What is GST Filing?
GST filing in India refers to the process by which registered businesses submit their periodic financial information, sales, and purchase details to the government through the Goods and Services Tax (GST) portal. It is a crucial aspect of the GST regime, contributing to transparency, accountability, and the overall compliance of businesses with tax regulations.
Businesses engaged in the supply of goods or services are required to file various GST returns on a regular basis. The key GST filings include GSTR-1, which details outward supplies, and GSTR-3B, a monthly summary of sales and purchases. Additionally, businesses are required to file an annual return, GSTR-9, providing a comprehensive overview of their financial activities throughout the fiscal year
Who Needs to File GST Returns?
Businesses in India are required to file Goods and Services Tax (GST) returns based on specific criteria outlined by the tax authorities. The GST return filing requirements are primarily determined by factors such as the nature of the business, turnover, and the type of supplies made. Entities meeting the threshold limits, engaging in inter-state transactions, or operating under special schemes like the Composition Scheme are typically obligated to file GST returns. The various GST return forms, such as GSTR-1 for outward supplies, GSTR-3B for monthly summaries, and GSTR-9 for annual returns, cater to different aspects of business transactions. GSTR-4 is applicable for businesses under the Composition Scheme, while e-commerce operators file GSTR-8. Adhering to the GST return filing requirements and submitting the appropriate forms within the prescribed deadlines is crucial for businesses to maintain compliance with GST laws and avoid penalties.
Types of GST Returns
| GST Return |
Purpose |
Frequency |
| GSTR-1 |
₹Reports details of outward supplies or sales made by registered businesses. It includes information on invoices issued during a specified period. |
Monthly (except for small taxpayers with a turnover up to ₹1.5 crores, who can file quarterly). |
| GSTR-2A |
A read-only document that auto-populates based on the GSTR-1 filed by the supplier. It serves as a purchase-related document for the recipient. |
Auto-populated monthly. |
| GSTR-3B |
A summary return that captures summary information of outward and inward supplies, along with tax liability and input tax credit (ITC) details. |
Monthly for most taxpayers; smaller taxpayers with a turnover up to ₹5 crores have an option to file quarterly. |
| GSTR-4 |
Filed by taxpayers registered under the Composition Scheme, providing a summary of quarterly tax liabilities and payment details. |
Quarterly. |
| GSTR-5 |
For non-resident taxpayers who are involved in supplying goods or services in India. It includes details of inward and outward supplies along with tax liability. |
Monthly |
| GSTR-6 |
Filed by Input Service Distributors (ISD) to report the details of input tax credit distributed to various branches. |
Monthly |
| GSTR-7 |
Submitted by taxpayers required to deduct tax at source (TDS). It contains details of TDS deducted and deposited. |
Monthly |
| GSTR-8 |
Filed by e-commerce operators to report details of supplies made through their platforms and tax collected at source (TCS). |
Monthly |
| GSTR-9 |
The annual return summarizing the details furnished in monthly or quarterly returns during the financial year. |
Annually |
| GSTR-9A |
Filed by Composition Scheme taxpayers, providing an annual summary of tax liabilities and payments. |
Annually |
| GSTR-10 |
The final return to be filed when a taxpayer's GST registration is canceled or surrendered. |
Once, at the time of cancellation. |
| GSTR-11 |
Furnished by persons with a Unique Identity Number (UIN) who are entitled to claim a refund for taxes paid on their purchases. |
Monthly |
GST Filing Due Dates
The GST filing due dates in India vary based on the type of GST return. It's crucial for businesses to adhere to these deadlines to avoid penalties for late GST filing. Some key GST return due dates include:
