Take Control of Your Business Finances: Start GST Filing Now!
Just at ₹899 (Per Month)
Say goodbye to delays and challenges! Choose India’s top company incorporation services provider to swiftly register your business. Subject to T&C*
Still having any queries?
Happy businesses & Clients.
Partnered banks & Government Orgs.
India Registered
Google Ratings
Customer Satisfaction Guarantee
OVERVIEW
GST RETURN FILING
Companies registered for Goods and Services Tax must submit GST returns monthly, quarterly, or annually, depending on their particular industry. A GST return is a form that taxpayers must submit to the tax administration authorities detailing their income and expenses. Here, information about the sales or purchases of goods and services is required, as well as the tax collected and paid. Our GST return filing service makes it simple for taxpayers to complete. You won’t have to worry about making the deadlines or being GST compliant because our experts will handle the filings.
TYPES
TYPES OF GST RETURNS
TYPES |
DESCRIPTION |
PERIOD |
DUE DATE |
|---|---|---|---|
|
GSTR 1 |
Details of the outward supplies of the taxable goods and or services |
Monthly |
11th of the subsequent month |
|
|
|
Quarterly (If opted under the QRMP scheme) |
13th of the month succeeding the quarter |
|
GSTR 3B |
Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer. |
Monthly |
20th of the subsequent month |
|
|
|
Quarterly |
22nd, 24th of April, July, October, January |
|
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 |
18th of the month succeeding the quarter |
|
GSTR 4 |
Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act |
Annually |
18th of the month succeeding the quarter |
|
GSTR 5 |
Returns to be filed by a Non-resident taxable person |
Monthly |
20th of the subsequent month |
|
GSTR 6 |
To be filed by the input service distributor to distribute the eligible input tax credit |
Monthly |
13th of the subsequent month |
|
GSTR 7 |
Is filed by the government authorities |
Monthly |
10th of the subsequent month |
|
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 |
10th of the subsequent month |
|
GSTR 9 |
Annual return for a normal taxpayer |
Annually |
31st December of the fiscal year |
|
GSTR 9A |
Annual return for a taxpayer registered under the composition levy anytime during the year |
Annually |
31st December of the fiscal year |
|
GSTR 10 |
Is filed by the taxpayer whose GST registration is canceled |
Once the GST registration is canceled or surrendered |
Within 3 months of the date of cancelation |
|
GSTR 11 |
Details of the inward supplies are furnished by a person who has UIN and also claims a refund. |
Monthly |
28th of the month that is followed from which month the statement filed |
ADVANTAGES
ADVANTAGES OF FILING GST RETURNS
More efficient system
Prior to the disorganized procedure for reporting GST tax returns. Since the introduction of GST, the principal inconveniences associated with tax filing have been removed, and all taxes are now paid online.
Consistent GST Advisor
You will be assisted by a relationship manager with knowledge of the industry you work in as you register for and file your GST returns. They will support you with chores like uploading invoices and ensuring your filing is finished on time.
Periodic GST Status Reports
The GST advisors will provide clients with monthly reports outlining the status of GST return filing, including GSTR-3B, and the next steps.
Reconciliation of Input Tax Credits
Companies will be able to take advantage of the input tax reconciliation mechanism offered by the government to achieve tax incidence neutrality and guarantee that such an input tax element does not come into the cost of manufacturing or the cost of providing goods and services.
Accounting conventions and online records
Accountants will record all of your financial transactions and invoices in Ledgers to make submitting all of your taxes, including ITR, TDS, and GST, simple and affordable.
Avoid interest assessments
All GST register taxpayers are required to file GST Returns, regardless of their tax liability. Hence, even if there isn’t no transaction, the returns file will still exist. If the returns are not filed on time, interest of 18% per year may be levied on the amount of unpaid tax. Moreover, the calculation for the late fees period runs from the deadline date to the payment date.
Avoid interest assessments
According to the GST Act, filing returns late will result in a charge of INR 100 per day up to a maximum of INR 5,000. Additionally, these late fees must be paid in cash and cannot be applied towards an Input Tax Credit.
DOCUMENTS REQUIRED
DOCUMENTS REQUIRED FOR GST RETURN FILING
- Sales Invoices (Invoices issued to persons with and without GSTIN or B2C invoices)
- Purchase Invoices
PROCEDURE
STEPS FOR FILING ONLINE GST RETURNS
The government has implemented facilities for online GST return filing on the government’s GST portal through the Goods and Service Tax Network (GSTN) and has been working to advance innovation and automation.
