GST Return Filing
Welcome to Gubera Consultancy, your trusted partner in simplifying the GST return filing process in India. As an organization registered under GST, it is crucial to adhere to the designated deadlines for GST submissions to ensure accurate assessment of your tax obligations by the Indian government.
With Gubera Consultancy, you can receive online assistance from GST professionals who will help you streamline your filing requirements according to your business operations, whether they are monthly, quarterly, or yearly.
Our team is dedicated to providing you with the necessary support and guidance to ensure compliance and maintain peace of mind.
Don’t worry we can customize the Package based on your Requirements as well . Let’s Start your Business Journey Now.
What is GST Return?
A GST return is a detailed statement that captures all financial transactions of an individual or entity registered under GST (Goods and Services Tax). It provides a comprehensive overview of revenues and expenditures, allowing for the precise determination of net tax liability. Every holder of GSTIN (GST Identification Number) is required to submit GST returns to the tax authorities.
The GST return filing process involves recording purchases, sales activities, output GST (tax collected on sales), and input tax credit (GST paid on purchases). By maintaining accurate records and submitting GST returns in a timely manner, businesses can ensure compliance with the GST regulations.
Why is GST Return Filing Important?
GST return filing is a crucial aspect of GST compliance. It serves multiple purposes:
- Legal Requirement: Filing GST returns is mandatory for all businesses registered under GST. Non-compliance can result in penalties and legal consequences.
- Tax Liability Calculation: GST returns provide a clear picture of a business’s tax liability. By accurately recording and reporting financial transactions, businesses can determine the amount of tax they owe.
- Input Tax Credit: GST returns enable businesses to claim input tax credit, which is the tax paid on purchases. This helps reduce the overall tax liability.
- Transparency and Accountability: GST returns promote transparency and accountability in business transactions. By maintaining proper records and filing returns, businesses demonstrate their commitment to compliance.
Expert Guidance on GST Return Filing
At Gubera Consultancy, we understand the complexities involved in GST return filing and offer expert guidance to help businesses manage their GST compliance efficiently. Our team of experienced professionals stays up-to-date with the latest GST regulations and ensures seamless adherence to all statutory requirements.
By choosing our services, businesses can:
- Save Time and Effort: Our experts handle the entire GST return filing process, saving businesses valuable time and effort. This allows business owners to focus on their core operations.
- Ensure Accuracy: We meticulously review and verify all financial transactions to ensure accurate GST return filing. This reduces the risk of errors and minimizes the chances of penalties or legal issues.
- Maximize Tax Benefits: Our team helps businesses identify and claim all eligible input tax credits, maximizing their tax benefits and reducing the overall tax liability.
- Stay Compliant: We keep track of all GST return filing deadlines and ensure timely submission to the tax authorities. This helps businesses avoid penalties and maintain compliance with GST regulations.
With our expert guidance, businesses can navigate the complexities of GST return filing with ease, ensuring smooth operations and peace of mind.
Who is required to file GST returns?
GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.
Understanding the 13 Returns Under GST
How Many Returns are There Under GST?
Within the Goods and Services Tax (GST) system, there are 13 returns that cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return. The specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.
Overview of the 13 GST Returns
Here is a snapshot of the 13 GST returns:
- GSTR-1: This return is filed to disclose details of outward supplies, essentially the sales.
- GSTR-3B: It is a summarised return that outlines both sales and purchases, inclusive of tax payments.
- GSTR-4: This return is applicable to those under the composition scheme. It summarizes turnover and corresponding tax.
- GSTR-5: Non-resident taxpayers conducting taxable transactions in India need to file this return.
- GSTR-5A: Providers of online information and database access or retrieval services are required to file this return.
- GSTR-6: Input service distributors use this return to detail input tax credit distribution.
- GSTR-7: Entities required to deduct Tax Deducted at Source (TDS) under GST must file this return.
- GSTR-8: E-commerce operators need to file this return to report transactions on their platform.
- GSTR-9: This is an annual comprehensive return that summarizes all periodical filings over the fiscal year.
- GSTR-10: The final return that needs to be filed upon cancellation or surrender of GST registration.
- GSTR-11: This return is for those with a unique identity number, claiming refunds on their purchases.
- CMP-08: A quarterly statement for composition scheme taxpayers, detailing tax liability.
- ITC-04: Manufacturers use this return to declare details about goods dispatched to and received from a job worker.
In addition to these returns, there are return-related statements for input tax credits:
- GSTR-2A (Dynamic): This statement offers a real-time perspective of inward supplies as suppliers report them.
- GSTR-2B (Static): It provides a fixed snapshot of inward supplies based on the suppliers’ filings.
For small taxpayers enrolled in the Quarterly Return Monthly Payment (QRMP) scheme, there is the Invoice Furnishing Facility (IFF). This facility allows the declaration of B2B sales during the first two months of a quarter. However, these taxpayers are still obligated to remit taxes monthly using Form PMT-06.
