GST Return Filing

GST stands for Goods and Service Tax and came into force in India from 1st of July, 2017. Businesses are required to get registered under GST on crossing specified threshold limits of turnovers. All businesses registered under GST are required by the law to file GST Returns monthly, quarterly and yearly based on the type of business and other criteria under GST. A GST return is a document which includes the details of all the Sales(For Output Tax Payable), Purchases and Expenses (For Input Tax Credit) in prescribed format. The GST Returns need to be filed online along with the payment of Tax calculated as per the GST Return. To file your GST returns in time with correct data efficiently, please request a callback and our expert will guide you.

‍

A GSt return is a document containing details of your inward and outward supplies that a GST registered taxpayer is required to file with the tax administrative authorities. It is mandatory for every taxpayer to file GST returns who are registered under GST. GST Returns helps tax authorities to calculate net tax liability. You will be required to pay the resulting tax liability to the government after filing the GST returns.

A GST returns broadly includes:

• Purchases
• Sales
• Output GST
• Input tax credit (ITC)

All registered businesses are required to file monthly, quarterly, and/or annual GST Returns based on the type of business. Some of the categories of registered person are-

• Regular Taxpayers with an aggregate revenue of more than ₹ 5 crores.
• Taxpayers who choose the QRMP Scheme.
• Composition Taxpayers
• Input Service Distributors
• Persons allotted with Unique Identification Number (UIN)
• Non Resident Taxable persons

‍

Elimination of cascading effect in Supply chain.

GST has eliminated tax on tax on the outward and inward supply of goods and services. As GST did away with several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax. This saves you money.

Claiming Input Tax Credit (ITC)

Input Tax Credit tax is claimed on output tax payable on account of sales. ITC is adjusted to reduce the tax liability of the GST taxpayer. To claim the benefits of Input Tax Credit, one must file GST Returns on time.

Elimination of vide range of different taxes

Earlier various other taxes like Central Excise Tax, Sales Tax, Service Tax, Luxury Tax, and Special Additional Duty levied by Customs,etc were levied which became complicated for the taxpayers. Now with the integrated GST tax it has become easy.

Higher threshold limits

In the GST system, the threshold limit is of ₹ 20 lakh unlike the earlier taxation scheme, where the business with turnover of more than ₹ 5 lakh was liable to tax in most of the states.

Simple and Easy Procedures

With the organised GST system filing tax returns has become easy with less documentations.

‍

‍

• GSTIN- B2B invoices
• GSTIN- B2C invoices (only if the total value exceeds ₹ 2.5 lakh)
• Consolidated intra-state sales categorized by state and GST rates
• Consolidated intra-state sales made through an e-commerce operator, categorized by state and GST rates
• HSN-wise summary of all goods
• Any other debit or credit notes or advance receipts

‍

Penalty

Late Fees for not filing GST Returns on time

If GST returns are not filed within the time specified, you will be liable for interest and late fees.

Interest of 18% per annum will be charged. It will be calculated on the amount of outstanding tax to be paid and the time period will be from the next day of filing to the date of payment.

Late fees: Rs 200 (Rs.100 as CGST and Rs.100 as SGST) is charged per day up to a maximum of ₹ 5000.

‍