GST Return filing

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GST Return filing

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3 Month Accounting & GST Filing and LEDGERS accounting software

About this item

  • 3 Month GST Return Filing
  • Bookkeeping
  • 1 Dedicated Accountant

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Description

What is GST Return Filing?

GST Return Filing is more Complex than you Imagine, So let’s try to Understand it in the simplest terms Possible.

Businesses have to pay taxes Monthly, Quarterly, and Annually based on their business type, where they are required to show the data of sales/purchases of the goods/services from their side (Including the tax i.e., paid).

A taxpayer (like you) has to file the 4 forms for GST Return filing, such as “Returns for Supplies & Purchases, which are Monthly, Quarterly & Annual Returns. These GST filings must be made with any ‘Tax Administrative Authorities’. Now, let’s understand your Eligibility Criteria for the GST Return Filing.

Eligibility Criteria for GST Return Filing?

Who should submit the GST returns?

In India, the following actions must be taken to file a GST return:

  1. The GST returns must be filed by anyone with a valid GSTIN.
  2. A person must also register for GST and submit GST reports if their annual revenue exceeds Rs. 20 lakh.
  3. The annually turnover limit for Special States cases is Rs. 10 lakh.

Types of GST Registration in India

What are the different types of GST registration in India?

 

GSTR 1

Details of the outward supplies of the taxable goods and or services

Monthly

Quarterly

(If opted under the QRMP scheme)

GSTR 3B

Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer.

Monthly

Quarterly

CMP 08

Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act.

Quarterly

GSTR 4

Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act

Annually

GSTR 5

Returns to be filed by a Non-resident taxable person

Monthly

GSTR 6

To be filed by the input service distributor to distribute the eligible input tax credit

Monthly

GSTR 7

Is filed by the government authorities

Monthly

GSTR 8

Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them.

Monthly

GSTR 9

Annual return for a normal taxpayer

Annually

GSTR 9C

Certified reconciliation statement

Annually

GSTR 10

Is filed by the taxpayer whose GST registration is cancelled

Once the GST registration is cancelled or surrendered

GSTR 11

Details of the inward supplies are furnished by a person who has UIN and also claims a refund.

Monthly

Due Dates for Filing the GST Returns

What are the due dates for filing GST returns?

gst-return-filing

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.

Now, let’s find out the filing of the GST Return under the Composition Scheme

How to File your “GST Return under the Composition Scheme”?

Under the Composition Scheme, all taxpayers; need to pay the tax with CMP-08 (Quarterly) & GSTR 4 (Annually) on the GST common portal or by any GST Facilitation Centre. It is due on the 18th of the Month, Succeeding the Quarter (Which means every April 18th, July 18th, October 18th, and January 18th). This must include the following details;

  1. Invoice-Wise, inward supplied of Intra-State & Inter-State supplies that were received from any registered/unregistered person or entity.
  2. Outward supplies, made from Consolidated details.

In this scheme, If you choose to pay the tax from the beginning of the financial year. Then, you have to file the monthly returns for each month on the 10th,15th, and 20th of every month (Till, the date of furnishing the date for September of the succeeding financial year or furnishing of an annual year for the preceding financial year – Whichever is Earlier).

Important:- If someone, registers from the 1st of April, He/She still needs to file their monthly GST Returns until September.

Why to Choose _______? Let me Share, some of the Facts & Benefits!

GST Advisor:

A dedicated manager will be allocated to you (Specialized in your sector). He/She is there to guide you from filing your invoices to getting timely updates of deadlines to file your selected GST Registration on time.

LEDGERS & Monthly Status Updates:

We believe, you have the full right to get the monthly status reports of your GST Return filing GSTR-3B, which will be shared with you (All the details).

“LEDGERS” is a GST Return filing software, to ensure you don’t miss any GST dates to file your tax due to any human mistakes and also to make them ‘ERROR-FREE’.

What is GSTR-1 Filing?

GSTR-1 filing is a monthly return, in which we need to file the details of outward supplies made in the respective month. Turnover do not determine deadlines, there is an option for Taxpayers whose Turnover is Less than 5 Crores could voluntarily opt to pay tax and file returns monthly.

