GST Return Filing

A document containing details of a taxpayer is required to file with the tax administrative authorities is called a return. It is used to calculate the tax liability by tax authorities. It should be filed by a registered dealer.

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Required Documents

  1. Digital Signature Certificate of Authorized Partner/Director (in case of a LLP and company only, or else OTP is required)
  2. GST Registration Certificate
  3. Login credentials of the registered person
  4. Details of the inward and outward taxable supplies along with the invoices
  5. Bank Statement (of month)

 

Online GST Return Filing Process:

  1. Reminder Mail: Every month before due date we send reminder mail to our client about filing GST return on time.
  2. Submit Documents: You need to submit the Invoice details as well as Details of the inward and outward taxable supplies with bank statement of that month, and then we verify the documents and proceed further.
  3. Prepare GST Computation report: We prepare GST computation after prior calculations on bases of data provided by you.
  4. Perceive Approval: After preparing the computation we mail it you for your approval before filing the GST return
  5. GST Return is filed: Your GST Return is filed, for filing GST return DSC or OTP is required.
  6. Receive Acknowledgement: After filing the return, acknowledgement is mailed to you.

 Late fees for not filing return on time:

You will have to pay interest and late fees, if GST Returns are not filed in time. Interest is 18% per annum. The taxpayer has to calculate the interest on the amount of outstanding tax, the time period for which is from the next day of filing to the date of payment. If monthly return not filed late fees charged is minimum Rs.50 per day and maximum Rs. 10000/-. On failure of filing return heavy penalty is levied of Rs.10000/- and can go up to a maximum limit of Rs.50000/-

Steps for GST Return Filing

1
Step 1
Reminder Mail
Step 1
2
Step 2
Submit Documents
Step 2
3
Step 3
Prepare GST Computation report
Step 3
4
Step 4
Perceive Approval
Step 4
5
Step 5
GST Return is filed
Step 5
6
Step 6
Receive Acknowledgement
Step 6

GST Return Filing

A document containing details of a taxpayer is required to file with the tax administrative authorities is called a return. It is used to calculate the tax liability by tax authorities. It should be filed by a registered dealer and should include:

  1. Purchases
  2. Sales
  3. Output GST (on sales)
  4. Input tax credit (GST paid on purchases)

All registered businesses have to file GST Returns monthly, quarterly and/or annually based on the type of the business.

Any regular business has to file total 26 returns in a year, out of which 2 returns every month and one annual return has to be filed. In one month return i.e. GSTR-1, you have to manually enter all the details and file the return. On the other return, your details will be auto-populated by deriving information from GSTR-1 filed by you.

When you get associated with I Connect Financial Solutions, you have to sit back and relax we take care of all the quires related to the GST Returns and filing of it. We make sure that our client’s returns are filed before due date without late fees and interest. We are just a call away, contact us and then don’t worry about the rest.

Understanding GST Returns in detail/ Everything you need to know about GST Returns:

