GST RETURN FILING
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| Basic | Advance |
|---|---|
| ✔ GST Monthly Return | ✔ GST Monthly Return |
| ✔ GST Quaterly Return | |
| ✔ GST Annual Return | |
| ✔ Book Keeping | |
| ✔ Invoicing Software | |
| ✔ Professional Consultancy |
Gst Return Filing in India
GST Returns in India
Filing GST returns is a crucial compliance requirement for businesses operating in India. Understanding the types of GST returns, their filing deadlines, and common mistakes to avoid can help businesses maintain compliance and avoid penalties.
Filing Deadlines for GST Returns
It’s essential to be aware of the key deadlines for filing GST returns to avoid late fees and compliance issues:
- GSTR-1 (Outward Supplies): Due on the 11th of the month following the tax period.
- GSTR-3B (Summary Return): Due on the 20th of the following month for all taxpayers.
- GSTR-4 (Composition Scheme): Due on the 18th of the month following the quarter.
- GSTR-5 (Non-resident) and GSTR-5A (OIDAR): Due on the 20th of the following month.
- GSTR-6 (Input Service Distributor): Due on the 13th of the following month.
- GSTR-7 (TDS): Due on the 10th of the following month.
- GSTR-8 (TCS): Due on the 10th of the following month.
- GSTR-9 (Annual Return): Due by 31st December of the following financial year.
- GSTR-10 (Final Return): Due within three months of the date of cancellation or order of cancellation.
Types of GST Returns
Different GST returns are applicable based on the nature of the taxpayer and their transactions:
- GSTR-1: Outward supplies by regular taxpayers.
- GSTR-2A: Auto-drafted inward supplies for the recipient.
- GSTR-3B: Monthly summary return for all taxpayers.
- GSTR-4: Quarterly return for taxpayers under the composition scheme.
- GSTR-5: Return for non-resident foreign taxpayers.
- GSTR-5A: OIDAR service providers’ return.
- GSTR-6: Return for Input Service Distributor (ISD).
- GSTR-7: Return for Tax Deducted at Source (TDS).
- GSTR-8: Return for Tax Collected at Source (TCS).
- GSTR-9: Annual return for regular taxpayers.
- GSTR-10: Final return for taxpayers whose registration has been cancelled or surrendered.
Common Mistakes to Avoid
To ensure smooth GST return filing, here are some common mistakes to avoid:
- Missing or Incorrect Details in GSTR-1: This can lead to mismatches in the buyer’s GSTR-2A, affecting input tax credit claims.
- Late Filing of GSTR-3B: Failing to file on time can result in late fees and interest charges.
- Incorrect Details in GSTR-4: Errors can lead to penalties for taxpayers under the composition scheme.
- Non-filing or Delayed Filing of GSTR-9: This can result in compliance issues and penalties.
- Not Reconciling Books of Accounts with GST Returns: This can lead to discrepancies and possible audits.
- Omitting to File GSTR-10: Failure to file within the stipulated time after cancellation of registration can result in penalties.
- Incorrect Filing of TDS and TCS Returns (GSTR-7 and GSTR-8): This can lead to compliance issues and penalties.
GST Returns Registration in India
Introduction to GST Returns Registration in India
GST returns registration is a mandatory process for businesses operating in India. It involves the submission of various GST returns based on the type of business and transactions conducted.
Essential Licenses and Registrations for GST Returns in India
Businesses must obtain essential licenses and registrations to comply with GST regulations. This includes registering for GSTIN (Goods and Services Tax Identification Number) and obtaining other relevant permits.
Advantages of GST Returns in India
- Streamlined Taxation: GST consolidates multiple taxes into a single system, simplifying compliance.
- Input Tax Credit: Businesses can claim input tax credit on purchases, reducing the overall tax burden.
- Transparency: GST promotes transparency in business transactions and reduces tax evasion.
Disadvantages of GST Returns in India
- Complexity: The process can be complex, especially for small businesses without dedicated accounting resources.
- Compliance Costs: Businesses may incur costs for hiring professionals to manage GST compliance.
Registering a GST Return Online in India
The online registration process involves submitting an application through the GST portal, providing necessary documents, and undergoing verification.
Procedure for GST Returns Registration in India
- Submit Application: Fill out the GST registration form (GST REG-01) on the GST portal.
- Verification: The submitted application is verified by the GST officer.
- Approval: Upon successful verification, a GSTIN is issued.
- Compliance: Businesses must file regular GST returns based on their transactions.
Key Steps to Remember for GST Returns Registration in India
- Ensure all necessary documents and details are accurate and complete.
- Regularly check the GST portal for updates and notifications.
- Maintain proper records of all transactions and returns filed.
Eligibility Criteria for GST Returns Registration in India
- Businesses with an annual turnover exceeding a specified threshold (varies by state) must register for GST.
- Specific categories of businesses, such as e-commerce operators, are required to register irrespective of turnover.
