GST Return filing

Types of GST returns

#1. GSTR 1

Purpose of this return is to furnish details of all sales including B2B and B2C. Due date of this return is 10th of every month and in case of a quarterly return, the end of next month of every quarter.

#2. GSTR 3B

This is a summary return with details of net tax liability based on the output & input tax. Due date of this return is 20th of every month.

#3. GSTR 4

A business who opt for composition scheme and needs to pay to subsidize GST rates from 1% to 5% & file this quarterly return.

#4. GSTR 1A

The purpose of this return is to rectify/resolve the mismatch in sales figures with your customers to whom you raise the tax invoice.

#5. GSTR 8

An e-commerce operator who needs to collect TCS (Tax collected at source) under GST requires to file this return till 10th of every month

#6. GSTR 9

This is the Annual GST return, which is to be filed by all registered persons till 31st December of every financial year.

Why should you file GST returns on time?

# Avoid Penalty Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return

# Avoid Registration Cancellation To be worst if you don't file GST Returns on time your certificate might get cancelled.

# Better Relationship with your prospects Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects

# Better Compliance Rating Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filingis one of the key factors to compute such rating.

# Ease of availing loan Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer's credibility on the basis of his GST Returns.

# E-Waybill generation In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.

GST Return filling Process

#1. Provide Required Information and Documents over the mail

#2. Choose Package and Pay online with different

#3. On placing order, your task is assigned to one of our dedicated professional

#4. Our professional will prepare GST Return and intimate the tax liability

#5. Our professional will file GST Return online with GST department

#6. Share the acknowledgment receipt obtained from the portal