GST Return Filing
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GST Filing, TDS Filing and Income Tax Filing through LEDGERS Platform. Monthly payroll processing and LEDGERS HRMS.
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- GST Return Filing
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GST Return Filing
What is GST return filing?
The implementation of the Goods and Services Tax (GST) in India has established a comprehensive tax system that encompasses registration, returns, and compliance, aligning these aspects effectively. GST requires registered businesses to file returns periodically, based on their business activity. This includes reporting details of sales, purchases, taxes collected, and taxes paid.
For individual taxpayers, there are four main types of GST return forms: returns for supplies, returns for purchases, monthly returns, and annual returns. Filing GST returns is mandatory for all entities with valid GST registration, regardless of their business activity, sales volume, or profitability during the reporting period. Even dormant businesses holding valid GST registration must fulfill their GST return filing obligations. These returns serve as documents containing income and expense details required to be submitted to tax authorities for compliance and assessment.
Eligibility Criteria
Who should file the GST returns?
GST Return filing in India is to be done by the following:
- A person having a valid GSTIN has to compulsorily file the GST returns.
- Also, a person whose annual turnover is crossing Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
- In the cases of Special states, the limit for the annual turnover is Rs.10 lakh.
Types of GST Registration
What are the different types of GST registration in India?
| GSTR 1 | Details of the outward supplies of the taxable goods and or services | Monthly |
| Quarterly (If opted under the QRMP scheme) |
| GSTR 3B | Simple returns in which a summary of the outward supplies along with the input tax credit that is decared and the payment of the tax is affected by the taxpayer. | Monthly |
| Quarterly |
| CMP 08 | Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act. | Quarterly |
| GSTR 4 | Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act | Annually |
| GSTR 5 | Returns to be filed by a Non-resident taxable person | Monthly |
| GSTR 6 | To be filed by the input service distributor to distribute the eligible input tax credit | Monthly |
| GSTR 7 | Is filed by the government authorities | Monthly |
| GSTR 8 | Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them. | Monthly |
| GSTR 9 | Annual return for a normal taxpayer | Annually |
| GSTR 9C | Certified reconciliation statement | Annually |
| GSTR 10 | Is filed by the taxpayer whose GST registration is canceled | Once the GST registration is canceled or surrendered |
| GSTR 11 | Details of the inward supplies are furnished by a person who has UIN and also claims a refund. | Monthly |
Due dates for filing the GST returns
What are the due dates for filing GST returns?
GSTR 1: The 11th of Subsequent of that month
GSTR 3B: The 20th of that subsequent month
CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4: 18th of the month succeeding the quarter.
GSTR 5: 20th of the subsequent month
GSTR 6: 13th of the subsequent month
GSTR 7: 10th of the subsequent month
GSTR 8: 10th of the subsequent month
GSTR 9: 31st December of the Fiscal year.
GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
GSTR 11: 28th of the month that is following the month for which the statement was filed.
GST Return Filing Process
How to file the GST returns?
IndiaFilings is a prominent business service platform in India, providing comprehensive GST services to assist numerous business owners with GST registration and return filing, ensuring compliance with the Goods and Services Tax regulations.
- When GST return filing is outsourced to IndiaFilings a dedicated GST advisor is assigned to the business.
- This dedicated advisor would reach out to you every month and collect the necessary information, prepare the GST returns and help in filing the GST returns.
Why IndiaFilings for Filing GST returns?
The time required for filing GST returns through IndiaFilings typically ranges from 1 to 3 working days, contingent on factors such as the availability of the government portal and the timely submission of documents by the client. This timeframe reflects the efficiency of the process, but it can be influenced by external factors and client responsiveness.
Return Filing under the Composition Scheme
All individuals and businesses registered under the Composition Scheme must adhere to specific GST return filing requirements. They are required to pay taxes using CMP-08 on a quarterly basis and submit GSTR-4 annually. The due dates for the GST return for Composition Scheme are on the 18th of the month following the end of each quarter. Therefore, the return filing deadlines are April 18th, July 18th, October 18th, and January 18th.
- Invoice wise inter-State and intra-State inward supplies received from registered and unregistered persons
- Consolidated details of outward supplies made
If a registered person opts to pay tax under the composition scheme from the beginning of a financial year, they are required to file monthly GST returns on the 10th, 15th, and 20th of each month. This monthly return filing continues until the due date for furnishing the return for September of the succeeding financial year or until the furnishing of the annual return of the preceding financial year, whichever comes earlier. Therefore, even if a taxable person under GST chooses the composition scheme starting in April, they must continue filing monthly GST returns until September, as long as it precedes the annual return deadline for the previous financial year. This provision ensures that proper reporting and compliance are maintained throughout the transition to the composition scheme.
