GST Return Filing
Businesses that are registered under GST have to file the GST returns 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 mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.
GST return is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities.
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Types of GST Return
Due dates for filing the GST returns
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.
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GST Return FAQ's
Any registered business with a turnover of Rs 20 lakh or more must file GST returns. Businesses with a turnover of less than Rs 20 lakh can opt for voluntary GST registration and file returns as well.
Monthly return in GST is the GSTR-3B form. This form is used to declare the total sales and purchase during the month. The form must be filed by the 20th of the following month in order to avoid late fees.
GSTR-3 is a more comprehensive form that requires businesses to provide detailed information related to their sales and purchases, whereas GSTR-3B is a simplified form that requires only basic information.
There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest if any would be applicable.
All GST Return non-filers will be tracked by the GST Department and a list of GST return defaulters will be provided to the respective GST authorities for follow-up and enforcement action. The GST law would also include the imposition of an automatic late fee for GST Return non-filers and late filers.
Under GST, all taxpayers, other than an input service distributor, a non-resident taxable person, a casual taxable person, and a person paying tax under the GST composition scheme are required to file a GSTR1 return. Know more about GSTR1 return filing.
GSTR1 return can be filed online in the GST portal. You can also file GSTR1 return using LEDGERS GST Software, to file GSTR1 return using LEDGERS, create an account, update details of sales made during a month and click on upload GST return to file.
In GSTR1 return, the following information is filed by the taxpayer: Basic details of the taxpayer with GSTIN. Period to which the Return pertains. Invoice level information B2B invoices B2C invoices over Rs.2.5 lakhs in value B2C invoices less than Rs.2.5 lakhs in value Export invoices Summary of Documents Issued HSN Code wise summary of sales
Benefits of choosing Bharat Compliances for the GST returns
Dedicated GST Advisor
A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filings. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
Reminder to file GST returns
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 GST Status reports
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 by LEDGERS
GST returns are prepared by LEDGERS- the GST software so that it is error-free and filed on time without hassles.
GSTR- 1 and GSTR- 3B filing
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.
Input Tax Credit Reconciliation
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.
Standard accounting and cloud records
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.