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GST Filing

Get your GST Return Filing done every month and every year.

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GST FILING

GST implementation was a very significant step in the field of indirect tax reforms in India as it combined various other indirect taxes under its ambit. Its aim was to levy a single uniform tax on all the goods and services across India. This also reduced the return filing burden which existed in the preGST era. Currently, under the GST regime, every individual/business has to file their respective GST return timely. It is mandatory for every GST-registered business owner to file their returns as applicable to their business type and size. The number of GST returns to be filed depends upon the nature and the size of the business

Book Keeping + GST Filing
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Realizing the need of the entrepreneurs, the plans are designed to provide all these services under one roof . These services (Book Keeping and GST filing) are bundled to give peace of mind to the entrepreneur so that the entrepreneur can focus on the core competences of the business and take the business to the next heights. The plans under this service are designed keeping in mind the paying capacity of the entrepreneur. The entrepreneur can choose a plan according to the turnover expected in a year.

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GST Filing
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All the Registered Dealers are required to file GST Returns irrespective of the type of business or turnover or profitability during the return filing period. Under GST Regime,even a dormant business that has obtained GST registration must file GST return. These are the returns to be filed by every business

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GST Composition
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Realizing the needs of entrepreneurs registered under the Composition levy under Goods and Services Tax running the business of trading in goods, manufacturing of goods, providing restaurants services or other service providers we at Super CA offer the services of filing the GST returns of such entrepreneurs. Since the dealers registered under the composition levy are not allowed to take Input Tax Credit, there is no requirement for maintain the books of accounts (unless and until required by the entrepreneur). Keeping this in mind, Super CA designed a plan which offers such entrepreneurs to file their GST returns hassel free together with maintaining their sales records in excel.

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Gst Nil Filers
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Every registered taxpayer has to file his/her GST Returns on time. The GST Law does not give exemption to taxpayer who have not made any sale/purchase during the month not to file the returns. Therefore, even in the case of no sale and purchase during the month, the taxpayer has to file the return. Under GST, in order to avoid penalty and further complications, a registered taxpayer strictly needs to file a NIL Return even if there was no business activity (i.e. sale/purchase/transaction) during a month.

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What is GST Return

GST Return is a form that shall be filed by every registered taxable person. Furnishing GST Returns timely helps the GST authorities carry out taxpayer’s assessment. Also, business owners need to maintain records systematically to further simplify the GST return filing process.

A business or the taxpayer while online GST return filing requires details of the following for a specified period of time -

- The total sales
- The total purchases
- The output GST or the GST paid by the customers


It is crucial for every business, irrespective of the business structure, to adhere to the statutory compliance and complete all the necessary filings before the due dates..There are quite a few types of GST filing which have their specific forms and each form has a different purpose and due date.Taxpayers also need to ensure that they don’t need to file all forms but only those that are applicable to them.

ADVANTAGES

Accountability

GST has brought in accountability and regulation to various industries which were earlier not properly organized. Filing GST Return also keeps financial transactions accountable.

Online Procedure

GST return filing is an online process which is smooth and well-organized. It only requires a list of receipts, invoices, and bills to be kept handy and the remaining tasks will be taken up by our professionals

Higher threshold

The threshold for GST registration is annual aggregate turnover exceeding 40 lakhs for sale of goods and aggregate turnover exceeding 20 lakhs for sale of services which means that small businesses falling below this threshold limit are not liable to online GST return filing.

Avoids Fines/Penalties

When you file your GST return, it protects you from facing unusual provisions like interest, monetary penalties, recovery, suspension of registration and other strict consequences.

Credibility

In many areas, taxpayers’ credibility is evaluated based on his GST filing record. If you meet your GST filing compliances by timely and proper filing of GST returns, it will benefit you at the time of seeking loans from banks or other financial institutions.

Subsuming of Taxes

GST has lessened the number of filings as it subsumed various other indirect taxes hence making it less hassle for small entities to fear of maintaining compliance contrary to pre-GST time where businesses had to file a number of returns accorded with different indirect taxes.

Lesser compliance

Government has reduced the complexity of tax filing for businesses to a great extent by combining various taxes into a single tax-GST and increasing the threshold limit. This has made a significant contribution to reducing the compliance burden on small businesses.

Ease of Doing Business

Implementation of GST has also Improved the ease of starting a new business in India without any difficulties as it is centralized as well as standardized. Thus, the business would no longer have to file multiple indirect tax returns as GST returns apply across India.

Eliminates cascading effect:

GST aims to provide a seamless tax system throughout the value chain by reducing the cascading effect of taxes or simply described as ‘Tax on tax’. This would consequently reduce the other cost while doing business.

Documents Required for

GST Filing





Impact of Non/Late Filing of GST Returns

Late Fees

You will be liable to pay interest and a late fee if your GST return is not filed within the due date. As per the GST Law, the current prescribed late fee is Rs.100/ day for each CGST and SGST amounting to Rs.200 per day which can go maximum to Rs.5,000 subject to changes as notified by the government.

Interest

Non-Filing returns timely can also make a taxpayer liable to pay an interest at 18% per annum on the total amount of tax to be paid. This interest rate is applicable from the due date of filing the return till the payment is made.

Penalties

An offender who is not paying taxes or is making short payments can also be made liable to pay a penalty of 10% of the amount of tax due subject to a minimum of Rs.10,000.

Other Uncertain Consequences

Ignoring GST returns may also lead to arising unnecessary consequences and denying of certain facilities. For instance, rule 59(6) notifies that the GSTR-1 return filing facility will be blocked for taxpayers who have not filed GSTR-3B for the previous two return periods. Further, If a person has not furnished the returns for a consecutive period of two tax periods , then the generation of E-Way Bill will be restricted for all types of outward supply of that individual/entity which can only be generated after successful filing of GST.