  1. GSTR-1: It is a monthly return form to report the details of the outward supplies of all goods and services. It must be filed even if there are no business activities taking place. It acts as a base on which all other form submissions can be made for that month. The due date for filing this return is the 10th of every month
  2. GSTR-2A: Here, all the inward supplies of goods and services i.e. purchase made by registered suppliers. Its due date is 15th of every month. It cannot be edited as it is a read-only return. It is auto-populated which means that the data will directly be fetched from the GSTR-1 filed by the supplier
  3. GSTR-2: It is filed to furnish the details of all inward supplies of goods and services. The form can be edited but the filing has been suspended by the government
  4. GSTR-3B: It is a self-declaration form filed by all taxpayers for every tax period. It is a summarized monthly return where all the details of inward and outward supplies, GST liabilities and input tax credits have to be given
  5. GSTR-4: It is filed annually by all taxpayers. Here businesses should provide a summary of the outward supplies and all the taxes paid, details of import of supplies and services that may attract reverse charge. Its due date is 30th of the month succeeding the financial year
  6. GSTR-5: Businesses should furnish the tax liabilities and the details of all inward and outward supplies. It is to be submitted on a monthly basis on the 20th of every month. It is to be filed by all non-resident taxpayers registered in India and carry out business operations in India.
  7. GSTR-5A: It is filed by service providers of Online Information and Database Access or Retrieval (OIDAR), to declare the service providers to unregistered entities/individuals, from outside India to a person in India. It is filed on a monthly basis on the 20th of every month
  8. GSTR-6A: It is a read-only form. It is a system generated ‘draft’ Statement of Inward Supplies for a Receiver Taxpayer
  9. GSTR-6: Only after all details in GSTR-6A are accepted and verified, the Input Service provider generates and files it on the 13th of every year
  10. GSTR-7: It contains details of Tax Deducted at Source (TSD) because it is filed by entities deducting tax at the time of making payment to the suppliers for purchase i.e. inward supplies received. It is filed on the 10th of the subsequent month
  11. GSTR-7A: Also known as the TDS Certificate. It is generated as soon as GSTR filing is done by the tax deductor in GSTR-7. It is used for keeping records by the assessee
  12. GSTR-8: It is filed on the 10th of every month by the ecommerce businesses who collect tax at source (TCS) to furnish the details of the supplies made through the ecommerce platform
  13. GSTR-9: It is filed by entities to furnish details of all purchases, sales, refund claimed or demand created or input tax credit etc., annually, by normal taxpayers, SEZ unit and developer, OIDAR service providers, and the taxpayers who have withdrawn from the composition schemes to normal taxpayers. It mainly consists all the details of the 12 GSTRs filed during the year
  14. GSTR-9A: It is filed to furnish the details of inward and outward supplies, demand created, taxes paid, refund, input tax credit availed or reversed by entities who opted for composition scheme any time during the financial year

Benefits of filing GST Returns:

  1. Elimination of the cascading effect:

Introduction of GST, has eliminated the several other taxes like service tax, customs duty, central excise duty and state level Value Added Tax (VAT). Therefore, GST has eliminated the cascading effect of tax on tax.

  1. Higher threshold benefits:

VAT was applicable for any business having an annual turnover of Rs.20 lakhs, and services having an annual turnover below Rs.10 lakhs did not have to pay service tax. Therefore, GST was introduced.

  1. Startup benefits:

It would be very difficult for any startup to pay the VAT during the initial stages, but as GST has replaced VAT, businesses can set off the service tax on their sales.

  1. Regulations and accountability:

Before GST, the tax system witnessed itself as disorganized. Currently, all taxes are paid online and major difficulties are now being eliminated that were a part of the tax filing system.

What You Get

  • BASIC: GST Return filing (NIL)
  • GST Return filing GSTR 3B or GSTR1 Forms
  • GST Return filing Annual (GSTR9 or 9A or 9B)
  • GST Return filing for 1 year – Upto 10 lakhs Turnover

Frequently Asked Questions

  1. Can I edit my data after filing my return for the month?
    • Yes, you are allowed to make changes, rather you are required to make changes in your details either through an amendment form or using the amendment sections under the next month’s tax return.
  1. Is OTP required at every stage of filing?
    • Yes, OTP is required at every stage of filing. Every OTP sent to the registered phone number is valid only for 10 minutes.
  1. Can I change the period of my return (whether monthly or quarterly)?
    • You will have the option to change the period of filing your returns only once i.e. at the time of filing your first return for that financial year.
  1. Is it compulsory, that only I should file my return myself?
    • No, you can get your return filed through a Tax Return Preparer, duly approved by the Central/State tax administration.
  1. What are the modes of payment for GST?
    • Tax Payment or any penalty fees, etc. are accepted through internet banking and NEFT/RTGS. This amount shall be credited to electronic cash ledger of the registered dealer.
  1. Do I need to file the annual return if I’m filing my monthly return?
    • Yes, you are required to file your annual return even if you are filing your monthly return.
  1. What is GSTIN?
    • GSTIN is the abbreviation for Goods and Service Tax Identification Number. It is a 15-digit number which is allotted to business entities while registering under state’s VAT law
  1. What are the returns for a taxpayer who wants to file quarterly return?
    • Sahaj, Sugam or Quarterly return are options for taxpayer to file GST return.
    • To select the appropriate option, suitable to your business contact us on (mobile no.) or (email id)
  1. When I can change period from monthly to quarterly for filing GST return?
    • You can change the period from monthly to quarterly only once, while filing the first return for particular financial year.
    • It can be only change in next financial year.
  1. If you still have any query?
    • Kindly contact us on (mobile no.) or (email Id)

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