GST Return Filing
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.
Required Documents
- List of Invoices (B2B Services, B2C Services)
- Customer GSTIN
- Type of Invoice
- Invoice Number
- Place of Supply
- GST Rate
- Taxable Value
- Amount of CGST, SGST, IGST and GST Cess applicable.
- Consolidated intra-state and inter-state sales.
- Summary of requisite documents i.e. Debit and Credit Note.
What do we get?
- GST Acknowledgement
GST Return Filing – An Overview
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
- GST eliminates cascading effect
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.
- Higher Threshold
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.
- Startups and e-commerce enterprises will find it easier.
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.
- Better-organized system
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
- Invoices issued to persons with GSTIN or B2B invoices.
- Invoices issued to persons without GSTIN or B2C invoices. This needs to be submitted only when its total value is above 2.5 lakhs.
- A consolidation of inter-state sales.
- Any other credit or debit cards, as well as advance receipts.
- HSN-wise summary of all goods sold.
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).
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GST Return
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.