GSTR-1: Return for Outward Supplies
GSTR-1 is the mandatory return for businesses to detail their outward supplies of goods and services. This includes all sales-related invoices and adjustment notes for the given tax period. Every regular taxpayer under GST, including those classified as casual taxable persons, is obligated to file GSTR-1.
Submission Deadlines:
- Monthly: Due on the 11th of the subsequent month for businesses whose yearly turnover exceeds Rs. 5 crore or for those not enrolled in the QRMP scheme.
- Quarterly: Due on the 13th of the month after the quarter’s end for businesses participating in the QRMP scheme.
GSTR-2A: Dynamic Read-only Return
GSTR-2A is a dynamic, read-only return for the recipients or purchasers of goods and services. It captures details of all incoming supplies from registered GST vendors within a tax period. The information in GSTR-2A is filled automatically from the GSTR-1 returns of suppliers and the Invoice Furnishing Facility (IFF) data for those in the QRMP scheme.
GSTR-2B: Static Read-only Return
Introduced in August 2020, GSTR-2B is a static read-only return that provides consistent Input Tax Credit (ITC) information sourced from the previous month’s GSTR-1 filings. It supports purchasers in matching their ITC claims for each tax period and advises on necessary actions for each listed invoice, including any need for reversals, ineligibility, or application of the reverse charge.
GSTR-3B: Consolidated Return
GSTR-3B is a monthly summary declaration for normal taxpayers. It summarizes outward supplies, input tax credits, and tax dues. Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.
Submission Deadlines:
- Monthly: Due by the 20th of the month following the reporting month for taxpayers with an annual turnover above Rs. 5 crore.
- Quarterly: Due by the 22nd of the month following the quarter for ‘X’ category states and by the 24th for ‘Y’ category states for taxpayers with a turnover of up to Rs. 5 crore in the QRMP scheme.
GSTR-4: Return for Composition Scheme Taxpayers
GSTR-4 is the yearly return for those under the composition scheme. It is due by April 30th of the subsequent financial year. GSTR-4 has replaced the prior quarterly submissions, and taxpayers now submit a simplified challan via Form CMP-08 by the 18th following each quarter’s end. Under the composition scheme, businesses with goods turnover up to Rs. 1.5 crores may pay tax at a predetermined rate on their turnover. Service providers with a turnover of up to Rs. 50 lakh can opt for a similar benefit.
GSTR-5: Return for Non-resident Foreign Taxpayers
GSTR-5 is required by non-resident foreign taxpayers engaged in business in India. It details their outward and inward transactions, adjustments, tax liabilities, and payments. Submissions are due by the 20th of each month.
GSTR-5A: Return for OIDAR Service Providers
GSTR-5A is the monthly summary for providers of online information and database access or retrieval services. It is due by the 20th of every month.
GSTR-6: Return for Input Service Distributors
Input Service Distributors must file GSTR-6 monthly, reporting the ITC received and allocated. This includes detailed documentation related to the distribution of credits. The filing deadline is the 13th of each month.
GSTR-7: TDS Return
Entities that must deduct Tax Deducted at Source (TDS) under GST file GSTR-7 monthly. This return documents TDS deducted, due and paid amounts, and any TDS refunds. The filing deadline is the 10th of the subsequent month.
GSTR-8: Return for E-commerce Operators
E-commerce operators under GST must submit GSTR-8 monthly. This return records the supplies made and tax collected at source. The filing deadline is the 10th of the following month.
GSTR-9: Annual Return
All GST-registered taxpayers must file GSTR-9 annually. This return summarizes their outward and inward supply details, taxes due, and paid. The due date is December 31st of the year after the reporting year.
Filing GST returns accurately and on time is essential for businesses to maintain their compliance status and avoid penalties. It is advisable to consult with a qualified tax professional or use reliable accounting software to ensure compliance with GST return filing requirements.
GST Return Due Dates for Different Taxpayers.
Due Dates for Various Types of GST Returns.
When it comes to filing GST returns in India, it is important to be aware of the due dates for each type of taxpayer. Filing your returns on time ensures compliance with the law and avoids any penalties or fines. In this article, we will outline the due dates for different types of GST returns, ranging from regular taxpayers to composition scheme dealers and non-resident foreign taxpayers.
GSTR-1: Regular Taxpayer.
For regular taxpayers, the due date for filing GSTR-1 varies depending on the frequency of filing. If you file your returns on a monthly basis, the due date is the 11th of the following month. However, if you file your returns on a quarterly basis, the due date is the 13th of the month following the quarter.
GSTR-2A: Auto-Generated Returns.