Benefits of choosing IndiaFilings for the GST returns
Dedicated GST Advisor
A dedicated relationship manager, knowledgeable in your specific industry, will assist you in the GST registration and filing process. They will provide guidance, help with tasks like uploading invoices, and ensure that your filings are submitted on time, offering a personalized and industry-specific approach to your GST compliance needs.
Reminder to file GST returns
Our platform is designed to send you timely reminders well in advance of the deadline for GST filings, helping you avoid penalties. Additionally, your dedicated GST advisor will provide periodic reminders to ensure that no important deadlines are missed, ensuring that your GST compliance remains up-to-date and penalty-free.
Monthly GST Status reports
Clients can expect to receive monthly reports from their GST advisors that provide a comprehensive overview of the status of GST return filing, specifically GSTR-3B, and offer guidance on the way forward. These reports are a valuable tool for clients to stay informed and make informed decisions regarding their GST compliance.
GST returns by LEDGERS
GST returns are efficiently prepared by LEDGERS, a GST software solution, ensuring accuracy and timely filing. This software streamlines the return filing process, reducing the potential for errors and making GST compliance a hassle-free experience for businesses.
GSTR- 1 and GSTR- 3B filing
GSTR-1, a quarterly return, applies to businesses. Due dates depend on turnover. Those with sales under Rs. 1.5 Crore file quarterly returns.
Input Tax Credit Reconciliation
Businesses can leverage the government's input tax reconciliation mechanism to maintain tax neutrality, preventing input tax costs from impacting the production or supply costs.
Standard accounting and cloud records
All of your financial transactions and invoices will be recorded in LEDGERS by accountants so that the filing of all your returns including ITR, TDS, and GST is seamless and cost-effective.
LEDGERS GST Software
In addition to the GST advisor support, LEDGERS GST Software will be provided to the client for GST invoicing, payments, returns filing and accounting.
Some of the features of LEDGERS are:
- Customer management
- Supplier management
- GST Invoicing
- Estimate issuance & tracking
- Accounts receivables tracking
- Purchase register
- Payments tracking
- Payables management
- Automated GST return filing (GSTR-1, GSTR-3B)
- Automatic Input Tax credit reconciliation
- GST eWay bill generation & management
- ICICI bank integration
Penalties
What are the penalties, late fees, and interest rates?
If there are any offenses committed then a penalty has to be paid under GST
Late filing
Late filing of GST returns can result in penalties. According to the Goods and Services Tax regulations, a late fee of Rs. 100 under CGST and Rs. 100 under SGST, totaling Rs. 200 per day, can be imposed. Additionally, an annual interest rate of 18% is charged on the unpaid tax amount.
Non-compliance
In case if the taxpayer is not filing the GST returns then the subsequent returns cannot be filed. Hence, to avoid heavy fines and penalties it is better to file the GST returns on time as it will lead to a cascading effect.
For 21 offenses with no intention of fraud or tax evasion
An offender who is not paying taxes or is making short payments must pay a penalty of 10% of the amount of tax due subject to a minimum of Rs.10,000.
For 21 offenses with the intention of fraud or tax evasion
An offender is subject to a penalty amount of tax evasion or short deducted.
Even in case if there is no business the taxpayer is required to file the Nil GST returns.
Outsource GST Compliance
Outsourcing GST compliance to IndiaFilings can alleviate the burden of compliance, allowing you to concentrate on business growth. LEDGERS GST platform ensures real-time access to business data, and it easily integrates with your other software applications for seamless operation.
How will the service be delivered?
When you engage our services, you'll have a dedicated GST Accountant assigned to your business. Each month, your Accountant will gather all the necessary information and efficiently file your GST returns, ensuring that your GST compliance remains accurate and up-to-date.
How will the information or documents be collected?
You have the flexibility to provide us with your information through email on any platform or by uploading the necessary data. We also accept soft copies of invoices and purchase data, making it convenient for you to share the required information for your GST compliance.
What returns will be filed?
We will file GSTR-3B return and GSTR-1 return for regular taxpayers registered under GST. For composition dealers we will assist in filing GSTR-4 return.
What will be my responsibility?
Your responsibility primarily involves providing the necessary information and documents for the preparation of your GST return. Once we have prepared the filing, you'll have the opportunity to review the calculations and confirm the filing, ensuring that it accurately reflects your business transactions and GST compliance.
Will you provide support for GST input tax credit?
Yes, we will provide you input tax credit reconciliation. You can use the same to verify the input tax credit receivable for your business.
Will you provide support for GST refund?
Yes, for clients who subscribe to our GST return filing annual package, we provide support for GST refund processing.
Will you provide support for GST payment?
Yes, for clients who subscribe to our GST return filing package, we provide support for GST payment challan generation.
