WHAT IS GST RETURN FILING

GST return filing is a summary that will include all the details of your sales, tax collected on sales (output tax), purchases, tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).

Who should file GST return?

All business owners and dealers who have registered under the GST must file GST returns according to the nature of their business or transactions. 

  • Regular Businesses.
  • Businesses registered under the Composition Scheme.
  • Other types of business owners and dealers.
  • Amendments.
  • Tax Notice.

Types of GST returns

  • GSTR – 1: Return for Outward Supplies
  • GSTR – 2: Return for Inward Supplies
  • GSTR – 2A: Read Only Document
  • GSTR – 3B: Summary of Inward and Outward Supplies
  • GSTR – 4: Return For Composition Dealers
  • GSTR – 5: Return For Non-Resident Taxable Persons
  • GSTR – 6: Return For Input Service Distributors
  • GSTR – 7: Return For Taxpayers Deducting TDS
  • GSTR – 8: Return For E-Commerce Operators Collecting TCS
  • GSTR – 9: Annual Return For Normal Registered Taxpayer Under GST
  • GSTR – 9A: Annual Return For Composition Dealers
  • GSTR – 9B: Annual Return For E-Commerce Operators Collecting TCS
  • GSTR – 9C: Return For Registered Persons Getting Accounts Audited From CA
  • GSTR – 10: Return For Registered Person Whose GST Registration Gets Cancelled
  • GSTR – 11: Return For UIN (Unique Identification Number) Holders

Penalty For Filing Late Returns

Late filing of GST Returns:

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

  • You cannot file a new return if you do not file previous month/quarter’s return.
  • Hence, late filing of GST return will have a cascade effect leading to heavy fines and penalty.
  • The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately following such delay.

Interest/late fees to be paid:

Interest is charged at 18% per annum. This interest is calculated by the registered taxpayer on the amount of tax liability outstanding.

In case, a taxpayer fails to furnish the details relating to outward supplies, a penalty is imposed for the same. The fine amounts to a sum of Rs 200 (Rs 100 for CGST and Rs 100 for SGST) for each day of continuing default.  The maximum is Rs. 5,000. But, there is no late fee for IGST

As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day.

Must note the reduced late fee applicable as follows:

Governing Act Late fee per day – GSTR 3B / GST CMP – 08 Nil GSTR – 3B / GST CMP – 08 Annual return
CGST Act 25 10 100
SGST Act 25 10 100
Total 50 20 200

For all returns except annual return, maximum late fee is Rs.5,000. For annual returns, maximum late fee is 0.25% of taxpayer’s turnover in the relevant state or union territory.

Process of GST Filing

  • Purchase of Plan
  • Expert Assigned
  • Upload Documents
  • Monthly Delivery of Services

Documents To Be Submitted

  • GST Login Credential
  • Purchase and sales register
  • Payment challan for GST

Our Packages at a Glance

Choose your package

Per Month

1000 /-

(* All Inclusive)
  • GST Registration
  • GST Filing per month
  • Filing for B2B and B2C invoices
  • File GST Returns within due dates
  • Book-Keeping and Accounting are not part of this package

For 6 Months

5500 /-

(* All Inclusive)
  • GST Filing - For 6 Months
  • Filing for B2B and B2C invoices
  • File GST Returns within due dates
  • Book-Keeping and Accounting are not part of this package

Composition Dealer

1500 /-

(* All Inclusive)
  • GST Filing - GSTR-4  (Quarterly)
  • GST Returns (GSTR-4) for 1 quarter
  • Filing for B2B and B2C invoices
  • Reconciliation for all transactions
  • Book-Keeping and Accounting are not part of this package

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CA/CS Assisted Service

FAQs On Private Limited Company

1. What is a GST Return?

A return is a record containing details of Sales and purchases which a taxpayer is required to file with the tax regulatory authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes:

Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases) Under this plan, our experts will file your GST Returns

2. Who has to file GST Returns?

In GST management, any regular business has to file three monthly returns GSTR-1, 2, 3B and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1 & 3B. The other two returns – GSTR 2 will get auto-populated by deriving information from GSTR-1 filed by you and your merchants.

3. What are the types of GST Returns?

There are three types of GST Returns to be filed every month and an annual return for registered businesses as below:

  • GSTR-1 includes monthly details of outward supplies of taxable goods and/or services effected. It’s due on 10th of the next month.
  • GSTR-2 includes monthly details of inward supplies of taxable goods and/or services effected claiming input tax credit. It’s due on 15th of the next month.
  • GSTR-3 is a monthly return based on finalization of details of outward supplies and inward supplies along with the payment of amount of tax. It’s due on 20th of the next month.
  • GSTR-9 is required to be filed annually on 31st December of next financial year.

4. How do I claim Input tax credit?

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers.

5. Is audit applicable under GST?

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or by the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 5 crore] must get his accounts audited by a CA or a CMA.

Our CA experts will guide you on tax audit. Note that our plan does not cover audit services. These are separately charged by the CA.

6. What is GST 3B?

GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017). The government has postponed the filing of GSTR 1, 2 & 3 for July and August, 2017 to give businesses some time to adjust to GST.

Filing schedule for GSTR Forms:

  • GSTR-3B for July 2017 needs to be filed on 20th August, and for August 2017 on 20th September
  • GSTR-1 for July 2017 needs to be filed between 1st-5th September, and for August 2017 between 16th-20th September
  • GSTR-2 for July 2017 needs to be filed between 6th-10th September, and for August 2017 between 21st– 25th September
  • GSTR-3 for July 2017 needs to be filed between 11th– 15th September September, and for August 2017 between 26th– 30th September

7. I have 2 GSTIN. How many returns do I need to file?

You need to file GST returns for every GSTIN. So for one GSTIN, you need to file 32returns every month and one annual return. Under this plan, we will file GST returns for one GSTIN only. You will need to purchase additional packages for multiple GSTIN.

8. How do I claim a refund under GST?

The processing time for a refund application has been kept as sixty days under GST model law but it could be as early as two weeks. Our experts will assist you in claiming the refund.

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