BBNC

GST Return Filing


GST Filings is compliance for those who are registered under Goods and Service Tax registration (GST Registration). There will be various GST filings for a business. Which depends on the type of taxpayers, such as regular taxpayers, composition dealer, e-commerce operator, etc.
Get Start

Overview

There are several GST return filings, and they are numbered from GST1 – GSTR 11. Where each and every number is defined for a specific type of filings, type of transaction, type of business etc. These numbers are further sub-numbered as GSTR 9A,9C, etc.

Usually, a regular taxpayer has to file for two GST returns monthly and that is GSTR-1 and GSTR-3B. and an annual return of GSTR-9/9C for each GST registration separately.

GST returns are categorized by the frequency of filing. Some GST filings need to be done every month, quarterly and annually. Which completely depends on the type of filing.

List of Monthly GST Return filings:

  1. GSTR-1: It is a monthly or quarterly return that needs to filed by every GST registered taxpayer except a few. GSTR-1 Contains all outward supplies. That is sales transactions. Even if there are zero transactions in that particular month GSTR-1 needs to be filled as null filings. For nil GSTR filings there is a facility to file through a single SMS.
    GSTR-1 can also be filed quarterly by small taxpayers with turnover up to 1.5 crores in the previous financial year.

  2. GSTR 2 & 2A: GSTR-2 contains the details of all the purchased transactions of GST registered dealers for a month. This form is auto-filled from the GSTR-2A. GSTR-2 was an editable form but this form has been suspended from filing.
    GSTR 2A: it is the same as GSTR 2, containing all the details of the purchase’s transactions. but this form is auto-filled when the supplier files for his GSTR-1. GSTR 2A is a read-only return no actions can be taken.

  3. GSTR-3: it is a monthly return filing. With a summarized detail of purchases and sales transactions that occurred during the month along with the amount of GST liability. This return form is auto-generated by pulling information from GSTR-1 and GSTR-2A.

  4. GSTR-3B: This return is to be filed monthly by all the normal taxpayers registered under GST. It is a self-declaration that needs to be filed for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid.

  5. GSTR-5: This return needs to be filed by the non-resident foreign taxpayers who carry out business transactions in India. GSTR-5 contains details of all sales, purchases, Credit/debit notes, tax liability and taxes paid. It is monthly return filing

  6. GSTR-6: Every Input Service Distributor has to file a monthly return form GSTR-6. Input Service Distributor (ISD) are those businesses which receive invoices for services used by its branches.

  7. GSTR-8: Every e-commerce aggregator needs to file for GSTR-8 every month. The e-commerce operators required to collect Tax at Source (TCS). GSTR-8 contains the details of supplies effected through e-commerce platform and the amount of TCS collected on such supplies.

  8. GSTR-11: A Person who has been issued a UIN (Unique Identity Number) needs to file for GSTR-11. In order to get a refund under GST for the goods and services purchased by them in India. GSTR-11, will contain details of inward supplies received and refund claimed


List of Quarterly GST Returns Filings

  1. GSTR-4/CMP-08: Taxpayers who have opted for a composition scheme under GST need to file for GSTR-4. Form April 2019 this form has been replaced by CMP-08. In CMP-08 filings the taxpayers whose turnover is less than 1.5 Cr. Can opt into and pay taxes at a fixed rate on the turnover declared. This form needs to be filed quarterly.


List of Annually GST Returns Filings

  1. GSTR-4: A composition dealer, who has opted for a Composition scheme needs to file for GSTR-4 returns. A Composition scheme is required to furnish only 1retun annually which is GSTR-4. Which needs to be filed by 30th of April, following a financial year.

  2. GSTR-9: it is an annual return that needs to be filed by every taxpayer registered under the GST. It consists of all the details regarding the inward and outward supplies made and received during the financial year. It is basically a consolidation of all the returns filed (monthly and quarterly) in the financial year.

  3. GSTR-9A: Taxpayers who are registered under the composition scheme in a financial year needs to file form GSTR-9A. it is a consolidation of all the quarterly returns filed in that financial year.

  4. GSTR-9C: A Person whose turnover exceeds more than 5 Crore in a financial year shall get his accounts audited by a Chartered or Cost Accountant. And shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in form GSTR-9C.
    GSTR-9C is a statement of reconciliation between the annual return in GSTR-9 filed and figures of the audited annual financial statement of the taxpayer.

When GST Registration is Cancelled or Surrendered

  1. GSTR-10: A tax payer person whose register has been cancelled or surrendered is file for GSTR-10. This is a final return and has to be filed within 90 days from the date of cancellation/cancellation order whichever is earlier.



Benefits of GST Return Filing

Advantages of getting registered under GST are given below

GST Eliminates the Cascading Effects of Tax

GST eliminates the double taxation effect. Which means when a business receives and pays GST, it will only have to pay the received access amount of GST to the government.

Higher threshold for registration

Before the GST regime, in the VAT structure, any business with a turnover of more than 5 Lakhs was liable to VAT. Also, service tax was exempted for service providers with a turnover of less than 10 lacs. But under the GST regime, this threshold has been increased to 20 Lakhs, which exempts many small traders and service providers.

Composition Scheme for Small Businesses

To bring down the tax burden of the small business whose turnover is between 20-75 lakhs. The government has introduced a composition scheme. That benefits the small businesses by options to lower the taxes.

Easy Online Process

The process of GST from registration to filings is made online, and it is very simple. This has benefited new businesses as they do not have to take various registration such as VAT, Service tax, excise etc.

Number Compliance is Reduced Under GST

Earlier businesses have to take various registrations such as VAT, Service Tax, Excise, etc. And for each and every registration had a different return filings system. But now only GST registration is sufficient and only GST return filings is mandatory.

The Unorganized Sector is Regulated Under GST

Before GST, certain industries in India were not organized. Such as construction, textiles, etc. Under GST there are provisions for online compliances and payments. This has brought in accountability and regulations to these industries.

Checklist/Requirements

  1. Monthly Purchases details + Invoices
  2. Monthly Sale details + Invoices
  3. Other bills

Process of GST Return Filing

Step 1: Client to share required documents and invoices

Step 2: Calculation of tax liability

Step 3: Uploading information

Step 4: Generation of Challan

Step 5: Making the payment

Step 6: OTP Verification

Step 7: Filing for returns

Step 8: Sharing the deliverables

Key Deliverables

a. Filed return copy

b. Payment Challan

GST Return Filing

Why Choose Us

  Entrepreneur Friendly

We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

  Experienced Professionals

All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

  One Stop for All Your Requirements

We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

  Cost-Effective

We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


Frequently Asked Questions


How do I claim Input tax credit?
Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. This way the tax can be calculated and if the input tax is more than the output, all the excess input tax after calculations needs to be filed with the government.
A GST compliance tax invoice generally includes the below 9 components in the invoice
  1. Name, Address, and GST details of the supplier
  2. Invoice number
  3. Date of invoice
  4. Name, address, and GST details of the recipient
  5. HSN code
  6. Description of the goods and services
  7. Quantity of goods
  8. Value after discount
  9. Rate and amount of GST
Yes, any individual or business who wants to sell on e-commerce platforms needs to have a valid GST registration and GST number.
You have the file the returns for every GST registration obtained. Even if there are 0 transactions, the person should file for nil GST returns.
As per GST Act Late fee is Rs. 100 per day per Act. So, it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. The maximum is Rs. 5,000. There is no late fee on IGST.