GSTR-2A is an auto-generated return that is utilized for reconciliation purposes. It is generated automatically based on the information provided by the supplier in their GSTR-1. There is no specific due date for GSTR-2A as it is generated automatically and does not require any action from the taxpayer.
GSTR-3B: Regular Taxpayer.
Regular taxpayers are required to file GSTR-3B on a monthly basis. The due date for filing GSTR-3B is the 20th of the following month. It is important to note that GSTR-3B is a summary return and does not require invoice-level details.
GSTR-4: Composition Scheme Dealer.
Composition scheme dealers have a different filing frequency compared to regular taxpayers. They are required to file GSTR-4 annually, with the due date being the 30th of April following the end of the financial year. The composition scheme is designed for small businesses with a turnover of up to Rs. 1.5 crore and offers a simplified compliance process.
GSTR-5: Non-Resident Foreign Taxpayer.
Non-resident foreign taxpayers who engage in business activities in India are required to file GSTR-5. The due date for filing GSTR-5 is the 20th of the following month. It is important for non-resident foreign taxpayers to comply with the GST regulations to avoid any legal complications.
GSTR-6: Input Service Distributor.
GSTR-6 is applicable to input service distributors who distribute input tax credit to their branches or units. The due date for filing GSTR-6 is the 13th of the following month. Input service distributors play a crucial role in facilitating the distribution of input tax credit among various branches or units of an organization.
GSTR-7: Tax Deducted at Source (TDS)
GSTR-7 is filed by taxpayers who are required to deduct tax at source (TDS) while making certain payments. The due date for filing GSTR-7 is the 10th of the following month. It is important for taxpayers to accurately deduct and report the TDS to ensure compliance with the GST regulations.
GSTR-8: E-Commerce Operator
E-commerce operators who facilitate the supply of goods or services through their platform are required to file GSTR-8. The due date for filing GSTR-8 is the 10th of the following month. E-commerce operators play a significant role in the digital economy and are responsible for collecting and remitting the applicable GST on behalf of the suppliers.
GSTR-9: Regular Taxpayer (Annual)
Regular taxpayers are also required to file an annual return, GSTR-9, which provides a comprehensive summary of the entire year’s transactions. The due date for filing GSTR-9 is the 31st of December of the following financial year. It is important for regular taxpayers to review and reconcile their annual transactions to ensure accurate reporting.
GSTR-9C: Regular Taxpayer (Annual)
GSTR-9C is a reconciliation statement that is filed along with GSTR-9 by regular taxpayers. The due date for filing GSTR-9C is also the 31st of December of the following financial year. GSTR-9C provides additional assurance to the tax authorities by reconciling the financial statements with the GST returns filed by the taxpayer.
It is crucial for all taxpayers to adhere to the due dates for filing GST returns to avoid any penalties or fines. By staying compliant with the GST regulations, you contribute to the smooth functioning of the tax system and help build a transparent and efficient business environment in India.
Understanding the Penalties for Late Filing GST Returns.
If you submit your GST returns late, you could potentially face penalties and interest charges. It is essential for businesses to submit their returns on time to avoid these costs. Here’s what you need to know about late GST returns:
Filing Returns is Required: Every registered taxpayer in India is required to file GST returns regularly, even if there is no business activity during a specific period. It is crucial to fulfill this obligation to ensure compliance with the law.
Delays Lead to More Delays: If you miss a filing deadline for a particular period, you will not be able to file returns for the subsequent period until you have filed for the previous one. This can result in a pile-up of late returns, causing unnecessary complications and potential penalties.
Penalties for Late Filing: When you file your GST returns late, such as GSTR-1, you will incur a penalty. This penalty will be reflected when you file GSTR-3B. It is important to note that the specific penalty amount may vary depending on the nature and duration of the delay.
Interest on Late Tax Payments: If you owe taxes and fail to pay them on time, you will be charged an interest rate of 18% per year on the outstanding amount. This interest will be calculated from the day after the due date until the day you make the payment. It is crucial to settle your tax liabilities promptly to avoid incurring additional interest charges.
Late Filing Fees: The law mandates a late filing fee of Rs. 100 per day for each CGST and SGST, with a maximum limit of Rs. 5,000. This fee is applicable for each day of delay in filing your GST returns. It is important to adhere to the filing deadlines to avoid unnecessary financial burdens.
Annual Return Late Fees: For yearly returns such as GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or union territory. However, it is important to note that the government may provide relief or make changes to the fees, so it is advisable to stay updated with the latest regulations.
In conclusion, it is crucial for businesses to file their GST returns on time to avoid penalties, interest charges, and late filing fees. By fulfilling this obligation promptly, you can ensure compliance with the law and maintain a smooth and hassle-free business operation. Stay informed about the latest regulations to avoid any unnecessary financial burdens and ensure a seamless GST return filing process.
