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The specifics of your purchase, tax charged on transactions, sales, and tax earned on sales are all shown on a GST Return. If your company has a turnover of more than 40 lakhs (if you sell physical goods) or more than 20 lakhs (if you provide services), you must apply for GST (if you supply services).
Tax calculation monthly
ITC Reconciliation
Output Tax Reconciliation
Company data on cloud
GST Return Filing Online (Monthly/Quarterly/Yearly)
GST Return Filing Online in India
Any individual, business, or limited liability partnership (LLP) registered under the GST Act is required to file Online GST Return with the administrative authorities to disclose sales, transactions, and tax paid.
As a businessman or firm, filing your GST return should be one of your top priorities. As a consequence, knowing the basics will help you make the process more successful and efficient. You must include all necessary details about your business activities, such as tax liability reports, tax payments, and any other important data as specified by the government, when filing a GST return.
The GST return must be submitted online via the GST portal. It is essential to provide a facility for the manual process of GST Return Filing Online tasks. This service allows Indian businesses to plan returns offline and then upload them to the GSTN through a facilitation center. There are some forms of filing a GST return that you should be aware of as well.
The GST return includes purchases, output GST on transactions, input tax credits as a consequence of GST paid on purchases, and gross sales. To file the GST return, you’ll need purchase invoices and GST-compliant sales.
Who is Eligible to File GST Returns?
Any daily business with an annual aggregate turnover of more than Rs.5 crore is required to file two monthly returns and one annual return under the GST regime. In a whole year, this is equal to 26 returns. Under the QRMP system, the number of GSTR-1 filings varies for quarterly filers. They file nine GSTR filings online each year, including the GSTR-3B and the annual return. Special cases, such as composition dealers with more than five GSTR filings per year, are expected to file separate returns of GST File Online.
As a businessman or firm, filing your GST return should be one of your top priorities. As a consequence, knowing the basics will help you make the process more successful and efficient. You must include all necessary details about your business activities, such as tax liability reports, tax payments, and any other important data as specified by the government, when filing a GST return.
The GST return must be submitted online via the GST portal. It is essential to provide a facility for the manual process of GST Return Filing Online tasks. This service allows Indian businesses to plan returns offline and then upload them to the GSTN through a facilitation center. There are some forms of filing a GST return that you should be aware of as well.
The GST return includes purchases, output GST on transactions, input tax credits as a consequence of GST paid on purchases, and gross sales. To file the GST return, you’ll need purchase invoices and GST-compliant sales.
A company tax return is nothing more than a declaration of the company’s earnings and expenses. If the company makes a profit, the tax must be paid on that profit. A company may also be expected to file TDS or pay advance tax in addition to filing taxes. A business’s tax returns will also provide information on its assets and liabilities.
Benefits of GST Return Filing
| Benefits of GST Return Filing | Particular | ||||
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Elimination of Cascading Effect |
The inclusion of GST in the Indian tax system eliminates other taxes such as the middle tax law, service tax, customs tax and state value added tax. So one GST removed the tax cascading effect. |
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Advantages of the upper limit |
Prior to the introduction of GST, VAT or value added tax was applicable to any business with an annual turnover of 20 lakhs. Services that saw a profit of less than 10 lakhs were not required to pay service tax.
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Benefits of Getting Started |
The previous start with an annual profit of 5 lakh had to pay VAT which would be very difficult for the business in the early stages. However, as GST has replaced VAT, businesses can deduct service tax on their sales. |
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E-commerce for fast delivery of goods
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Startups create a strong online presence by offering their services and products through their websites. Under VAT, there were many types of VAT rules, as well as the provision of goods online, that is, E-commerce had never been properly defined. For example, if you need to deliver goods to different regions, you will need to submit a VAT declaration first. After that, you will need to provide registration details for delivery trucks. In many cases, goods end up being confiscated by the authorities because of a lack of proper documentation. GST has now removed all confusing processes.
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Regulations and accountability
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The pre-GST period saw an informal tax filing system. Currently, all taxes are paid online and the major problems that were part of the tax fulfillment have been removed through the GST introduction process. This has led to more responsive industries and better tax control laws.
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Different Kinds of Returns under GST File Online
The different sorts of GST return filing to be made by the eligible taxpayer in India are as follows:
GSTR 1
GSTR 1 covers the data of the supplier’s outward supplies or services provided. The GSTR 1 must be registered by the 10th day of a month and include information like as:
- Last year’s total turnover
- Taxable outside supplies
GSTR 1A
GSTR-1A is an auto-generated GST File Online return that is electronically generated once the GSTR 2 is filed. It covers the parts of the changes made by the taxpayer and goes to the supplier who can take or refuse the amendments.
GSTR 2
GSTR-2 includes the knowledge of the inward purchases of taxable products and services during the month. It also includes the purchase on which a reverse charge is applicable. The last date of filing this return is the 15th day of the subsequent month, and therefore the return includes information such as Inward supplies except for the supplies on which a reverse charge is applicable.
- Internal supplies where tax is fit on reverse charge.
- TDS and TCS credit earned
GSTR 2A
GSTR 2A is an auto-generated Online GST Return that gives the taxpayer the information filed by the supplier. To file this return, you don’t need to do anything else.
GSTR 3
GSTR-3 contains information about any sale and purchase made during the month. This return also covers the taxpayer’s GST liability and is automatically filled out using details from GSTR-1 and GSTR-2. GSTR 3 is a monthly GST return with a deadline of the 20th of the following month.
GSTR 3B
GSTR-3B was a temporary return that provided information on outbound and inbound materials, GST liability, and a business’s input tax credit.
