1 Details of all outward supplies of taxable goods and services to be filed by registered taxable supplier. 10th of Next Month
GSTR -3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax 20th of Next Month
GSTR-4 Quarterly Return for compounding taxable persons 18th from end of the Quarter
GSTR-5 Return for Non-Resident foreign taxable persons 20th from end of the month or within 7 days after the last day of validity of registration whichever is earlier
GSTR-6 Input Service Distributor return 13th of Next Month
GSTR-7 Return for authorities deducting tax at source 10th of Next Month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52) 10th of Next Month
GSTR-9 Annual Return 31st December of Next Financial Year
GSTR-9A Simplified Annual return by Compounding taxable persons registered under section 10 31st December of Next Financial Year
DETAILS REQUIRED FOR GST RETURN FILING
- Copy of invoices raised during the month
- GST Registration no.
- User id and password for login
- Name and address of registered person
- Detail of Outward Supplies and Inward supplies liable to reverse charges
- details of inter-State supplies made to unregistered persons
- Supplies made to Composition Taxable Persons
- Supplies made to UIN Holders
- Details of Eligible ITC
- Values of exempt, nil-rated and non-GST inward supplies
- Copy/receipt of GST deposited
- Copy of TDS/TCS certificate
SOME KEY POINTS TO NOTE
- For general taxpayers, there are 3 monthly returns and 1 annual return, making a total of 37 returns in the year. For composition taxpayers, there is 1 return every quarter and 1 annual return, making a total of 5 returns in the year.
- All due tax has to be paid before filing the return for that period.
- As a composition taxpayer, no input tax credit facility would be available. Under this scheme, only a simplified quarterly return (GSTR-4) has to be filed. This return contains total value of consolidated supply made during the period of return, details of payment of tax in the return and declaration of invoice-level purchase information
- GST returns cannot be revised. You can make changes in the amendment sections of the return filed in the next period.
- To ensure all activities of the business are recorded, an annual return Annual return (GSTR-9) has to be filed by every taxpayer. This return will contain details of income and expenditure of the taxpayer, which will be grouped in the monthly returns. This return will provide the opportunity to correct any short reporting of activities undertaken. This return has to be filed on the 31st December of the following year