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GST Return Filing
- GST Return Filing in India:
All GST-registered businesses in India must file returns monthly, quarterly, or annually, based on their operations.
Filing on time is crucial for fulfilling tax obligations to the government. - Simplify with Filing Champs:
Filing Champs offers online assistance to simplify GST return filing.
Access the LEDGERS GST platform for real-time financial management from anywhere. - Streamlined Workflow:
LEDGERS integrates seamlessly with existing programs, ensuring a smooth workflow. - Get Started Today:
File GST returns effortlessly with Filing Champs and keep your business moving forward smoothly.
What is GST Return?
- What is a GST Return?
A GST return is a detailed statement that records all financial transactions, including income and expenses, under GST.
Every GSTIN holder must submit this statement to the tax authorities to calculate their net tax liability accurately. - Key Elements of GST Return Filing:
Purchases: Detailed record of purchases made by the taxpayer.
Sales: Comprehensive log of the taxpayer’s sales activities.
Output GST (On Sales): GST charged on the taxpayer’s sales.
Input Tax Credit (GST Paid on Purchases): GST paid on purchases, eligible for deduction from GST owed on sales. - Filing Champs Assistance:
Filing Champs offers GST software designed to simplify GST return filing and compliance management for individuals who need assistance.
Who Should File GST Returns?
- Any business or individual registered for GST is required to file GST returns.
- This obligation applies to entities surpassing the annual turnover threshold specified by tax authorities.
- Thresholds may vary for different types of taxpayers, including normal taxpayers and those opting for the composition scheme.
How Many Returns are there under GST?
- Within the GST system, there are 13 different returns, each addressing various aspects of financial transactions.
- Not all taxpayers need to file every return; the specific returns required depend on the taxpayer’s category and GST registration details.
- Here’s a brief overview of the 13 GST returns:
- GSTR-1: Details outward supplies (sales).
- GSTR-3B: Summarizes sales, purchases, and tax payments.
- GSTR-4: For Composition Scheme taxpayers, summarizing turnover and tax.
- GSTR-5: For non-resident taxpayers with taxable transactions in India.
- GSTR-5A: For providers of online information and database services.
- GSTR-6: Used by Input Service Distributors for input tax credit distribution.
- GSTR-7: For entities deducting TDS under GST.
- GSTR-8: Filed by e-commerce operators reporting platform transactions.
- GSTR-9: An annual comprehensive return summarizing yearly filings.
- GSTR-10: Final return upon GST registration cancellation.
- GSTR-11: For those with a Unique Identity Number, claiming refunds.
- CMP-08: Quarterly statement for Composition Scheme taxpayers.
- ITC-04: For manufacturers declaring goods sent to and received from job workers.
- Additionally, there are return-related statements for input tax credits: GSTR-2A (dynamic) and GSTR-2B (static).
What is GSTR-1? (Return for Outward Supplies)
- GSTR-1 is a mandatory return where businesses must report their outward supplies of goods and services.
- It includes all invoices and adjustment notes related to sales for the specific tax period.
- Every regular taxpayer under GST, including casual taxable persons, must file GSTR-1.
Submission Deadlines
Monthly: Due on the 11th of the next month for enterprises with a yearly turnover of more than Rs. 5 crore or those not registered in the QRMP scheme.
Quarterly: Businesses participating in the QRMP system must submit their payments by the 13th of the month after the end of the quarter.
What is GSTR-2A? (Dynamic Read-Only Return)
- GSTR-2A is a real-time, non-editable return designed for buyers or recipients of goods and services.
- It records all incoming supplies from registered GST suppliers during a tax period.
- The data in GSTR-2A is automatically populated from suppliers’ GSTR-1 reports and Invoice Furnishing Facility (IFF) data for businesses participating in the QRMP scheme.
What is GSTR-2B? (Static Read-Only Return)
- GSTR-2B is a return introduced in August 2020.
- It’s a static read-only document that provides Input Tax Credit (ITC) information.
- It presents ITC details sourced from the previous month’s GSTR-1 filings.
- GSTR-2B assists purchasers in matching their ITC claims for each tax period.
- It advises on necessary actions for each listed invoice, such as reversals, ineligibility, or applying the reverse charge.
What is GSTR-2? (Deferred Return)
- GSTR-2 is an editable return under the GST system.
- It was designed for registered purchasers to report their inward supply of goods and services for a specific tax period.
- Originally, it was supposed to be auto-filled from GSTR-2A.
- However, its filing has been deferred since September 2017.
What is GSTR-3? (Deferred Return)
- GSTR-3 was a monthly summary return for normal taxpayers.
