GST Return
File your GST Return @ Rs.1000 (Professional Fee)
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GST Return
The Goods and Service Act was implemented in 2017 to eliminate the cascading tax effect and to simplify the indirect tax regime. This tax regime was introduced to replace the several indirect taxes which were applicable on goods and services and were imposed by the state and central governments at various stages. Its simplified approach aims to help the government achieve the ‘One Nation One Tax’ objective.
GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered. GST return is a document that contains all the details of sales, purchases, tax collected on sales and tax paid on purchases .Once GST returns is filed, the resulting tax liability need to be paid(money that you owe the government). GSTR-7 form has to be filed by all registered taxpayers who are required to deduct tax at source under the GST rule.
ADVANTAGES
Uniformity in Taxation
GST brings uniformity in the taxation process and allows centralized registration.
Eliminating Cascading Effect on Taxes
The cascading of taxes is eliminated by GST as the whole supply chain will get an all-inclusive input tax credit mechanism.
Lowered Tax Burden
Companies with turnover upto Rs. 75 lakh under GST taxation process can benefit from composition schemes and pay only 1% tax on their turnover.
Lesser Number of Compliances
The number of separate compliances is lesser now with GST. Earlier VAT, Excise and Service tax had their own schedules of filing and compliances.
PROCEDURE
STEP 1
Ascertain the Requirements
STEP 2
Pay the required fees
STEP 3
Submission of GST Return
STEP 4
Get acknowledgement of GST return
REQUIREMENTS
Documents
Customers GSTIN.
Type of Invoice.
Documents
Place of Supply.
Invoice Number.
Documents
Invoice Date.
Taxable Value.
Documents
GST Rate.
Amount of IGST applicable.
PRICE
STANDARD
Rs.2000
0-50 Invoices Per Month
(Exclusive of GST and Late Fee, if any)
₹2,000.00Add to cart
PREMIUM
Rs.3000
0-100 Invoices Per Month
(Exclusive of GST and Late Fee, if any)
₹3,000.00Add to cart
FAQs
1. Under the GST, who is required to file returns regularly and who isn’t?
Every registered taxable person is required to file returns under the GST law. If you have not performed any business activities during the period covered by a return, you need to file a Nil return.
There are some entities that will need to register for GST but aren’t required to file returns regularly, such as UN bodies (and foreign consulates) must register for a unique GST ID, but they are required to file returns only for months during which they make purchases.
Some entities do not need to register or file returns. Government entities and Public Sector Undertakings (PSUs), entities dealingwith non-GST supplies, and those who deal with exempted/Nil rated/non GST goods and/or services will neither be required to register under the GST nor file returns.
2. Under the GST, who is required to file returns regularly and who isn’t?What are the different types of GST returns?
- GSTR-1: monthly return for outward supplies
- GSTR-2: monthly return for inward supplies
- GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7)
- GSTR-4: quarterly return
- GSTR-5: variable return to be filed by Non-Resident Taxpayers
- GSTR-6: monthly return to be filed by input service distributors
- GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions
- GSTR-8: monthly return to be filed by e-commerce operators
- GSTR-9: annual return
- GSTR-10: final return to be filed when terminating business activities permanently
- GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)
3. What do I need to record on the GSTR-1?
The GSTR-1 contains the details of all your outward supplies or sales. It needs to be filed before the 10th of the following month.
4. What makes the GSTR-2 important?
The GSTR-2 contains the details of all of your inward supplies, which is necessary for claiming input tax credit for your outward
supplies.
5. What goes into the GSTR-3?
The GSTR-3 is a consolidated monthly GST return, so its contents will be automatically derived from other monthly returns. However, you can manually update details or add missing information as needed.
6. What is the GSTR-4 quarterly return?
The GSTR-4 is required to be filed on a quarterly basis (every three months). This return specifically applies to compounding dealers (those who have a turnover of < Rs. 50,00,000 and are enrolled in the composition scheme).
In this return, you need to indicate the total value of supply made during the period covered by the return, along with the details of the tax paid at the compounding rate (not more than 1% of aggregate turnover) for the period. As a compounding dealer, you only need to provide invoice-wise details for inward supplies if they are either imports or purchased from normal taxpayers.
7. I am a Non-Resident taxpayer doing business in India. How do I file returns under the GST?
Non-Resident taxpayer occasionally undertakes transactions involving supply of goods and/or services but who has no fixed place of business in India.
Non-Resident taxpayers are required to file the GSTR-5 for their registered period (which can range from days to weeks to months). This return has to be filed within a period of 7 days after the expiry date of the registration. If the registered period is more than a month, then this return has to be filed every month for the remainder of the registered period.
8. Who are Input Service Distributors (ISD)? What returns do they need to file?
An Input Service Distributor (ISD) is the corporate office of a supplier of goods and/or services which receives tax invoices for inward supplies made by vendors on behalf of the branch offices in order to distribute tax credits.
In addition to the regular GSTR-1, 2, and 3, ISDs also have to file the GSTR-6.
9. I am an e-commerce operator. Do I need to file any special GST returns?
Yes, all e-commerce operators who allow other suppliers to sell goods or services through their portals are required to file the GSTR-8 return. Those who use their own portal to sell their goods or services need not file this return. The GSTR-8 needs to be filed before the 10th of the following month.
10. What is the GSTR-9 return?
The GSTR-9 return, also called annual return, must be submitted by all normal taxpayers (not for Non residential taxpayers). It provides a complete view of the taxpayer’s activities and allows their returns to be reconciled with their audited financial statements.
The annual return captures the taxpayer’s income and expenditure in detail. This return allows the taxpayer to properly update any details that were not reported during the year.
11. Who is required to file the GSTR-11?
The GSTR-11 return is to be filed only by those entities or persons that possess a Unique Identity Number (UIN), and only during those months when they make inward supplies (purchases). It must be filed before the 28th of the following month.
12. What do I do if my vendor does not upload my invoice in their GSTR-1?
Ensure that you record the purchase in your GSTR-2. Since there will be a mismatch between your vendor’s GSTR-1 and your GSTR-2, it will be reflected in your vendor’s GSTR-1A. The GSTR-1A allows your vendor to update the sales information filed in their GSTR-1 and shows any mismatches in the details provided by the buyer in their GSTR-2.
Once your vendor accepts the changes shown in the GSTR-1A, their GSTR-1 will be automatically updated.