What is GSTR-3B Filing?

GSTR3B filing is a monthly return, in which we need to file the details of inward supplies made in the respective month. Turnover do not determine deadlines, there is an option for Taxpayers whose Turnover is Less than 5 Crores could voluntarily opt to pay tax and file returns monthly.

Any Benefits of Filing the Tax – Yes!

“Input Tax Credit Availment”: You are benefited under this scheme by the Government, to achieve some neutrality in any incidence of tax, to make sure such kind of an input tax doesn’t enter the ‘’Cost of production/Supply of any Goods/Services”.

Why – You should use LEDGERS SOFTWARE only and Always?

All of your tax details will be recorded (like Invoices, ITR, TDS & GST) to make them work smoothly & gainful for you. LEDGERS Software will assist you in your payments, Returns filing & Accounting as well.

Features of the LEDGERS SOFTWARE!

LEDGERS-GST-Software

  • Payments Tracking,
  • Automatic GST Filing of GSTR-1 & GSTR-3B,
  • GST e-way bill generating and management for you,
  • Purchase Register
  • Customer Management
  • Supplier Management
  • GST Invoicing
  • Estimate issuance & tracking
  • Accounts receivables tracking
  • Automatic Input Tax credit reconciliation
  • GST eWay bill generation & management
  • ICICI bank integration

Any Penalties in GST Filing? ‘YES’

The following are the penalties for different circumstances, which need to be paid under the GST.

Late Filing of GST

For filing your GST after the deadline, you need to pay Rs.100 (CGST) & Rs.100 (SGST) a Day. It also attracts an 18% interest rate on the tax liability payable for that respective month.

Non-Compliance

In case, you don’t file your GST Returns; then the subsequent GST Returns also can’t be filed. Which may lead to heavy fines on you.

21 Offenses (With No-Intention of Fraud/Tax Aversion)

If you’re not paying the tax or paying short payments, you attract a penalty of 10% of the tax (Subject to a minimum of Rs.10,000).

21 Offenses (With Intention of Fraud/Tax Aversion)

An offender is subject to the penalty of ‘Tax not paid or Short deducted.

Note: – Even if don’t do any business, you still need to file the “NIL GST RETURN”.

Outsource My GST Compliance?

Use Synergetic Services to outsource your GST compliance so you can concentrate on expanding your business while reducing your compliance burden. You may access real-time business data wherever you are with Synergetic Services, which will keep your GST compliance up to date on the LEDGERS GST platform. Other online and offline programs you frequently use can sync and function with LEDGERS without any problems.

Yes, Don’t Worry – We are here for You!

All you need to do is focus on your business sales and we are here to take care of your GST Return filing in all aspects. Here are some of the things, through which; we are going to serve you.

Here is how-We will collect your documents & deliver them to you!

You are eligible to send your documents through email or through any soft copy. Because we accept all types of soft copy invoices & purchase data. Later, a GST accountant is allotted to you; who will collect your data and file your GST Returns each month.

What types of Returns are You going to File for Me?

We file the GSTR-3B & GSTR-1 forms for you (If you are a Regular Taxpayer registered under GST). But, for composition taxpayers; we need to file the GSTR-4 form.

What do you need to do?

In Simple, Nothing! Because we are here for you to assist you with all the tax Filing. Therefore, the only thing you need to do is, You need to provide us with the required documents and after the completion of the work; You can cross-check all the data and filing process. Any further assistance from your side?

Will you provide support for GST input tax credit?

Yes, we will give you a reconciliation of your input tax credits. The same might be used to confirm the input tax credit receivable for your company.

Will you provide support for GST refund?

Yes, we offer assistance with processing GST refunds to clients who purchase our annual package for filing GST returns.

Will you provide support for GST payment?

Yes, we offer assistance with GST payment challan production for clients that purchase our GST return filing package.

Find GST Filing Return Due Dates for GSTR 1 to GSTR 11

GSTR-1 (Monthly)

Taxpayers need to file the return on/before the 11th of every Month who voluntarily chooses to pay monthly or have a turnover of more than INR 5 Crores.

