GST Return Filing
✔️Choose hassle-free GST return filing before the deadline. Our team of senior experts ensures timely submission.
✔️Get comprehensive support for GST returns filed monthly, quarterly, and annually, with assistance throughout the entire process.
✔️List of Documents needed
- PAN card of Company
- Certificate of Incorporation
- Articles of Association, AOA
All Documents
- Certificate of Incorporation
- PAN card of Company
- Articles of Association, AOA
- Memorandum of Association, MOA
- Resolution signed by board members
- Identity and address proof of directors
- Digital Signature
- Director’s Proof (Any 2 from the below)
- PAN Card of LLP
- LLP Agreement
- Partners’ names and address proof
- Director’s Proof (Any 2 from the below)
- PAN Card
- Address proof of proprietor
Director’s Proof (Any 2 to be shown as proof of address of a director)
- Telephone or Electricity Bill
- Driving License
- Bank Account Statement
- Ration Card
- Passport
- Voter Identity Card
- Aadhar Card
GST Return Filing - An Overview
GST return filing is a mandatory compliance process where businesses submit transaction details and tax information. It ensures standardization within the GST framework. Businesses registered under the Goods and Services Tax (GST) of 2017 must file GST returns on a monthly, quarterly, and annual basis. These returns include information on purchases, sales, output GST collected on sales, and input tax credit (ITC) on purchases.
GST returns consolidate information from GST invoices, receipts, payments, and other transactions. Timely filing by the specified due dates is crucial for taxpayers and business owners to avoid penalties.
Benefits of Timely GST Return Submission
Avoiding Penalties:
All businesses registered under the GST Act must file their GST returns online, regardless of their tax liability. Failure to do so on time can lead to penalties and interest charges at a rate of up to 18% per annum. Late filing fees range from ₹100 to ₹5000.
Maintaining Compliance Status:
Timely filing of GST returns is crucial to avoid notifications from the GST department and to uphold compliance. Inconsistent or irregular filing of returns may adversely affect business compliance.
Claiming Input Tax Credit:
Filing GST returns promptly enables businesses to claim input tax credit. This credit allows them to deduct the tax paid on purchases from the tax payable on overall sales. Businesses can utilize this credit effectively by ensuring timely GST return filing.
Reaping Government Initiatives:
Businesses and individuals filing GST returns promptly benefit from government schemes and incentives. This practice helps avoid interest and penalties while often enabling faster processing of refunds. Consistent filers generally qualify for such initiatives.
Enhanced Business Reputation:
Timely submission of GST returns demonstrates a business’s dedication to adhering to government regulations, bolstering its reputation for reliability and responsibility. This fosters trust among consumers, partners, and stakeholders, potentially enhancing investment opportunities.
Documents Required for GST Registration
Here is a list of documents required for GST return filings:
- Customer GSTIN
- GST invoices
- Place of supply
- B2B and b2c service in voices
- Bill number
- Credit or debit notes
- HSN summary of goods sold
- Amount of IGST, CGST, SGST applicable
- Required GST return forms
Eligibility Criteria for GST Return Filing:
Here are the eligibility criteria for filing GST returns. Businesses and dealers registered under the Goods and Services Tax Act 2017 must file GST returns based on their business nature and transactions. The following entities are required to file GST returns:
- Regular businesses registered under the Goods and Services Tax Act 2017.
- Entities registered under the composition scheme.
- Input service distributors, individuals, or entities deducting TDS and TCS.
- Businesses or individuals involved in supply chains.
- Taxpayers with an annual revenue exceeding ₹1.5 crore.
- Non-resident Indians conducting business activities with Indian citizens.
- E-commerce business owners and corporations.
- Individuals holding a Unique Identification Number (UIN).
- It is mandatory to file a NIL GST Return, even if there is no business activity for the month.
A Checklist for Filing GST Returns
Here is a collection of checklists to help you fill out your GST return. You must present several documents and individual clear-cut information on ITC claims while filing your GST returns online.
- Supply bill
- GST refunds
- List of all tax invoices
- Information regarding pending ITC
- Information on credit notes or cancelled sales
- Information on returned goods
- Check credit for reverse charge
- Cross verifying purchase bills
- Sale reversed post GST payment
- Information on GST reversal on purchases
Step-by-Step GST Return Filing Process
Below is a three step process for GST return filing in India
Step 1
Get in Touch With Our Experts
Step 2
Preparing and Updating invoices
Step 3
GST Return Calculation and Filing
Types of GST Returns and Their Due Dates in 2024
Here is a clear outline of different GST returns and their due dates in 2024:
GST Form |
Due Date |
|---|---|
|
GSTR-1 |
10 of Every Month |
|
GSTR-3B |
20 of Every Month |
|
GSTR-9 ( Turnover limit above -₹2cr) |
Annual, Due on 31 December |
|
GSTR-9C (Turnover limit above -₹5cr) |
Annual, Due on 31 December |
|
GSTR-10 |
Within 3 months of GST cancellation |
|
GSTR-11 |
For UIN Holders, As Applicable |
Penalties for Late GST Return Filing
Penalties for non-compliance, including late return filing and delayed GST payments, may vary from a fixed amount to a percentage of the tax due. Additionally, interest is levied on overdue payments, significantly impacting a company’s profitability and cash flow. Failure to file GST returns within the specified time limits will result in the imposition of interest and late fees:
The taxpayer calculates interest at an annual rate of 18% on the outstanding tax amount from the day after the filing deadline until the payment date.
Late costs are ₹100 per day per Act, totaling ₹200 per day (₹100 under CGST and ₹100 under SGST), maximum at ₹5000.
Better GST Compliance Rating
The government assigns a GST compliance rating to each registered business after considering a variety of parameters, including timely submission of annual and monthly returns. This offers information regarding input credits used, tax payments, and so on. Buyers are more likely to trust vendors with better compliance ratings. This allows businesses to select providers with the best track record of paying their bills on time.
Buyers can choose a more compliant vendor right immediately to avoid dealing with the consequences of vendor negligence later on, owing to the GST-compliance rating, which allows them to determine which vendors have the best track record of paying their dues on time. A higher vendor compliance score improves the buyer’s eligibility for an input tax credit.