Effortless GST Return Filing and Compliance Solutions with Gubera Consultancy
Streamlined GST Services: At Gubera Consultancy, we offer comprehensive GST services, simplifying the entire process from registration to return filing. With our end-to-end solutions, thousands of business owners have successfully navigated GST compliance.
Outsource GST Compliance to Gubera Consultancy
Ease your compliance burden by outsourcing GST compliance to Gubera Consultancy. Our dedicated team ensures that your GST compliance is seamlessly managed on the Ledgers GST platform, providing access to real-time business data anytime, anywhere. Ledgers seamlessly integrates with your existing applications for a streamlined workflow.
Personalized Assistance
When you entrust GST return filing to Gubera Consultancy, a dedicated GST advisor is assigned to your business. Your advisor collects necessary information, prepares GST returns, and ensures timely filing, allowing you to focus on business growth.
Benefits of Choosing Gubera Consultancy: Personalized Guidance and Comprehensive Services for GST Compliance.
Benefits of Choosing Gubera Consultancy
When it comes to GST return filing in India, it is essential to have a trusted partner by your side. Gubera Consultancy is a leading firm that offers a range of services to help businesses navigate the complexities of GST compliance. Here are some of the key benefits of choosing Gubera Consultancy:
Dedicated GST Advisor: At Gubera Consultancy, we understand that every business is unique and has its own specific requirements. That’s why we provide personalized guidance from an experienced relationship manager who is well-versed in the intricacies of GST. Our dedicated GST advisor will work closely with you to understand your business sector and tailor our services to meet your specific needs. With our expertise and guidance, you can ensure that your GST returns are filed accurately and in a timely manner.
Timely Reminders: Keeping track of GST return filing deadlines can be a challenge, especially when you have numerous other responsibilities to handle. That’s where Gubera Consultancy comes in. We understand the importance of meeting deadlines to avoid penalties and ensure compliance. Our team will send you timely reminders before the GST return filing deadlines, ensuring that you stay on track and never miss a deadline. With our proactive approach, you can have peace of mind knowing that your GST returns will be filed on time.
Monthly Status Reports: Transparency and communication are vital when it comes to GST compliance. At Gubera Consultancy, we believe in keeping our clients informed every step of the way. That’s why we provide monthly status reports detailing the GST return filing status and next steps. These reports will give you a clear overview of your GST compliance and help you make informed decisions for your business. With our monthly status reports, you can stay informed and in control of your GST compliance.
Error-Free Filing: Accuracy is crucial when it comes to GST return filing. Even a minor error can lead to penalties and unnecessary complications. At Gubera Consultancy, we understand the importance of error-free filing. That’s why we use Ledgers GST software to prepare your GST returns. Ledgers GST software is a reliable and efficient tool that ensures accuracy and on-time filing. With our expertise and the use of advanced software, you can trust us to file your GST returns without any errors.
Standard Accounting and Cloud Records: Gubera Consultancy goes beyond just GST return filing. We offer comprehensive accounting services that cover all financial transactions and invoices. Our team of expert accountants will record all your financial transactions and maintain cloud records using Ledgers. This ensures seamless and cost-effective filing of returns, including ITR, TDS, and GST. With our standard accounting and cloud records services, you can streamline your financial processes and focus on growing your business.
Choosing Gubera Consultancy for your GST return filing needs means partnering with a trusted advisor who is dedicated to your success. With our personalized guidance, timely reminders, monthly status reports, error-free filing, and standard accounting services, you can navigate the complexities of GST compliance with ease. Contact us today to learn more about how we can help you with GST return filing in Chennai and across India.
Documents Required for GST Return Filing.
Ensuring you have the necessary documents ready for GST return filing is crucial for a smooth and hassle-free process. Here’s a checklist of documents typically required:
Sales Invoices: Records of all sales transactions made during the reporting period, including invoice number, date, customer details, and taxable amount.
Purchase Invoices: Details of all purchases made during the reporting period, including invoice number, date, supplier details, and taxable amount.
Tax Invoices: Invoices issued for both interstate and intrastate sales, along with tax amounts charged.
Credit and Debit Notes: Records of credit and debit notes issued or received for sales returns, discounts, or adjustments.
Export Invoices: Documentation of invoices for exports, including shipping bills, export invoices, and export orders.
Input Tax Credit (ITC) Records: Details of input tax credit claimed on purchases, including invoices, bills of entry, and other supporting documents.
Bank Statements: Bank statements showing transactions related to GST payments, refunds, and input tax credits.
Accounting Records: General ledger, trial balance, and other accounting records supporting the financial transactions reported in the GST returns.
E-way Bills: E-way bills generated for interstate movement of goods above specified thresholds.
Tax Challans: Challans or proof of payment for GST liability, including tax, interest, and penalties.
Ensuring you have these documents organized and readily available will help streamline the GST return filing process and ensure compliance with regulatory requirements.