GST Returns- An Overview
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Goods and Services Tax (GST) returns are forms that businesses are required to file with the Indian tax authorities to report their GST liability. The frequency and type of GST returns that a business is required to file depends on the turnover of the business and the type of business activities.
There are several different types of GST returns that businesses may be required to file, including:
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- GSTR-1: This is a monthly or quarterly return that businesses with a turnover of up to Rs. 1.5 crore are required to file. GSTR-1 reports the details of all outward supplies made by the business. Due date for monthly return 11th of the next month, and for quarterly return 13th of the month succeeding the quarter.
- GSTR-2: This is a monthly or quarterly return that businesses are required to file to report the details of all inward supplies received by the business.
- GSTR-3B: This is a monthly return that businesses are required to file to report the summary of outward supplies, inward supplies, and the GST liability for the month. Due date for monthly return 20th of the next month, and for quarterly return 22nd or 24th of the month succeeding the quarter. GSTR-3B late payments are Rs. 20 (Rs. 10 for CGST and Rs. 10 for SGST) per day for NIL returns and Rs. 50 (Rs. 25 for CGST and Rs. 25 for SGST) in all other scenarios.
- CMP-08: This is the Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act. Due date for quarterly return 18th of the month succeeding the quarter.
- GSTR-4: This is the annual return that was to be filed by the composition taxable persons under GST, by 30th April of the year following the relevant financial yea. Due date for GSTR-4 is 30th of the month succeeding a financial year.
- GSTR-5: This is a return that non-resident taxable persons are required to file on a monthly basis. Due date for monthly return 20th of the next month.
- GSTR-6: This is a return that Input Service Distributors are required to file on a monthly basis. Due date for monthly return 13th of the next month.
- GSTR-7: This is a return that TDS deductor are required to file on a monthly basis. Due date for monthly return 10th of the next month.
- GSTR-8: This is a return that E-Commerce operator are required to file on a monthly basis. Due date for monthly return 10th of the next month.
- GSTR-9: This is an annual return that all registered businesses are required to file. Due date for GSTR-9 is 31st December of the next financial year.
It is important to note that businesses must file their GST returns on time to avoid late fees and penalties. Late filing of GST returns may also result in the suspension of the GST registration.
In conclusion, GST returns are forms that businesses are required to file to report their GST liability to the Indian tax authorities. The frequency and type of GST returns that a business must file depends on the turnover of the business and the type of business activities. Businesses must file their GST returns on time to avoid late fees and penalties and maintain their GST registration.
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Our team of experts is here to guide you through the GST return filing process and ensure that your business is compliant with GST tax laws.
Documents Required for GST Return
Sale Bills
Purchase Bills
Debit/Credit Notes
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Benefits of Filing GST Returns
Streamlined tax system
GST returns provide a uniform and centralized system for reporting taxes, which eliminates the need for multiple tax returns and helps streamline the tax system.
Increased transparency
By filing GST returns, businesses can provide a clear and accurate picture of their taxable transactions, which promotes transparency and helps prevent tax evasion.
Improved compliance
Filing GST returns on a regular basis helps businesses stay compliant with the Indian tax laws and regulations, which minimizes the risk of penalties and legal consequences.
Easier reconciliation
GST returns provide a clear and concise record of all taxable transactions, which makes it easier for businesses to reconcile their books and maintain accurate records.
Increased efficiency
The GST return filing process is designed to be efficient and user-friendly, which saves businesses time and resources that can be better spent on other activities.
Better cash flow management
By filing accurate and timely GST returns, businesses can avoid delays in tax refunds and improve their overall cash flow management. This helps them invest in growth and expansion.
How we work?
Step 1: Consultation with Expert
Step 2: Preparing the Documents
Step 3: Registration Certificate
Step 1: Consultation with Expert
Our expert will call you after your contact form submission, then after consultation you will submit all the required documents to us for further processing.
Step 2: Preparing the Documents
After your documents submission we will calculate the taxes as per GST laws.
Step 3: Registration Certificate
After preparing the documents we will file the returns on GST portal on monthly/quarterly basis.
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Frequently Asked Questions
A GST return is a document that a taxpayer must file with the Indian government to report their taxable sales, purchases, and taxes paid or collected.
The frequency of GST return filing depends on the nature of your business and your turnover. Businesses with a turnover of up to 1.5 crore can file on a quarterly basis, while businesses with a turnover of more than 1.5 crore must file on a monthly basis.
GST returns require you to provide information on your taxable sales, purchases, tax paid, tax collected, and input tax credit claimed.
If you miss the deadline for filing GST returns, you may be subject to penalties and interest, and your business may face legal consequences.
Yes, you can revise a GST return within a specified time period after it has been filed, if you have made a mistake or if there is a need for correction.
The process for filing GST returns involves logging into the GST portal, entering the required information, and submitting the return.
Yes, non-resident taxpayers can file GST returns in India if they have a taxable presence in the country.
Small businesses with a turnover of less than 20 lakhs (10 lakhs for certain states) are not required to obtain GST registration and file GST returns.
Yes, it is mandatory to file GST returns even if you have not conducted any business activities. This is known as a nil return.
Yes, you can seek assistance from a GST consultant or a tax professional for filing GST returns. They can help you navigate the process and ensure compliance with all GST laws and regulations.
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