1. GSTR-1 (Monthly Return for Outward Supplies): Due by the 11th of the succeeding month.
2. GSTR-3B (Monthly Summary Return): Generally due by the 20th of the succeeding month.
3. GSTR-4 (Quarterly Return for Composition Taxpayers): Due by the 18th of the month succeeding the quarter.
4. GSTR-5 (Monthly Return for Non-Resident Taxpayers): Due by the 20th of the succeeding month.
5. GSTR-6 (Monthly Return for Input Service Distributors): Due by the 13th of the succeeding month.
6. GSTR-7 (Monthly Return for Tax Deducted at Source): Due by the 10th of the succeeding month.
7. GSTR-8 (Monthly Return for E-commerce Operators): Due by the 10th of the succeeding month.
8. GSTR-9 (Annual Return): Due by December 31st of the subsequent financial year.
Steps to File GST Returns
Step-by-step guide on how to file GST returns in India, incorporating information on preparing invoices, reconciling data, and utilizing the GST portal with Legal Dev Expertise:
1. Prepare Invoices:
- Ensure all sales and purchase invoices are accurately prepared with the required details, including GSTIN, invoice number, date, and item-wise details.
- Categorize transactions as per GST tax rates (5%, 12%, 18%, or 28%) for both sales and purchases.
2. Maintain Accurate Records:
- Maintain comprehensive records of all transactions, including invoices, purchase orders, and receipts.
- Keep track of Input Tax Credit (ITC) on purchases to claim the correct credits during return filing.
3. Use Legal Dev Expertise:
- Leverage the expertise of Legal Dev or other professional services to ensure compliance with GST laws, timely filings, and accurate documentation.
4. Choose the Right Return Form:
- Identify the applicable GST return form based on your business type and turnover. Common forms include GSTR-1 for outward supplies, GSTR-3B for summary returns, and GSTR-9 for the annual return.
5. Access the GST Portal:
- Log in to the GST portal using valid credentials provided during GST registration.
6. Select the Appropriate Return Filing Section:
- Navigate to the "Services" section and choose "Returns Dashboard."
7. Initiate Return Filing:
- Select the relevant return form (e.g., GSTR-1 or GSTR-3B) and the applicable tax period for filing.
8. Enter Details:
- Enter the details of outward supplies, inward supplies, and any adjustments in the specified sections of the chosen return form.
9. Reconcile Data:
- Reconcile the data entered with your records to ensure accuracy and resolve any discrepancies.
10. Legal Dev Guidance:
- If utilizing Legal Dev Expertise, follow their guidance on specific entries, adjustments, or compliance requirements to ensure accurate and compliant return filing.
11. Verify and Submit:
- Verify all details entered and cross-check for errors before submitting the return.
12. Payment of Tax:
- Pay any applicable tax liabilities using the online payment options available on the portal.
13. Legal Dev Review:
- If working with Legal Dev, allow them to review the return for compliance and accuracy before final submission.
14. Acknowledgment and Filing:
- After successful submission, obtain the acknowledgment of the filed return from the GST portal.
15. Record Acknowledgment:
- Keep a record of the acknowledgment for future reference or audit purposes.
By following these steps, businesses can navigate the GST return filing process in India efficiently, ensuring compliance with GST laws and leveraging the expertise of services like Legal Dev for added guidance
Documents Required for GST return filing
- Purchase and sales invoices
- Details of outward supplies
- Details of inward supplies
- Input tax credit details
- Details of payment of tax
- Details of tax collected at source (TCS)
- Details of tax deducted at source (TDS)
Seamless GST Return Filing with Legal Dev
-How will the service be delivered?
The services from Legal Dev will be delivered through their user-friendly online platform. Clients can access the platform to submit information and documents seamlessly. The online interface ensures convenience and ease of use, enabling businesses to interact with the platform at their own pace. Legal Dev's expertise is leveraged through this digital platform, ensuring efficient service delivery for GST return filing.
How will the information or documents be collected?
