Our experts will handle the GST filings, so you won’t have to worry about staying up to date on laws or meeting deadlines.
A GST return is a document that a taxpayer (every GSTIN) should expect to file with the tax administrative authorities, detailing all income/sales and expenses/purchases. Tax authorities use this to compute net tax liability.
GST is a developing taxation system, and the government is constantly revising the laws and regulations that regulate it. As a result, it’s critical to stay current to file your returns appropriately.
Benefits of GST Return Filing
Previously, there were many occasions where a single transaction resulted in the payment of tax on tax. You no longer need to pay tax on tax because GST replaced various other taxes such as central excise duty, service tax, customs duty, and state-level value-added tax. You will save money as a result of this.
The threshold for GST is an aggregate turnover of more than 40 lakhs in the case of commodities and more than 20 lakhs in the case of services. It means that small enterprises that fall below this threshold are exempt from paying GST.
The GST system has made tax management easier for startups and e-commerce businesses. Different tax rules in different states did a lot of harm to e-commerce, which has now been eliminated by the GST.
The tax filing system was disorganized before GST. All taxes now get paid online, and problems associated with tax filing have eluded because of the GST implementation.
Documents Required
Penalties for late filing
If you miss the return deadline and have a tax liability, you must pay a late fee of ₹50 each day (₹25 each for CGST and SGST). If you don’t owe any taxes, the late fine is ₹20 per day. ₹5000/- is the cap on the late fee.
The late fine for late filing of an annual return (GSTR-9) is ₹200 per day (₹100 each for CGST and SGST).
Every year, a Private Limited Company is required to produce Financial Statements and Annual Returns. The Annual Return must include information on the company’s shareholders, members, and directors, among other things.
The Income Tax Return (ITR) is a document that must get submitted to the Income Tax Department of India. It comprises information on a person’s earnings, and the taxes must get paid on those earnings throughout the year.
A GST return is a document that a taxpayer (every GSTIN) should expect to file with the tax administrative authorities, detailing all income/sales and expenses/purchases. Tax authorities use this to compute net tax liability.