GSTR-1 (Quarterly)

Taxpayers need to file the tax on the 13th of every Quarter with a turnover of less than 5 Crores.

CMP-08- Quarterly-Composition Scheme

Taxpayers need to file the tax on the 18th of every Quarter with a Turnover of up to Rs.75 Lakhs {INR 50 Lakhs in case of prescribed states} registered under the GST Composition Scheme.

GSTR-4- Annual-Composition Scheme

Taxpayers need to file the Return before/on the 30th of the Month succeeding the end of financial year as an Annual Return registered under the GST Composition Scheme.

GSTR-9- Annual Returns

Taxpayers need to file the Return on the 31st December of the year following the relevant financial year (compulsory for all entities having turnover of more than INR 2 Crores).

GSTR-1 Return

Every taxpayer with a regular GST registration is required to submit a GSTR 1, or return of outward supplies. Every month, on the 10th, is the deadline for submitting GSTR 1 returns. The GST return deadlines fall outside of the usual calendar in July, September, and October.

GSTR-2 Return

All taxpayers with regular GST registration must submit a GSTR2 or return of inward supply. Each month’s 15th is the deadline for submitting a GSTR 2 return. The GSTR2 return deadlines for the months of July, September, and October deviate from the regular schedule.

 GSTR-3 Return

After submitting GSTR1 and GSTR2 returns, a taxpayer is required to submit GSTR3, or the monthly GST return. Every month on the 20th, GSTR3 is due. The GSTR2 return due dates for July, September, and October depart from the regular schedule.

 GSTR-4 Return

Taxpayer enrolled under the GST composition scheme is required to submit GSTR4 return. The 18th of October, January, April, and July is the deadline for the quarterly GSTR4 tax return.

GSTR-5 Return

Persons who have registered under GST as non-resident taxable persons are required to file a GSTR5 return. Every month on the 20th, GSTR5 is due.

GSTR-6 Return

Persons who are registered under GST as input service distributors are required to file a GSTR6 return. Each month, beginning on the 13th, a GSTR6 return is required.

GSTR-7 Return

All taxpayers who are required to deduct tax at source (GST TDS) must complete a GSTR7 form. Only a few government entities are required to deduct tax at source under GST after registering. GSTR7 is therefore only required of firms that have registered for GST TDS. Each month, on the 10th in the GSTR7 is due.

GSTR-8 Return

Taxpayers who are required to collect tax at source must file a GSTR8 form. Operators of online stores must collect tax at the source. As a result, anyone running an online business needs to register for TCS, collect tax at source, and file a GSTR8 return by the tenth of every month.

 GSTR-9 Return

All regular taxpayers are required to file GSTR9, which is the annual GST return. If the firm has a turnover of more than Rs. 2 crore, the information provided with GSTR9 must be audited. GSTR9 must be submitted no later than December 31.

 GSTR-10 Return

Any person whose GST registration has been revoked or given up must submit a GSTR10 return. Within three months of the date of the cancellation order or surrender, GSTR10 must be filed.

GSTR-11 Return

People with Unique Identity Numbers are required to file GSTR11. For the purpose of seeking a refund on incoming goods, consulates, Embassies, and UN Bodies are each given a GST Unique Identity Number.

Documents Required For GST Return Filing

invoice-payment-process

  • Invoice
  • Bank Statement
  • Sales Invoices
  • Amended Invoices
  • Credit Notes
  • Debit Notes
  • Accounting Data

 

Frequently Asked Questions (FAQs) in GST Return Filing

1.   What is the Monthly Return in GST?

Ans: It is a statement, used for declaring the Total Sales & Purchases during the Current Month. It is mandatory to file the form by the 20th of the Following Month (To Avoid any Late Fees).

2. How to File GST Return Online?

Ans: You are at the right place, we are going to file your GST Return, while you can take care of your business sales. Normally, It takes mere 1-3 days for GST Return filing (According to the Government’s Portal availability and complete submission of the required documents by you).

So, you can take your first step towards your “Successful GST Return Filing”. Book a ‘No-Charge’ Consultation Call for further assistance, in case you have any queries; you can reach out to us through the link given below.

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