GST Returns

Learn about GST return filling to remain compliant!

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Assessment of Your Financials
We will assess your financials statements to evaluate the taxable sales and purchase
File the outward supply returns of GSTR-1
We will prepare using the information section at the GST Common Portal on or before the 10th of the month.
Analysis of 2A and 2B to evaluate the input c
The outward supplies furnished to evaluate the input credit available
GSTR 3B is a monthly self-declaration by 20th
Provide the summarized details of outward supply made, input tax credit, tax liability tax paid
Submission of GSTR 9 and 9C
annual GST reconciliation statement self certified by the business owner
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What is GST Return?

GST returns is a document that will contain all the details of your sales, purchases, debit note, credit note, tax collected on sales (output tax), and tax paid on purchases (input tax). GST return required to be file every month. Once you file GST returns, you will need to pay the resulting tax liability to the government.

Why file GST return?

Once you get GST registration then return filling is mandatory every month due to legal requirement in India as per Goods & service Act 2017. Please note even if your turnover is below Rs.20lacs afterward, return need to be filed within due date.

Advantages of Filling GST return


* Unified Platform
* Elimnates cascading effect of tax
* Higher threshold for registration,
* Composite scheme for smaller business
* Number of compliance lesser.
* Larger Tax Base
* Defined treatment for E-commerce operator
* Simple and easy online procedure

Disadvantages of Non Filling/Delay filling GST return


* Penalty. Rs.200 per day with max up to Rs.5000. Further for delayed deposit interest @ 18%pa will be levied.
* Cascading effect. If any return is not filed then subsequent returns cannot be filled.
* If not filed for 6 months or for composite dealer 3 qtrs, then GST registration can be cancelled.
* may lead to increase professional cost to meet compliance requirements.

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Documents Required For GST Returns

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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Key highlights of GST returns

Important types of GST returns

There are 11 active type of GST returns which based on the nature of business and type of registration need to select and file. These types include regular taxpayer, composition taxable persons, e-commerce operators, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD), casual taxable persons, etc. Further frequency may vary between GSTR 1 and GSTR 3B filer if they opt quarterly filling option (QRMP).

Due dates of filling

"
GSTR -1 details of all outward supply , by 11th of every month if turnover is over 5Cr or not opt for QRMP. If under QRMP 13th of the month following every quarter.
GSTR-3B monthly self declaration for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. This to be filed by 20th of every month and under QRMP either on 22nd or 24th depending upon the state X or Y category.
GSTR-9C is the reconciliation st

Schemes for smaller business units.

Those dealing in goods and have annual turnover less than Rs.1.5Cr can opt to pay tax at a fixed rate on the turnover declared by filing GSTR 4 annually by Apr 30th of the following the relevant FY. Service provider having turnover less than 50lacs annually can avail a smilar scheme under CGST.
Non resident foreign tax payers who are registered under GST and carry out business in India need to file GSTR 5 by 20th of each month.

Input tax credit .

The most critical reform of GST is input credit, which can be availed only if supplier has deposited the tax and submitted their return correctly so that it reflects in GSTR 2B. Hence it is important to check supplier compliance before releasing payments. As a practice creditors payments to the extent of GST is released on appearance in input section. Further if input is higher than output because of differential tax rate, then refund can be claimed instead of carry forward.

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Frequently asked questions

What is GSTR-1

Details of outward supplies of taxable goods and/or services affected.
Frequency - Monthly / Quarterly if opted for QRMP scheme
Monthly - 11th of next month Quarterly - 13th of succeeding month end of quarter
Please note government by notification can extend the date of submission.

What is GSTR 3B


summary of outward supplies along with input tax credit is declared and payment of tax is affected by the taxpayer.
Please note government by notification can extend the date of submission.
20th of next month and quarterly has two date 22nd and 24th based on state.
dates may get extended by government notification

What is CMP-08 under composite scheme


Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme.
Frequency - Quarterly
18th of the month succeeding the quarter.

What is GSTR-4


Return for a taxpayer registered under the composition scheme.
Frequency - Annually
due date 30th of the month succeeding a financial year.

What is GSTR 5


Return for a non-resident foreign taxable person.
Frequency - Monthly
Due date 20th of the next month.

What is GSTR - 6


Return for an input service distributor to distribute the eligible input tax credit to its branches.
Frequency Monthly
Due date 13th of the next month.

What is GSTR 7

Return for government authorities deducting tax at source (TDS). Frequency - Monthly Due date 10th of the next month.

What is GSTR 8 for e-commerce operator


Details of supplies effected through e-commerce operators and the amount of tax collected at source by them.
Frequency - Monthly
Due date - 10th of the next month.

What is GSTR 9 and 9c


GSTR 9 is the Annual return for normal tax payers. GSTR 9C is certified reconciliation statement. The requirement to get a GST audit and certificate done by a CA/CMA is now removed. Taxpayers with a turnover exceeding Rs.5 crore in the previous financial year are required to file Form GSTR-9C on a self-certification basis
Frequency - Annual
Due date 31st December of next financial year.
government by way of notification can extend the date.

What is GSTR 10


Final return to be filed by a taxpayer whose GST registration is cancelled.
Frequency - GST registration is cancelled or surrender
Due date - within 3 months date of cancellation or cancellation order which ever is later.

What is GSTR 11


Details of inward supplies to be furnished by a person having UIN and claiming a refund
Frequency - Monthly
28th of the month following the month for which statement is filed.

Which GSTR are suspended for the time being


GSTR - 2 Details of inward supplies of taxable goods and/or services effected claiming the input tax credit.
GSTR 3 Monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of tax.
GSTR 9A Annual return optional for filing by a taxpayer registered under the composition levy anytime during the year.

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