TAX
PaieOverview of GST Return Filing
Ensure Timely and Accurate GST Return Filing with Expert Assistance
Filing GST returns is a mandatory requirement for businesses registered under the Goods and Services Tax (GST). It involves submitting tax details related to sales, purchases, input tax credit (ITC), and output tax liability. Accurate and timely GST return filing is essential to maintain compliance and avoid penalties or legal issues.
At Taxpaie, we offer GST return filing services to businesses of all sizes and industries. Our team of GST experts ensures that your returns are filed correctly and on time, helping you navigate the complexities of GST compliance and taxation.
What is GST Return Filing
GST Return Filing refers to the process of submitting periodic GST returns with the GST authorities. These returns include details about your business’s sales, purchases, output tax (tax collected on sales), and input tax (tax paid on purchases). The primary goal of GST return filing is to ensure the correct payment of tax to the government and claim input tax credits wherever applicable.
There are different types of GST returns based on the nature of the business and the type of transactions. The filing process also depends on the specific GST form that needs to be submitted.
Types Of GST Returns
GSTR-1:Sales Return: This return contains the details of all outward supplies (sales) of goods or services made during the month or quarter. It includes information about taxable sales, GST rates, and HSN/SAC codes.
Due Date: Generally due on the 11th of the following month for monthly filers, or the 13th of the following month for quarterly filers.
GSTR-2B:Auto-populated Purchases Return: This is an auto-populated return that reflects details of the purchases made by the taxpayer, which is based on the returns filed by suppliers. This helps in matching the input tax credits.
Note: GSTR-2B is not filed manually by the taxpayer but is used to verify and reconcile purchases.
GSTR-3B:Monthly Summary Return: GSTR-3B is a self-assessed summary return that includes the summary of sales and purchases during the period, tax liability, and input tax credit (ITC). It is used for payment of tax and claiming ITC.
Due Date: Generally due on the 20th of the following month.
GSTR-9:Annual Return: This return contains the annual summary of sales and purchases. It reconciles the information filed in GSTR-1 and GSTR-3B with the annual financial records.
Due Date: Generally due on the 31st of December following the end of the financial year.
GSTR-9C:Reconciliation Statement: This form is used for reconciliation of financial statements with the GST returns filed during the year. It is applicable to businesses whose turnover exceeds Rs. 5 crore.
Due Date: Along with GSTR-9, usually by 31st December.
GSTR-4:Return for Composition Scheme: This return is filed by businesses under the GST composition scheme. It summarizes the sales and tax paid during the quarter.
Due Date: Generally due on the 30th April of the month following the year.
GSTR-5:Non-Resident Taxable Person: This return is filed by non-resident taxable persons who are temporarily operating in India. It includes information about sales, purchases, and tax paid.
Due Date: On or before the 20th of the following month.
GSTR-6:Input Service Distributor: This return is for input service distributors who receive and distribute input tax credit to other branches or units of the company.
Due Date: Generally due on the 13th of the following month.
GSTR-7:Tax Deducted at Source (TDS): This return is for entities that deduct tax at source under GST provisions. It includes details of the TDS deducted and the tax paid.
Due Date: Generally due on the 10th of the following month.
GSTR-8:E-commerce Returns: This return is for e-commerce operators who are responsible for collecting tax at source (TCS) from sellers on their platforms. It includes the details of the tax collected at source.
Due Date: Generally due on the 10th of the following month.
Benefits of GST Return Filing
At Taxpaie, we provide comprehensive GST return filing services to businesses of all sizes. Our services include:
1. GST Registration
If you haven’t registered yet, we assist with GST registration based on your business type, ensuring compliance
2. Accurate GST Filing
We file your GST returns on your behalf, ensuring all details—such as sales, purchases, input tax credits, and tax liabilities—are accurately captured.
3. Timely Filing
Our team ensures that your GST returns are filed before the due date, helping you avoid late fees and penalties
4. Reconciliation and ITC Claim
We ensure that your purchase and sales invoices are reconciled, and eligible ITC is claimed, reducing your tax burden
5. GST Compliance Review
We provide a comprehensive review of your GST compliance and assist with any adjustments needed to ensure smooth filing
6. GST Audit Assistance
In case of audits, our team provides support in preparing for GST audits and managing disputes
7. Expert Consultation
We offer ongoing consultation and guidance on GST planning, helping you make the most of available tax benefits
Importance of GST Return Filing
1. Avoid Penalties and Interest
Filing your GST returns on time helps you avoid penalties, interest, and legal consequences due to non-compliance
2. Tax Credit
: Filing GST returns correctly ensures that you can claim Input Tax Credit (ITC) for the tax paid on business-related purchases and offset it against your tax liability.
3. Accurate Tax Payment
Timely filing ensures that you make the correct tax payments, avoiding issues with GST authorities.
4. Audit and Compliance
GST returns are used by authorities to assess whether your business is compliant with GST laws and whether the taxes have been paid correctly. Non-filing can raise red flags and invite audits
GST Return Filing Fees
The cost of our GST return filing services depends on the number of returns, the complexity of your transactions, and your business’s size. We offer customized pricing to suit your specific needs. Contact us today to receive a personalized quote based on your business requirements.
Frequently Asked Questions
What are GST Returns?
Who needs to file GST Returns?
What types of GST Returns are there?
When is the due date for GST Returns?
What happens if I miss the GST return due date?
Can I revise GST returns?
What is GSTR-3B?
What documents do I need for filing GST Returns?
Other Services
ROC Filing
Other Services
GST Advisory Services
Navigating the GST landscape can be complex for businesses due to frequent amendments and updates to the law.
GST Annual Return Filing
GST Annual Return Filing is the submission of your summary of transactions, sales, purchases, and ITC to authorities.
GST LUT Filing
The Letter of Undertaking (LUT) is a document that allows businesses to export goods or services without paying any GST on the exported items.
GST Notice Reply
Businesses may receive notices from GST authorities due to discrepancies in returns, tax assessments, or non-compliance with regulations.
GST Registration Cancellation
Businesses may cancel their GST registration if they stop making taxable supplies, fall below the threshold, or for other reasons.
GST Registration
GST Registration is the process of registering a business with the Goods and Services Tax authorities, making it a taxpayer.
Get In Touch
Whether you're an entrepreneur just starting out or a business looking for expert tax and GST advice, Taxpaie is here to help. Contact us today to learn more about how we can assist you in navigating the regulatory landscape and achieving your business goals with confidence.
Let us handle the complexities, so you can focus on building your future.