GST Return Filings – Semantic Taxgen Pvt Ltd
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GST Return Filings

How Does GST Return Filing

Step 1

Our agents will set up a seamless
process for data collection.

Step 2

Your return will be prepared as required

Step 3

Before you know it, your return will be
ready for filing.

About GST Return Filing

As per the GST law, every individual/Company/LLP registered under the GST Act has to furnish the details of sales, purchases and the tax paid by filing for GST returns with the administrative authorities.

The GST return filing process has to be done electronically in the GST portal. A facility has to be offered for the manual process of GST return filing tasks. This facility helps the business taxpayer in India to prepare the return offline and then upload it on GSTN through the facilitation center. There are also various components of GST returns filing that you need to know about.

The GST return mainly includes purchases, output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.

Elimination of the cascading effect

The introduction of GST into the Indian tax system has done away with several other taxes like central excise duty, service tax, customs duty and state level value added tax. Thus a single GST has eliminated the cascading effect of tax on tax .

Higher threshold benefits

Before GST was introduced, VAT or value added tax was applicable for any business that had an annual turnover of 20 lakhs. Services that saw a turnover of less than 10 lakhs did not have to pay service taxes.

Startup Benefits

Earlier startups with an annual turnover of 5 lakh had to pay VAT which would be very difficult for a business during the initial stages. But as GST has replaced VAT, businesses can set off the service tax on their sales.

E-commerce for quick supply of goods

Startups are making a strong presence online offering their services and products through their websites. Under VAT, there were many types of VAT laws, and the supply of goods through online, that is, E-commerce was never a well-defined one. For instance, if you need to deliver goods to various states, then you will have to file the VAT declaration first. After that, you will need to provide registration details about the trucks which deliver the goods. In many instances, goods end up being seized by the authorities due to lack of proper documents. GST has now removed all such confusing processes.

Regulations and accountability

The pre-GST period witnessed a disorganized tax filing system. Presently, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST. This has resulted in industries becoming more accountable and tax filing laws are better regulated than before.

Business owners and dealers who are registered under GST must file two monthly GST returns and one annual GST returns. The nature of the business also dictates the GST that is to be filed. GST returns are of various types and late filing of GST returns will result in a penalty of Rs.100 per day till the day the GST returns are filed. Once filing is done, any tax liability must be promptly paid to the government.

GSTR-1

The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity. The due date for filing GSTR-1 is 10th of every month.

The GSTR 1 acts as the base on which all other form submissions can be made for the month.

GSTR-2A

GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. This form is filed by the 15th of every month. GSTR-2A is auto populated where the data will be fetched from the GSTR-1 filed by the supplier. It is a read-only return and cannot be edited.

GSTR-2

GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government.

GSTR-3B

It is a summarized monthly return of all the details of inward and outward supplies, input tax credits and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period.

The due date for filing GSTR-3B return form is 20th normally. However, the date may be changed if there are any government notifications.

GSTR-4

GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract reverse charge.

The due date for filing this form is the 30th of the month succeeding the financial year.

GSTR-5

This form is filed by all non-resident taxpayers registered in India and carry out business operations in India. In the GSTR-5 return, businesses should furnish the details of all the inward and outward supplies and the tax liabilities. This form is to be submitted on a monthly basis and has to be filed by every month on the 20th.

GSTR-5A

Form GSTR-5A is furnished by service providers of Online Information and Database Access or Retrieval (OIDAR). It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India. It is a monthly return filed by the 20th of every month.

GSTR-6A

GSTR-6A form is a system generated “draft” Statement of Inward Supplies for a Receiver Taxpayer. It is a read-only form.

GSTR-6

The Input Service provider generates and files GSTR-6 only after all details furnished in GSTR 6A are accepted and verified. This is done on the 13th of every month.

GSTR-7

GSTR-7 is filed by the entities who deduct tax at the time of making payment to the suppliers for purchase, that is, inward supplies received.

GSTR-7 form contains details of Tax deducted at source (TDS) under GST, the tax liability, and TDS refund.

GSTR7 must be filed on the 10th of the subsequent month.

GSTR-7A

GSTR 7A is better known as the TDS certificate which is generated as soon as the GSTR filing in done by the tax deductor in Form GSTR-7. The assessee uses it for keeping records.

GSTR-8

The form GSTR-8 is filed by e-commerce businesses who collect tax at source (TCS) to furnish the details of the supplies made through the e-commerce platform.

It is filed on the 10th of every month.

GSTR-9

The GSTR 9 form is filed annually by entities to furnish the details of all purchases, sales, input tax credit or refund claimed or demand created etc. GSTR-9 is filed by normal taxpayers, SEZ unit, SEZ developer, OIDAR service providers, and the taxpayers who have withdrawn from the composition scheme to normal taxpayers.

Annual return purposes. It has to be duly filled by all taxpayers by the coming financial year 31st. This mainly consists of all the details of the 12 GSTR3 filed during the financial year.

GSTR-9A

GSTR-9A is filed by entities who have opted for composition scheme any time during the financial year. The details furnished in GSTR-9A are inward and outward supplies, taxes paid, demand created, refund, input tax credit availed or reversed.

In case the taxpayer fails to complete GST Return filing, file the returns within the time limits, then he/she will be asked to pay a penalty which is also known as the late fee. The late fee will be Rs.20 per day if it is NIL return or only purchases and Rs 50 will be levied if we fail to furnish the sales. Thus, it will come around Rs.25 under the CGST and again Rs.25 under the SGST. The total amount to be paid will be Rs.50 per day. The maximum penalty can be Rs.5000.The IGST do not levy any late fees.

GST Return late filing

Under the GST rules, the filing of returns is mandatory. You are expected to file a Nil return in case no transaction has been made.

  • In case you have not yet filed the previous quarter/month return, then you will not be able to do the return filing process.
  • In case of any delay in GST return, you will have to face serious penalties and fines.
  • The GSTR 1 late filing penalty will be added in the GSTR-3B ledger of liability as soon as a delay occurs.
  • The first step before filing your GST will be to review the GST filing before submission. We, give you an opportunity to do the same.
  • The second step is your approval.
  • After your approval, we will be filing your online returns
  • Our GST experts will file the GSTR returns using a challan. The ARN number generated will be shared with you.
  • Once the process is completed successfully, we will mail you an acknowledgement about the same to the registered email id provided by you.

Frequently Asked Questions

Can I apply for GST Registration online?

Yes. Taxpayers can apply online for GST registration. You just need to get your business registered in the official GST Portal and upload the scanned copies of all the documents needed.

Is the GST threshold limit the same for all Indian states?

No. In the North East states of India, the GST threshold limit comes to Rs.20 lakh for all types of businesses. Whereas, in states like Assam, Meghalaya, Nagaland, Mizoram, Tripura and Arunachal Pradesh; the threshold limit is Rs.10 lakhs.

How would the composition scheme work under GST?

Under GST, the composition scheme is applicable to all types of businesses with a turnover up to Rs.50 lakhs. These taxpayers will have to pay a fixed percentage of the business turnover.

Does GST apply to all businesses?

Yes. GST is applicable to all types of businesses. It applies to all the traders, manufacturers and providers. It can also extend to writers, bloggers and dealers.

Can we revise the returns?

It is not possible to revise the GST returns. Changes can be made on the details provided in the next period’s return form amendment section

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