Cancelation of GST Registration

In a few cases, GST registration can also be canceled by the authorities. Hence, it becomes crucial to every registered entity to adhere to the statutory compliance and complete all the necessary filings within the stipulated time-period.

Types of GST Return

There are separate GST returns required to be filed in various cases depending on your nature of work or registration type which are discussed below -

Return Form Description Frequency Due Date
GSTR-1 Statement of Outward Supplies made Monthly

Quarterly (If opted under the QRMP scheme)
11th of the next month

13th of the month succeeding the quarter
GSTR-2 (suspended) Statement of inward supplies made Monthly ---
GSTR-2A Read only documents for the recipients, to verify the details uploaded by the seller in GSTR 1 Monthly 15th of the next month
GSTR 3 (suspended) Auto populated document based on the details found in GSTR 1, GSTR 2 and tax liability of any preceeding period --- ---
GSTR-3B Inward and Outward supply summary Monthly

Quarterly
20th of the next month from the month of January 2021 onwards

22nd or 24th of the month next to the quarter
GSTR-4 Quarterly return for composition traders. Annually 30th of the month succeeding a financial year.
GSTR-5 Monthly return for Non-Resident taxable people. Annually 20th of the next month
GSTR-6 Monthly return for Input Tax Distributor Annually 13th of the next month
GSTR-7 Monthly Return for Tax Deductor. Annually 10th of next month
GSTR-8 Monthly return for E-Commerce Operators. Annually 10th of next month
GSTR-9 Annual GST Return Annually 31st December of next financial year.
GSTR-9A (suspended) Annual Return for Composition Scheme taxpayer Annually until FY 2017-18 and FY 2018-19 ---
GSTR-9B To be filed by E-Commerce operator Annually 31st December following the financial year end.
GSTR-9C Reconciliation Statement Annually 31st December following the financial year end.
GSTR-10 Final GST return Once, when GST registration is canceled or surrendered. Within 3 months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 GST Return for UID holders Monthly 28th of the next month in which the inward supplies are received.
CMP 08 --- --- 18th of the month succeeding the quarter.




Exemptions under GST

The following people/entities are exempted from getting GST registration:

  • ➙ Agriculturalists for the supply of crops produced from the cultivation of land.
  • ➙ Activities that do not come under the supply of goods or services. (Examples - sale of a building or land, and services provided by an employee.)
  • ➙ Businesses that make non-GST/ non-taxable supplies. (Examples - aviation turbine fuel, electricity, natural gas, high-speed diesel, and petrol.)
  • ➙ Businesses that make exempt/ nil-rated supplies.
  • ➙ Businesses that do not fall under the threshold exemption limit.
  • ➙ Other Businesses that do not fall under the mandatory registration bucket.

Components of GST

Under GST regime, there are 4 components namely :

- Integrated Goods and Services Tax (IGST)
- State Goods and Services Tax (SGST)
- Central Goods and Services Tax (CGST)
- Union Territory Goods and Services Tax (UTGST)

Under the GST law, the government will collect CGST, SGST or IGST depending upon whether the transaction is intrastate or interstate. These are briefly discussed below -

Central Goods and Services Tax (CGST)

CGST is charged on the intrastate supply of goods and services by the central government .
It is collected along with SGST at the same rate. Both the Central and State Government collect the taxes and combine their levies with an appropriation proportion between them. Further, the GST rules also says that the taxes which are imposed on the intra supplies of goods and services shall not be more than 14% each.

State Goods and Services Tax (SGST)

As we discussed above, SGST will be applicable at the same rate and along with CGST on every taxable intra-state supply, but CGST will be controlled by the Central Government. SGST on the other hand is collected by the State Government and is governed by the SGST Act. Any tax liability under SGST then can be set off in opposition to SGST or IGST ITC only.

Union Territory Goods and Services Tax (UTGST)

UTGST is very similar to SGST which is applicable on the supply of goods/services in the Union Territories like Andaman and Nicobar Islands, Chandigarh, Daman Diu, Dadra, and Nagar Haveli, and Lakshadweep.
The UTGST is governed by the UTGST Act and the revenue earned is collected by the Union Territory government. The UTGST is a replacement for the SGST in Union Territories, but the concept of CGST will be the same.
For Instance, a dealer in Jharkhand is selling goods or providing some service to the consumer in the same state worth Rs. 40,000. The GST rate, let's say is 12% consisting of 6% CGST and 6% SGST, in such cases the dealer collects Rs. 4800 from which Rs. 2,400 will go to the central government and Rs. 2,400 will go to the State government.

Integrated Goods and Services Tax (IGST)

IGST is applicable on all inter-state supplies of goods and services. It is also applicable on the imports and exports of goods and services, and on supplying activities related to Special Economic Zones. In the case of interstate tax collection, instead of separately charging taxes for the Center and the State, the Government collects a single IGST, which is divided later
For Instance, if the dealer in Jaipur sold goods to a dealer in Patna worth Rs. 1,00,000. GST rate, let’s say be 12%, then in such cases the dealer has to charge Rs. 12,000 as IGST.

FREQUENTLY ASKED QUESTIONS

Answer: For the purposes of GST return filing, GSTR-8 form is to be submitted every month by every registered GST e-commerce operator/platform.Further, the operator/platform has to file an annual statement of returns filed by 31st December following the end of the Financial Year in which tax was collected.
Answer: Visit the official GST portal link https://services.gst.gov.in/services/searchtp and then login by giving valid credentials to track the status of GST return filing.