Find GST Filing Return Due Dates for GSTR 1 to GSTR 11
GSTR-1 (Monthly)
11th of every month
Monthly GSTR 1 returns must be filed by taxpayers having a turnover of more than Rs.1.5 crores on 11th of every month.
GSTR-1 (Quarterly)
13th of every quarter
Quarterly returns must be filed by taxpayers having a turnover of less than Rs.1.5 crores on 13th of every quarter.
CMP-08- Quarterly-Composition Scheme
18th of every quarter
CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore on 18th of every quarter.
GSTR-4- Annual-Composition scheme
30th April
The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.
GSTR-9- Annual returns
31st December
Annual GST return filing for the financial year is due on 31st December. This is mandatory for all entities.
GSTR-1 Return
GSTR 1 or return of outward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 1 return is the 10th of every month. For July, September and October, the GST return due dates are different from the normal schedule.
GSTR-2 Return
GSTR2 or return of inward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 2 return is the 15th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR-3 Return
GSTR3 or monthly GST return must be filed by a taxpayer after filing GSTR1 and GSTR2 return. GSTR3 is due on the 20th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR-4 Return
GSTR4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that is due on the 18th of October, January, April and July.
GSTR-5 Return
GSTR5 return must be filed by persons registered under GST as a non-resident taxable person. GSTR5 is due on the 20th of every month.
GSTR-6 Return
GSTR6 return must be filed by persons registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.
GSTR-7 Return
GSTR7 return must be filed by all taxpayers required to deduct tax at source (GST TDS). Under GST, only certain government agencies are required to deduct tax at source after obtaining registration. Hence, GSTR7 is due only for those entities having GST TDS registration. GSTR7 is due on the 10th of every month.
GSTR-8 Return
GSTR8 return must be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source. Hence, any persons operating an e-commerce venture must register for TCS, collect tax at source and file GSTR8 return before the 10th of every month.
GSTR-9 Return
GSTR9 is GST annual return that must be filed by all regular taxpayers. Details submitted with GSTR9 must be audited if the entity has a turnover of more than Rs.2 crores. GSTR9 is due on or before the 31st of December.
GSTR-10 Return
GSTR10 return must be filed by any person whose GST registration has been cancelled or surrendered. GSTR10 must be filed within 3 months of the date of cancellation order or surrender.
GSTR-11 Return
GSTR11 must be filed by persons having Unique Identity Number. GST Unique Identity Number is allotted to Consulate, Embassies and UN Bodies for claiming refund on inward supplies.
Staggered Return of GSTR-3B
| Turnover | Deadline for Dec 2020 | Applicable to |
|---|---|---|
| More than 5 crores | 20th of Every month | All the states and UTs |
| Less than 5 crores | 22nd of Every month for Group A States | Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh |
| Less than 5 crores | 24th of Every month for Group B States | Jammu and Kashmir, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha |
Proprietorship vs Limited Liability Partnership (LLP) vs Company
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Shareholders Max 15 Directors Max 200 Shareholders 1 Director 1 Nominee Director |
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | Partnership Deed | LLP Deed Incorporation Certificate | ||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | ||
Frequently Asked Questions
BMCS India offers comprehensive business consultancy services, including strategy development, market research and analysis, financial advisory, operational optimization, and organizational transformation. We provide customized solutions to help businesses address challenges and achieve their growth objectives.
BMCS is the top most business management consultant all around the world. Our team of experienced consultants leverages industry knowledge, market insights, and proven methodologies to provide tailored solutions that align with your business goals. Whether you need assistance with market entry, strategic planning, process optimization, or talent management, we collaborate closely with you to understand your unique needs
BMCS India has expertise across various industries, including but not limited to technology, healthcare, manufacturing, retail, finance, and hospitality. Our consultants have worked with diverse clients, enabling us to understand industry-specific challenges and devise strategies that meet your sector's requirements.
To engage our services, you can reach out to us through our contact form, email, or phone. Our team will schedule an initial consultation to discuss your business objectives, challenges, and requirements. Following this consultation, we will provide a tailored proposal outlining the scope of work, deliverables, timeline, and pricing for your approval.
Absolutely! We work with businesses of all sizes, ranging from startups and small enterprises to multinational corporations. Our services are flexible and customizable to meet your specific needs, ensuring that you receive the level of support required to achieve your business objectives, irrespective of your company's size.
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Yes, we can help your business expand internationally. Our team has experience and expertise in supporting companies with market entry strategies, feasibility studies, partner identification, and localization strategies in various global markets. We leverage our network of international partners to provide you with valuable insights and guidance throughout the expansion process.
To get started with BMCS India, simply reach out to us through our contact information on our website. We will be glad to schedule an initial consultation to understand your business requirements and discuss how our services can benefit you. From there, we will work together to develop a tailored plan to drive your business success.