- It presented information on outbound and inward supplies, input tax credits, tax liabilities, and tax payments.
- GSTR-3 was generated automatically from GSTR-1 and GSTR-2 filings.
- However, its implementation has been postponed since September 2017.
What is GSTR-3B? (Consolidated Return)
- GSTR-3B is a monthly summary return filed by regular taxpayers.
- It includes details of outward supplies, input tax credits (ITC), and tax liabilities.
- Taxpayers should reconcile their sales and ITC details with records from GSTR-1 and GSTR-2B before reporting GSTR-3B.
Submission Deadlines
- Monthly Filing Deadline:
- For taxpayers with an annual turnover exceeding Rs. 5 crore, the due date is the 20th of the following month after the reporting month.
- Quarterly Filing Deadline:
- Taxpayers with a turnover of up to Rs. 5 crore under the QRMP scheme have different deadlines:
- For ‘X’ category states, the deadline is the 22nd of the month after the quarter.
- For ‘Y’ category states, the deadline is the 24th of the month after the quarter.
What is GSTR-4? (Return for Composition Scheme Taxpayers)
- GSTR-4 is the annual return for participants of the Composition Scheme.
- It’s due on April 30th of the following fiscal year.
- GSTR-4 has replaced the previous quarterly filings.
- Taxpayers now submit a simplified challan via Form CMP-08 by the 18th after each quarter’s end.
Composition Scheme Eligibility:
- Businesses with a goods turnover of up to Rs. 1.5 crores can utilize the Composition Scheme.
- Service providers with turnovers of up to Rs. 50 lakh are also eligible for similar benefits.
What is GSTR-5? (Return for Non-Resident Foreign Taxpayers)
- GSTR-5 is a return mandated for non-resident foreign taxpayers operating in India.
- It documents their external and inbound transactions, adjustments, tax liabilities, and payments.
- Taxpayers must submit GSTR-5 by the 20th of each month.
What is GSTR-5A? (Return for OIDAR Service Providers)
- GSTR-5A is a monthly summary return.
- It is specifically for suppliers of online information and database access or retrieval services.
- The return is due on the 20th of each month.
What is GSTR-6? (Return for Input Service Distributors)
- GSTR-6 is a return filed by input service distributors (ISDs).
- It must be filed by the 13th of each month.
- GSTR-6 reports the Input Tax Credit (ITC) received and allocated by ISDs.
- It includes detailed documentation related to the distribution of credits.
What is GSTR-7? (TDS Return)
- GSTR-7 is a return filed by entities that deduct Tax Deducted at Source (TDS) under GST.
- It requires documentation of TDS deducted, due and paid amounts, and any TDS refunds.
- Filings for GSTR-7 are due by the 10th of the following month.
- The purpose of GSTR-7 is to ensure accurate reporting and payment of TDS under GST regulations.
What is GSTR-8? (Return for E-commerce Operators)
- GSTR-8 is a monthly return required from e-commerce firms under GST.
- It involves reporting the supplies made and the tax collected at source.
- The return must be filed by the 10th of the following month.
What is GSTR-9? (Annual Return)
- GSTR-9 is an annual return filed by all GST-registered taxpayers.
- It summarizes details of outward and inward supplies, along with taxes due and paid.
- Taxpayers must file GSTR-9 annually.
- The due date for filing GSTR-9 is December 31st of the year following the relevant financial year.
Due dates for various types of GST returns
- GSTR-1:
- Type of Taxpayer: Regular Taxpayer
- Monthly Due Date: 11th of the following month
- Quarterly Due Date: 13th of the month following the quarter
- GSTR-2A (Auto-generated):
- Type of Taxpayer: All Taxpayers
- Due Date: Auto-generated, utilized for reconciliation purposes
- GSTR-3B:
- Type of Taxpayer: Regular Taxpayer
- Monthly Due Date: 20th of the following month
- GSTR-4:
- Type of Taxpayer: Composition Scheme Dealer
- Due Date: Annually, 30th of April following the end of the financial year
- GSTR-5:
- Type of Taxpayer: Non-Resident Foreign Taxpayer
- Due Date: 20th of the following month
- GSTR-6:
- Type of Taxpayer: Input Service Distributor
- Due Date: 13th of the following month
- GSTR-7:
- Type of Taxpayer: Tax Deducted at Source (TDS)
- Due Date: 10th of the following month
- GSTR-8:
- Type of Taxpayer: E-commerce Operator
- Due Date: 10th of the following month
- GSTR-9:
- Type of Taxpayer: Regular Taxpayer (Annual)
- Due Date: 31st December of the following financial year
- GSTR-9C:
- Type of Taxpayer: Regular Taxpayer (Annual)
- Due Date: Filed along with GSTR-9, by 31st December of the following financial year
Due dates for various types of GST returns
- Filing Returns is Required: All registered taxpayers must file GST returns regularly, regardless of their economic activity.
