GST Return Filing
In India, under the Goods and Services Tax (GST) regime, there are various types of GST returns that taxpayers are required to file based on their business activities and turnover. Here are the main types of GST returns:
1. GSTR-1 (Outward Supplies Return):
GSTR-1 is a monthly or quarterly return filed by registered taxpayers to report details of outward supplies of goods or services. It includes details such as invoices issued, credit/debit notes, and any amendments made to previous returns.
3. GSTR-4 (Composition Scheme Return)
GSTR-1 is a monthly or quarterly return filed by registered taxpayers to report details of outward supplies of goods or services. It includes details such as invoices issued, credit/debit notes, and any amendments made to previous returns.
5. GSTR-6 (Input Service Distributor Return)
GSTR-6 is a monthly return filed by Input Service Distributors (ISDs) to distribute the input tax credit (ITC) availed on input services to their branches or units.
7. GSTR-8 (Tax Collected at Source Return)
GSTR-8 is a monthly return filed by e-commerce operators who are required to collect tax at source (TCS) under GST. It includes details of supplies made through the e-commerce platform and TCS collected.
2. GSTR-3B (Monthly Summary Return)
GSTR-3B is a monthly summary return filed by registered taxpayers to declare summary details of outward supplies, inward supplies, and input tax credit (ITC) availed. It is a simplified return designed for easier compliance.
4. GSTR-5 (Non-Resident Foreign Taxpayer Return
GSTR-5 is a monthly return filed by non-resident foreign taxpayers who are registered under GST. It includes details of outward supplies, inward supplies, and tax payable.
6. GSTR-7 (Tax Deducted at Source Return)
GSTR-7 is a monthly return filed by taxpayers who are required to deduct tax at source (TDS) under GST. It includes details of TDS deducted, TDS liability, and payment made.
8. GSTR-9 (Annual Return)
GSTR-9 is an annual return filed by registered taxpayers to reconcile the details of outward and inward supplies declared in the monthly/quarterly returns (GSTR-1 and GSTR-3B). It provides a summary of all transactions for the financial year.
9. GSTR-9C (Reconciliation Statement and Audit Report)
GSTR-9C is a reconciliation statement and audit report filed along with GSTR-9 by taxpayers whose aggregate turnover exceeds a specified threshold. It is certified by a chartered accountant or a cost accountant after conducting a GST audit.
These are the main types of GST returns in India. The frequency, due dates, and requirements for filing each return may vary based on the taxpayer’s turnover, business activities, and registration status. It’s important for taxpayers to comply with the GST return filing requirements to avoid penalties and ensure smooth business operations.
Why should you file GST returns on time?
- To 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
- To Avoid Registration Cancellation: Due to non-filing After two month or a Quarter as applicable, Your GST No suspending status and regularly default for more than six month, To be worst if you don’t file GST Returns on time your certificate might get cancelled.
- To Better Compliance Rating:As a matter of fact, timely GST return filings one of the key factors to compute such rating Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained.
- To 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 track record.
- 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.
Packages
- One month GST Return filing
- (One GSTR1 + One GSTR3B) or one month Composite return.
- Carry Zero Input and Zero output transaction
- During he Relevant Period
- A Single month GST Return filing carrying transactions up to 25 or monthly turnover (Sale or Purchase) below 1 lakh during the relevant period.
- Monthly GST (GSTR 1 and 3 B) Returns filing without capping in Transaction
- And Annual Return GSTR 9 for the complete financial year.
Documents Requires For Company Registration
- PAN Card
- Aadhar No
- Income tax Password
- Email & Mobile no as per your Income tax Record
- Cancelled Cheque for account Information
- Bank Statement
- Form 16 and 16A
- Digital Signature Certificate
Frequently Asked Questions
Is GST return filing mandatory in case of no invoicing/no business?
Yes. GST Returns must be filed according to the GST law. GST return filing is mandatory, irrespective of whether or not any transaction has been recorded in a month. In case of non-filing of nil GST Returns, a late fee of ₹100 per day will be chargeable till such delay continues.
Do we need to upload all invoices while GST return filing?
No. It purely depends upon 2 factors whether you need to upload all invoices while GST return filing-
- Whether you are uploading B2B or B2C invoice
- Whether you are involved in Intra-state or Inter-state supplies,
Which type of GST invoices have to be uploaded in case of B2B supply?
In case of B2B supply, all invoices shall be uploaded, regardless of Intra-state or Inter-state supply. Only then, the Input credit can be claimed by the recipient business.
Which type of GST invoices have to be shown in case of B2C supply?
In case of B2C supply, invoices, may not be required as the customers shall not take Input credit.
- So, in that case, the invoices of value exceeding ₹2.5 lacs are to be furnished in case of inter-state B2C supplies.
- In case of inter-state invoices below ₹2.5 lacs an intra-state supply, state wise summary will be sufficient.
How to revise the GST returns?
Any amendment or revision in a GST return filing is recorded in rectification return.
What if i have taken GST Registration but there is no business, do i still need to file GST Return?
Yes, you still have to file GST return irrespective of the business occurred or not.
What are the types of GST returns need to be file?
Under Normal Scheme, two types of the GST returns required to be file i.e. GSTR-1 & GSTR-3B.
What is due date of GSTR-3B?
GSTR-3B requires to be file every month. Due date of filing GSTR 3B return is 20th of next following month.
