GST Return Filing
GST return filing is a mandatory requirement for businesses registered under India's Goods and Services Tax (GST) regime. It involves filing a monthly or quarterly return, depending on the company's turnover, to report the details of sales and purchases made during the period and to claim the input tax credit. It is an essential compliance requirement to avoid penalties and maintain good standing with the tax authorities.
Businesses that are registered under GST have to file the GST return filing online monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.
An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.
GST Return filing in India is to be done by the following:
GSTR 1: The 11th of Subsequent of that month
GSTR 3B: The 20th of that subsequent month
CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4: 18th of the month succeeding the quarter.
GSTR 5: 20th of the subsequent month
GSTR 6: 13th of the subsequent month
GSTR 7: 10th of the subsequent month
GSTR 8: 10th of the subsequent month
GSTR 9: 31st December of the Fiscal year.
GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order, whichever is earlier.
GSTR 11: 28th of the month that is following the month for which the statement was filed.
IndiaFilings is a leading business service platform in India that offers end-to-end GST services. We have helped thousands of business owners to get GST registration, as well as file GST returns.
Filing GST returns takes around 1 to 3 working days, subject to the availability of the government portal and the submission of documents by the client.
All persons registered under the Composition Scheme are required to pay taxes using CMP-08 every quarter and GSTR 4 to be filled annually through the GST Common Portal or a GST Facilitation Centre. GST return for those enrolled under the Composition Scheme is due on the 18th of the month, succeeding a quarter. Hence, the GST return for the composition scheme would be due on April 18th, July 18th, October 18th, and January 18th. The GST return filed by a Composition Scheme supplier must include details of:
If a registered person opts to pay tax under the composition scheme from the beginning of a financial year, then the taxpayer must file monthly GST returns on the 10th, 15th, and 20th of each month and monthly returns till the due date of furnishing the return for September of the succeeding financial year or furnishing of annual return of the preceding financial year, whichever is earlier. Hence, even if a taxable person under GST opted for a composition scheme from April onwards, the taxpayer must continue filing monthly GST returns until September.
A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filing. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will also remind you periodically so that no deadlines are missed.
Monthly reports detailing the status of GST return filing, including GSTR- 3B and the way forward, will be shared with the clients by the GST advisors.
GST returns are prepared by LEDGERS- the GST software so that it is error-free and filed on time without hassles.
GSTR-1 is a quarterly return that should be filed by every business. Turnover determines the due dates for GSTR- 1. Business with sales up to Rs. 1.5 Crore can file their quarterly returns.
Businesses will be enabled to benefit from the input tax reconciliation mechanism provided by the government to achieve neutrality in the incidence of tax and ensure that such input tax element does not enter into the cost of production or cost of supply of goods and services.
All of your financial transactions and invoices will be recorded in LEDGERS by accountants so that the filing of all your returns, including ITR, TDS, and GST, is seamless and cost-effective.
In addition to the GST advisor support, LEDGERS GST Software will be provided to the client for GST invoicing, payments, returns filing and accounting.
Some of the features of LEDGERS are:
If there are any offences committed, then a penalty has to be paid under GST.
Late filing of the GST returns can attract a penalty called a late fee. According to the Goods and Service Tax, it can attract a penalty which is Rs. 100 under CGST and Rs.100 under SGST, which accounts for Rs.200 a day.
With the late fee, an interest of 18% has to be paid per annum. It is calculated on the tax to be paid.
In case the taxpayer is not filing the GST returns, then the subsequent returns cannot be filed. Hence, to avoid heavy fines and penalties it is better to file the GST returns on time as it will lead to a cascading effect.
An offender who is not paying taxes or is making short payments must pay a penalty of 10% of the amount of tax due, subject to a minimum of Rs.10,000.
An offender is subject to a penalty amount of tax evasion or short deducted.
Even in case there is no business, the taxpayer is required to file the Nil GST returns.
Outsource your GST compliance to IndiaFilings to ease your compliance burden and focus your efforts on growing your business. With IndiaFilings, your GST compliance will be maintained on the LEDGERS GST platform, providing you access to live business data - anywhere, anytime. LEDGERS can also seamlessly sync and work with other online and offline applications you regularly use.
You will have a dedicated GST Accountant assigned to your business. Each month, the Accountant will collect all the information and file your GST returns.
You can send us the information through email on any platform or upload the information. We also accept soft copies of invoices and purchase data.
We will file GSTR-3B returns and GSTR-1 returns for regular taxpayers registered under GST. For composition dealers, we will assist in filing GSTR-4 returns.
You will only be responsible for providing the information or documents required to prepare your GST return. Once we have prepared the filing, you can verify the calculation and confirm the filing.
Yes, we will provide you with input tax credit reconciliation. You can use the same to verify the input tax credit receivable for your business.
Yes, for clients who subscribe to our GST return filing annual package, we provide support for GST refund processing.
Yes, for clients who subscribe to our GST return filing package, we provide support for GST payment challan generation.
31st December
Annual GST return filing for the financial year is due on 31st December. This is mandatory for all entities.
GSTR 1 or return of outward supplies must be filed by all taxpayers having regular GST registration. The due date for filing a GSTR 1 return is the 10th of every month. For July, September and October, the GST return due dates are different from the normal schedule.
GSTR2, or return of inward supplies, must be filed by all taxpayers having regular GST registration. The due date for filing a GSTR 2 return is the 15th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR3 or monthly GST returns must be filed by a taxpayer after filing GSTR1 and GSTR2 returns. GSTR3 is due on the 20th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR4 return must be filed by a taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that is due on the 18th of October, January, April and July.
GSTR5 return must be filed by persons registered under GST as a non-resident taxable person. GSTR5 is due on the 20th of every month.
GSTR6 return must be filed by persons registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.
GSTR7 return must be filed by all taxpayers required to deduct tax at source (GST TDS). Under GST, only certain government agencies are required to deduct tax at source after obtaining registration. Hence, GSTR7 is due only for those entities having GST TDS registration. GSTR7 is due on the 10th of every month.
GSTR 8 return must be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source. Hence, any persons operating an e-commerce venture must register for TCS, collect tax at source and file a GSTR8 return before the 10th of every month.
GSTR 9 is a GST annual return that must be filed by all regular taxpayers. Details submitted with GSTR9 must be audited if the entity has a turnover of more than Rs.2 crores. GSTR9 is due on or before the 31st of December.
GSTR10 return must be filed by any person whose GST registration has been cancelled or surrendered. GSTR10 must be filed within 3 months of the date of cancellation order or surrender.
GSTR11 must be filed by persons having a Unique Identity Number. GST Unique Identity Number is allotted to Consulate, Embassies and UN Bodies for claiming refunds on inward supplies.
Disclaimer: All payments should be made to the company account
Important Note: StartupFlora is a consultancy service provider specializing in startup consultation. We are not associated or in collaboration with any Government/Non-Government Agency / Institutions / Organisation / Department. For service payments, please ensure all transactions are made directly to our official company account.