- Delays Lead to More Delays: Missing a filing deadline for one period prevents filing for subsequent periods until the overdue return is submitted, leading to a backlog of late returns.
- Penalties for Late Filing: Late filing of GSTR-1 incurs a penalty when filing GSTR-3B.
- Interest on Late Tax Payments: If taxes are paid late, an 18% annual interest rate is applied to the outstanding amount from the day after the due date until payment.
- Late Filing Fees: Late reporting incurs a daily penalty of Rs. 100 each for CGST and SGST, up to a maximum of Rs. 5,000.
- Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, late fees are capped at 0.25% of turnover in the respective state or UT, unless government relief or rate alterations are provided.
How do you file the GST returns?
- Filing Champs, a prominent business service platform in India, offers complete GST services.
- They assist numerous business owners in registering for GST and filing their GST returns efficiently.
Outsource GST Compliance to Filing Champs
Outsource GST Compliance:
- Entrust your GST compliance tasks to Filing Champs to alleviate stress and concentrate on business growth.
- Filing Champs manages your GST compliance using the LEDGERS GST platform, granting access to real-time business data anytime, anywhere.
- LEDGERS seamlessly integrates with other online and offline applications you commonly use.
Dedicated GST Advisor:
- When you outsource GST return filing to Filing Champs, you’ll receive a dedicated GST advisor.
- This advisor will contact you monthly to gather necessary information, prepare GST forms, and guide you through the completion process.
Benefits of choosing Filing Champs for the GST returns
Dedicated GST Advisor:
- Receive personalized guidance from a dedicated relationship manager experienced in your industry.
- They assist with tasks like uploading invoices and ensure timely filing of your GST returns.
Reminder Notifications:
- Our software sends timely reminders well before the deadline to avoid penalties.
- Your GST advisor also provides regular reminders to ensure you never miss a deadline.
Monthly Status Reports:
- Get monthly reports from GST advisors detailing the status of GST return filings, including GSTR-3B, along with next steps.
Efficient GST Returns with LEDGERS:
- Utilize LEDGERS, our GST software, for error-free and timely preparation and filing of GST returns.
Standard Accounting and Cloud Records:
- Our accountants maintain all financial transactions and invoices in LEDGERS, facilitating streamlined and cost-effective filing of various returns, including ITR, TDS, and GST.
LEDGERS GST Software
- Access LEDGERS GST software, provided by Filing Champs, for efficient GST invoicing, payments, return filing, and accounting.
Key Features of LEDGERS:
- Manage customers and suppliers efficiently.
- Create GST-compliant invoices and estimates and track them easily.
- Keep track of accounts receivables and payables.
- Maintain purchase records and track payments seamlessly.
- Automate GST return filing processes like GSTR-1 and GSTR-3B.
- Reconcile input tax credits automatically.
- Generate and manage GST E-way bills effortlessly.
- Enjoy integration with ICICI bank for enhanced banking operations.
Benefits of Timely GST Return Filing:
- Stay compliant and avoid penalties by filing GST returns on time with Filing Champs.
- Contact our professionals today to get started and experience hassle-free filing with expert guidance throughout the process.
Professional Tax Registration
A GST return is a mandatory document detailing a business's income and expenses for tax purposes.
All GST-registered businesses in India must file GST returns, especially if their annual turnover exceeds a certain threshold.
There are 13 types of GST returns, each serving different aspects of a taxpayer's financial transactions.
- GSTR-1: Monthly or quarterly return for outward supplies (sales).
- GSTR-3B: Monthly summary return for sales, input tax credit claims, and tax payments.
- GSTR-4: Annual return for taxpayers under the Composition Scheme.
- GSTR-5: Monthly return for non-resident foreign taxpayers.
- GSTR-9: Annual return summarizing all periodic filings.
Late filing incurs penalties and interest, including a late filing fee of Rs. 100 per day and 18% annual interest on late tax payments.
GST returns can be filed online through platforms like IndiaFilings, offering tools like LEDGERS GST software for easy filing.
IndiaFilings offers a dedicated GST advisor, timely reminders, monthly status reports, error-free filing using LEDGERS GST software, and comprehensive support for GST compliance.
IndiaFilings offers assistance in GST return filing, input tax credit reconciliation, GST refund processing, and GST payment challan generation.
You're responsible for providing necessary information/documents for filing, verifying calculations, and confirming the filing.
