What is GST return filing?

GST return filing refers to the process of submitting periodic tax returns to the tax authorities as per the Goods and Services Tax (GST) regulations in India. Registered taxpayers are required to file GST returns to report their sales, purchases, and tax liabilities. The returns provide information about the taxpayer's financial transactions during the specified period. GST returns vary based on the nature of the taxpayer's business and include details such as turnover, input tax credit, and tax payments. Filing GST returns accurately and on time is crucial for compliance and maintaining a smooth business operation.

Who should file the GST returns?

GST returns must be filed by all registered taxpayers in India. This includes businesses, individuals, partnerships, and entities engaged in the supply of goods or services. Regardless of the size or turnover of the business, filing GST returns is a mandatory requirement. Each taxpayer must file the appropriate GST returns based on their business category and comply with the prescribed deadlines set by the tax authorities.

Types of GST Filling

GSTR1 & GSTR3B – (6999/- p.a)

GSTR-1 is a monthly or quarterly return that businesses need to file, providing details of outward supplies made during a specific period. It includes information such as sales invoices, credit and debit notes, and details of exports and interstate supplies. GSTR-1 helps in reconciling the sales details with the buyers' GSTR-2A.

On the other hand, GSTR-3B is a monthly return summarizing the details of both outward and inward supplies, along with the payment of taxes. It serves as a self-declaration of the tax liability and acts as an interim return until the final GSTR-1, GSTR-2, and GSTR-3 are introduced. GSTR-3B allows businesses to report their tax liability and claim input tax credit.

GSTR9 – (4999/-)

GSTR-9 is an annual return that businesses need to file under the Goods and Services Tax (GST) regime. It provides a comprehensive summary of the taxpayer's outward supplies, inward supplies, input tax credit availed, and taxes paid during the financial year. GSTR-9 acts as a reconciliation statement between the taxpayer's books of accounts and the filed GST returns. It includes details from all the monthly or quarterly returns filed during the financial year. GSTR-9 ensures that businesses comply with GST regulations, provides transparency in tax reporting, and helps in the reconciliation of tax-related data for the respective financial year.

GSTR9C – (7999/-)

GSTR-9C is a reconciliation statement and audit report filed by taxpayers with an annual turnover exceeding a specified threshold. It is an accompanying document to the GSTR-9 annual return and serves to provide additional information and reconcile the financial statements with the GST returns. GSTR-9C is prepared and certified by a chartered accountant or a cost accountant, ensuring the accuracy and reliability of the financial information provided. The objective of GSTR-9C is to identify and rectify any discrepancies between the financial records and GST returns, ensuring compliance with the GST law and providing assurance to the tax authorities and stakeholders.

Composition Scheme Filing – (5999/-)

The Composition Scheme is a simplified tax scheme introduced under the Goods and Services Tax (GST) system for small businesses. Eligible taxpayers can opt for this scheme to ease their tax compliance burden.

Composition Scheme Filing refers to the process of filing GST returns for businesses registered under the Composition Scheme. These businesses are required to file quarterly returns, known as GSTR-4, instead of the regular monthly returns. GSTR-4 captures summarized details of outward supplies, inward supplies, and tax liability for the respective quarter. This simplified filing process reduces the compliance requirements for small businesses, allowing them to focus on their operations while ensuring GST compliance.

Benefits of GST Return Filing

Filing GST returns offers several benefits for businesses in India. Firstly, it enables businesses to comply with tax regulations and avoid penalties. Secondly, it helps in claiming input tax credits, reducing the tax liability. Thirdly, filing GST returns regularly enhances transparency and accountability in business operations. Additionally, it facilitates smooth business transactions by maintaining accurate records of inward and outward supplies. It also enables businesses to assess their financial position and make informed decisions. Overall, GST return filing ensures adherence to tax laws, promotes seamless operations, and fosters a transparent business environment.

Documents Required for GST Return Filing

To file GST returns in India, certain documents are necessary. These include sales and purchase invoices, debit and credit notes, records of input tax credit availed, and bank statements. Depending on the business, additional documents like export and import invoices, documents related to reverse charge mechanism, and supporting documents for exempt supplies may be required. Maintaining accurate records of these documents is crucial for seamless and accurate GST return filing.

Why to choose Book My Registration for GST Return Fillings

Book My Registration is the perfect choice for your GST return filing needs. Our team of experts ensures accurate calculations, timely submission, and compliance with all GST regulations. With our services, you can avoid errors, penalties, and the hassle of handling the complex GST filing process on your own. We provide reliable and efficient GST return filing services, allowing you to focus on your core business activities while leaving the compliance to us. Trust Book My Registration for a seamless and hassle-free GST return filing experience.