GSTR 4A
GSTR 4A is only applicable to composition dealers and contains details about the transactions made. It is produced automatically once the supplier submits the information against the composition dealer’s GSTIN.
GSTR 4
The GSTR-4 only applies to composition dealers. It’s a quarterly return that looks a lot like the GSTR-3. The deadline to file this return is the 18th of the month following the quarter’s end.
GSTR-5
GSTR 5 refers to GST-registered foreign non-resident taxable persons. It includes information on sales and transactions made by a non-resident, or a foreign supplier who has come to India for a limited time to make supplies but does not have a permanent business presence. The GSTR-5 form must be submitted by the 20th of the following month.
GSTR 6
GSTR 6 is for Input Services Distributors and contains information on the documents used to distribute input tax credits. The GSTR 6 must be filed by the 13th day of the following month.
GSTR-6A
GSTR 6A is a type that is created automatically and is used by Input Service Providers. Until the sup is complete, it is created on the 11th of the following month.
GSTR 7
The GSTR-7 form is for Tax Deducted at Source, or TDS, and it contains information about tax deductions made in a given month. It refers to taxpayers who subtract TDS and is due by the 10th of the following month.
GSTR-7A
The TDS certificate populated after the Tax Deductor files the GSTR 7 is GST6 7A.
GSTR 8
GSTR 8 is required to be filed by the 10th of the following month by e-commerce operators who collect TCS (Tax Collected at Source).
GST Annual Return- GSTR 9
Annual GST Return (GSTR-9) is need to be submitted by by the 31st of December each year, even if the return is zero. It contain every sale related data, purchase data, export or import and other tax paid or received. It’s a tally of all the monthly and quarterly GST returns filed during the calendar year.
GSTR 9 and GSTR 9C due dates have been extended to December 31, 2019, for the fiscal year 2017-18 and March 31, 2020, for the fiscal year 2018-19.
GSTR 9A
GSTR 9A is an annual GST return that taxpayers who have chosen the Composition Scheme must submit. The deadline for filing this return is the 31st of December of the following fiscal year, and it contains cumulative details from all of the previous quarter’s returns.
GSTR 10
When a taxpayer’s GST registration is surrendered or canceled, he or she must file GSTR-10. It must be filed within three months of the cancellation or surrendering of the license.
GSTR-11
Individuals with a Unique Identity Number (UIN) who wish to receive a refund on transactions made in India must file GSTR 11. GSTR 11 may be filed by foreign embassies or diplomatic entities that have a UIN.
How to File GST Return Online?
GST return filing is a comprehensive procedure that involves three main steps that any GST taxpayer must follow.
Step 1: Collecting the documents and invoices is the first step.
To upload their annual return invoices on the GST portal, all registered taxpayers must gather the required documents and invoices.Both records and invoices must be held in an electronic format.
Step 2: Ready to File GST Return Online
To begin filing your GST returns, you’ll need all of the details and documents. Either the taxpayer or an expert appointed by him/her will keep track of invoices, and by the end of the month, he/she will be able to conveniently file GST returns online via the GST portal.
Step 3: Important Pre-Compliances to Make Before Filing Your GST Return
Until submitting the GST return, the first step would be to review the GST filing and documents. The further step is to cross check all records, invoices, and documents are in order. After you’ve double-checked all of your records, you can file your GST returns online.
After the return has been successfully filed, the ARN number will be produced.
Documents Required for Annual GST Return
Below specified documents are required for GST File Online –
- Invoices List (B2B Services, B2C Services)
- GSTIN of the Customer
- Invoice Types and Number
- Place of Supply
- Rate of GST Filing Fees
- Taxable Value
- Cost of CGST, SGST, IGST, and GST Cess applicable.
- Consolidated intra-state and inter-state sales.
- HSN-wise report details.
- Summary of important documents i.e. Debit and Credit Note.
Penalty for not Filing Online GST Return
Postponed GST Penalty for Failure to File GST Returns on Time Return filing may have a hallucinatory impact, resulting in hefty fines and penalties. Taxpayers must pay interest and a late fee if GST returns are not filed within the specified timeframe. In addition, an annual interest rate of 18% will be needed. Nonetheless, the taxpayer will figure out how much interest would accrue on the unpaid tax. The GST Filing Fees late fess of return consists of Rs. 100 per day per Act, Rs. 100 per day under the CGST, and Rs. 100 per day under the SGST, for a total of Rs. 200 per day. Rs. 5000 is the highest volume. (The Integrated Goods and Services Act is exempt from this requirement.)
- The filing of returns is required under the GST rules. If no transaction has occurred, you must file a Nil return.
- You will be unable to complete the return filing process if you have not yet completed the previous quarter/month return.
- You will be subject to severe penalties and fines if you fail to file your GST return on time.
- As soon as a delay occurs, the GSTR 1 late filing penalty will be applied to the GSTR-3B liability ledger.
Why Choose AapkaCA?
AapkaCA is India’s leading business services platform, providing end-to-end GST File Online and return filing services. Every month, AapkaCA assists tens of thousands of business owners in filing their GST returns, and we can assist you in filing your GST returns as well.
When you outsource Annual GST Return filling to AapkaCA, your company will be assigned a dedicated GST Advisor. Every month, the dedicated Advisor will contact you, gather the required details, prepare the Online GST Return, and assist you in filing it. The following are some of the benefits of outsourcing your GST Return Filing Online to AapkaCA:
- The estimated duration to file a GST return is 1 to 3 working days, based on the needs of the government portal and the submission of client documents.
- LEDGERS Accounting Software with GST Portal Integration and eWay Bill Software is a premium version made available for customers.
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