Step: 1
Visit the GST website https://www.gst.gov.in/
Step: 2
Get a 15-digit GST Identification Number (GSTIN) generated using your PAN and state code.
Step: 3
Submit the pertinent invoices to the GST portal. For each invoice, a reference number will be assigned.
Step: 4
After uploading all of the invoices, inward returns, outward returns, and cumulative monthly GST returns, double-check the information you entered before filing your returns.
The user-friendly online platform that Taxkey offers allows you to use its GST filing services from the convenience of your home. From the beginning, the devoted Taxkey representatives will stay in close contact with you. They will gather all the necessary paperwork and take the necessary action.
GST RETURN TYPES
GST RETURN TYPES AND APPLICATION STATUS MONITORING
The fulfilment of the requirement determines the application’s status, and the taxpayer would be informed of their filing by the status that is made available. There are basically four statuses, which are described below.
1. Filed-valid
When the registered taxpayer has filed the GST return and has met all conditions.
2. Filed-invalid
When the tax remains unremitted in whole or part.
3. To be filed
GST Returns should have been filed by now.
4. Submitted but not valid
When a return has been verified, but the filing has not yet been made.
PENALTIES
PENALTIES FOR MISSING THE GST RETURNS
The CGST Act levies a INR 100 daily late fee. As a result, it is chargeable to both CGST and SGST in the amount of INR 100. The total will be INR 200 every day. The highest levy is INR 5,000, though. The IGST Act makes no mention of a specific late fee. A further reduction to INR 50 per day has been made to the total late fee for GSTR-1 and GSTR-3B. (INR20 per day for Nil filing).
The taxpayer is not allowed to use the Input Tax Credit (ITC) provided in the electronic credit ledger to pay the late fee; instead, the late fee must be paid in cash.
The failure to submit nil returns on time will also result in a late fee.
Based on how many days have passed since the due date, the late fee is determined. If a GST return is submitted on March 23rd as opposed to the 20th, when it is supposed to be, late costs will be calculated for three days and must be paid in cash.
Only the GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-8, GSTR-7, and GSTR-9 returns are currently subject to a late fee under the GST system.
RECENT UPDATES
RECENT UPDATES
In June 2021, during the 43rd GST Council meeting, the late fines and penalties for Tax were streamlined.
- The maximum late fee that can be charged for failing to file GSTR-1 and GSTR-3B returns is INR 500 per return (i.e. INR 250 each for CGST & SGST).
- If the annual turnover for the prior fiscal year was up to INR 1.5 crore, a late fee of up to INR 2000 per return may be assessed (i.e. INR 1000 each for CGST and SGST).
- The maximum late fee for each return is INR 5,000 if the turnover is between INR 1.5 crore and INR 5 crores (i.e. INR 2500 each for CGST and SGST).
- A late cost of up to INR 10,000 (i.e., INR 5000 per CGST and SGST) might be assessed if the turnover exceeds INR 5 crores.
- In addition, CGST notification 21/2021, dated 1st June 2021, rationalized the late fee for GSTR-4 delayed filing from FY 2021–22. The maximum late cost for a return with no filing would be INR 500, and for a return with a filing fee of INR 2000.
- According CGST notification 22/2021 dated 1 June 2021, the late fee chargeable for GSTR-7, or TDS filing under GST, must not exceed INR 2,000, although the late fee per day levied is now INR 50 per act, per return, as opposed to the previous INR 200.
WHY TAXKEY?
WHY CHOOSE TAXKEY?
- We will remind you, so you don't have to worry about forgetting deadlines. Simple system to keep your bills and other paperwork in one place and organized.
- With the help of professionals, you may save money, acquire the right input tax credit, and file your returns.
- Our specialists file returns for many other businesses like yours and are always up to date with changes in GST regulations and procedures, so you won't have to struggle to understand them.
- You will save a ton of time and effort and your filing will be error-free.
How it works
Easy Step Process
We offer consulting services to businesses. Our experts help you achieve your financial goals.
Simplify your finances with TaxKey Accounting's seamless online platform. From registration to personalized financial plans, we're your trusted partner every step of the way.
Experience convenience with our streamlined delivery process. From order to doorstep, we ensure your items reach you swiftly and securely
Need more help?
Testimonials
Our Clients' Reviews