Legal Dev streamlines the collection of information and documents by utilizing secure digital channels. Clients can submit the necessary data through the user-friendly online platform provided by Legal Dev. This digital approach ensures a secure and efficient process for sharing invoices, financial records, and other relevant documents required for GST return filing. The platform is designed to facilitate easy document submission
Common GST Filing Errors
Common GST filing errors can lead to various consequences, including fines, penalties, and disruptions in business operations. Some frequent mistakes to avoid during GST filing include errors in reporting turnover, incorrect data entry of invoices, failure to reconcile Input Tax Credit (ITC), and submitting late or inaccurate returns. Additionally, overlooking the filing of GST returns or incorrectly applying tax rates can lead to compliance issues. To prevent these errors, businesses should implement thorough record-keeping practices, regularly reconcile their accounts, and stay updated on changes in GST regulations. Utilizing GST-compliant accounting software can help streamline the filing process and reduce the likelihood of errors.
GST Filing Penalties
Failure to comply with timely and accurate GST filing in India attracts penalties and financial consequences. Businesses encountering delays in filing GST returns face a late filing penalty, calculated daily until the completion of filing. Additionally, late payment penalties are imposed on delayed GST liabilities, calculated as a percentage of the outstanding tax amount. Providing incorrect information, under-reporting transactions, or misrepresentation in returns leads to penalties, typically calculated as a percentage of the tax under-reported. Non-filing of GST returns incurs penalties, increasing over time until the returns are filed. Interest on late payments is charged separately, calculated from the due date until the actual payment. To rectify errors and minimize penalties, businesses should regularly reconcile books with GST returns, avail the option to revise returns within the specified time, seek professional guidance, respond promptly to notices, and establish robust internal controls to prevent filing errors. Adherence to these measures is crucial for maintaining positive compliance, avoiding penalties, and fostering a smooth GST filing process.
GST Annual Return Filing
The annual GST return, known as GSTR-9, plays a pivotal role in GST compliance for businesses in India. It serves as a consolidated summary, reconciling the financial transactions reported in regular GST returns throughout the fiscal year. The importance of GSTR-9 lies in providing tax authorities with a comprehensive overview of a business's operations, aiding in the verification of the accuracy and transparency of financial data. The filing process involves detailing outward and inward supplies, input tax credit (ITC) utilization, taxes paid, and other relevant particulars. Accuracy in reporting is crucial to avoid penalties and potential audits. Key details required for GSTR-9 filing encompass turnover details, tax liability, ITC availed and utilized, and information about demands and refunds.
Conclusion
Our online GST return filing service is designed to save you time and effort. By choosing Legal Dev, you can file your GST returns online from the comfort of your own home or office, without having to worry about the nitty-gritty details of the process. We take care of all the paperwork and compliance requirements, allowing you to focus on your core business operations.
Our team of experienced professionals is dedicated to providing prompt and reliable GST return filing services to our clients. We understand that timely filing of GST returns is crucial for businesses, and we ensure that all deadlines are met without fail. Our aim is to help you stay compliant with GST regulations, while also minimizing your tax liability.
Let’s Clear All Doubts!
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What is GST Return Filing?
GST Return Filing is a process of submitting the details of the inward and outward supplies of goods and services along with the tax liability and tax paid to the government. It is mandatory for all registered taxpayers under GST.
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Who should file GST Returns?
All registered taxpayers under GST, including regular taxpayers, casual taxpayers, and composition scheme taxpayers, need to file GST Returns..
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What are the types of GST Returns?
There are several types of GST Returns, including GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, and GSTR-9.
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What is the due date for filing GST Returns?
The due date for filing GST Returns varies based on the type of GST Return. For example, the due date for GSTR-1 is the 11th of the following month, while the due date for GSTR-3B is the 20th of the following month.
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What happens if GST Returns are not filed on time?
Late filing of GST Returns attracts a penalty of Rs. 50 per day for each day of delay, subject to a maximum of 0.25% of the taxpayer's turnover.
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Can GST Returns be revised?
Yes, GST Returns can be revised multiple times until the due date of filing the annual return for that financial year.