Contact Bharat Filing Point for Assistance
“Welcome to Bharat Filing Point! We are your one-stop solution for all your business setup and registration needs in India.
At Bharat Filing Point, we understand the complexities of starting and running a business in India. That’s why we are dedicated to providing hassle-free and efficient services to help you navigate through the various legal requirements and regulations.
Do you have questions about how we can help your company? Send us an email and we’ll get in touch shortly.
Mail: info@bharatfilingpoint.com
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Documents Required for SOLE PROPRIETOR / INDIVIDUAL vs LLP AND PARTNERSHIP FIRMS vs HUF vs COMPANY
| FEATURES | SOLE PROPRIETOR / INDIVIDUAL | LLP AND PARTNERSHIP FIRMS | HUF | COMPANY (Public and Private) (Indian and foreign) |
|---|---|---|---|---|
| DOCUMENTS | PAN card of the owner, Aadhar card of the owner, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details*, Address proof** | PAN card of all partners (including managing partner and authorized signatory), Copy of partnership deed, Photograph of all partners and authorised signatories (in JPEG format, maximum size – 100 KB), Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.), Aadhar card of authorised signatory, Proof of appointment of authorized signatory, In the case of LLP, registration certificate / Board resolution of LLP, Bank account details*, Address proof of principal place of business | PAN card of HUF, PAN card and Aadhar card of Karta, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details, Address proof of principal place of business | PAN card of Company, Certificate of incorporation given by Ministry of Corporate Affairs, Memorandum of Association / Articles of Association, PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian even in case of foreign companies/branch registration, PAN card and address proof of all directors of the Company, Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100 KB), Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB), Bank account details, Address proof of principal place of business |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for GST Returns in India
The documents required for GST return filing in India include:
- For Filing GSTR1 Return:
- List of B2B invoices issued, including details like customer’s GSTIN, invoice number, taxable value, GST rate, etc.
- List of B2C invoices issued with a value exceeding Rs.2.5 lakhs.
- Details of all export bills, including customer’s GSTIN, invoice number, shipping bill details, taxable value, GST rate, etc.
- HSN wise summary of goods sold during the month.
- Summary of documents issued during the tax period, such as debit notes, credit notes, and amendments.
- For Filing GSTR2 Return:
- Details of purchases from GST-registered persons, including invoice number, date, value, place of supply, GST details, etc.
- Verification of data auto-populated based on GSTR1 returns filed on the GSTN.
- Uploading details of any purchases not reflected in the system.
These documents are crucial for accurate and timely GST return filing, ensuring compliance with the GST regulations in India.
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GST Return Filing FAQ’s
What is GST Return?
A GST Return is an obligatory authoritative record that all GST-enrolled organizations should submit. It contains nitty gritty data about a business’ pay and costs. This record is fundamental for charge specialists to work out the citizen’s net duty obligation.
Who Ought to Record GST Returns?
GST Returns should be documented by any business or individual enlisted under GST in India. This prerequisite is especially relevant to those whose yearly turnover surpasses a specific limit set by the duty specialists.
What number of Profits are there under GST?
The GST system incorporates 13 unique sorts of profits, taking care of different parts of a citizen’s monetary exchanges. Be that as it may, few out of every odd citizen is expected to document this multitude of profits; it relies upon their business class and GST enlistment subtleties.
What is GSTR-1?
GSTR-1 is a month to month or quarterly return for revealing subtleties of a business’ outward supplies, i.e., deals. For organizations with a yearly turnover above Rs. 5 crore, it is documented month to month by the eleventh of the ensuing month. For other people, it’s documented quarterly by the thirteenth of the month following the quarter.
What is GSTR-3B?
GSTR-3B is a month to month rundown return that solidifies data on outward supplies, input tax break claims, and expense installments. It’s expected by the twentieth of the next month for organizations with a yearly turnover above Rs. 5 crore.
What is GSTR-4?
GSTR-4 is recorded every year by citizens selected under the Piece Plan. This return sums up the turnover and relating charge for the year and is expected by April 30th of the resulting monetary year.
What is GSTR-5?
GSTR-5 is a month to month return recorded by non-occupant unfamiliar citizens who go through with available exchanges in India. It incorporates subtleties of both outward and internal supplies and is expected by the twentieth of every month.
What is the Punishment for Late Documenting of GST Returns?
Late recording of GST Returns draws in punishments and interest. The late documenting expense is Rs. 100 every day for each demonstration (CGST and SGST), covered at Rs. 5,000. Also, late duty installments cause a 18% per annum interest charge.
How to Document GST Returns?
GST Returns can be recorded web-based through stages like Bharat Filing Point , which offers instruments like Records GST programming for consistent documenting.
What are the Advantages of Recording GST Gets back with Bharat Filing Point ?
Documenting with Bharat Filing Point offers benefits like a devoted GST consultant, opportune updates, month to month status reports, and blunder free recording utilizing Records GST programming.
