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GST Return Filing An Overview

Below are the main advantages of sole proprietorship registration in India:

GST return filing is a mandatory compliance process for businesses registered under the Goods and Services Tax (GST) regime, introduced in 2017. This process involves reporting business transaction details and tax information, thereby helping to standardize the GST framework and ensure proper tax collection and credit allocation.

The filing process includes submitting data on sales, purchases, output GST (tax collected on sales), and input tax credit (ITC) from purchases. Businesses are typically required to file GST returns monthly, quarterly, or annually, depending on their turnover and specific GST filing category. Each GST return summarizes details from invoices, receipts, payments, and other relevant financial transactions. To avoid penalties and maintain compliance, it is crucial for taxpayers to file their GST returns by the specified due dates.

Benefits of Timely GST Return Submission

Here are some of the benefits of timely GST returns filing:

Avoiding Penalties

Irrespective of the tax liability, all businesses registered under the GST Act should file their GST returns online. Failure to file GST returns on time may result in penalties and interest at a rate of up to 18% per year. Late fees of ₹100 up to ₹5000 are being charged for late filing.

Maintaining Compliance Status

Filing GST returns before the deadline helps to avoid notice from the GST department and maintains compliance. Any regularities or inconsistencies in filing returns may reflect negatively on business compliance.

Claim Input Tax Credit

Filing GST returns on time helps businesses claim input tax credit. This allows them to easily deduct payable tax on overall sales and the tax paid on purchases. Businesses can use this credit by filing GST returns on time.

Documents Required for GST return filings

Here is a list of documents required for GST return filings:

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  • 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 is a list of eligibility criteria for GST return fillings. Business owners and dealers registered under the Goods and Service Tax Act 2017 should file for GST returns accordingly based on the nature of the business and transaction. The following entities should definitely file for GST returns:

  • Regular businesses registered under the Goods and Service Tax Act 2017
  • Entities registered under the composition scheme
  • An input service distributor individuals or entities deducting TDS and TCS
  • Businesses or individuals running supply chains
  • Tax payers generating revenue over ₹1.5 crore annually
  • Non residential Indians who conduct business activities with Indian citizens
  • E-Commerce business owners and corporations
  • Individuals holding a unique identification number or UIN
  • It is mandatory to file a NIL GST Return, even if there is no business activity for the month.

Checklist for GST Return Filing

Here is a list of checklists for GST return fillings. Filing your GST returns online requires you to submit multiple documents and individuals clear cutting information on ITC claims.

  • 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

FAQs on GST Return Filling

What if I miss a GST return deadline?

Missing a GST return deadline may incur penalties, including late fees and interest charges. To avoid this, file the return as soon as possible and pay any outstanding taxes to mitigate penalties.

How can I check my GST return filing status?

Check your GST return filing status online by logging into the GST portal and navigating to the ‘Services’ section. Select ‘Returns Dashboard’ to view the status of your filed returns, including whether they are submitted, pending, or processed.

Do you need a CA for GST filing?

Hiring a Chartered Accountant (CA) for GST filing is not mandatory, but their expertise can ensure accurate and timely filing, helping avoid errors and potential penalties. Connect with our experts if you are unsure about compliance requirements.

What is the filing period for GST?

The filing period for GST varies based on your business turnover and registration type. Generally, regular taxpayers file monthly returns, while composition schemes taxpayers file quarterly returns.

Is the GST filing monthly or quarterly?

GST filing frequency depends on your turnover and registration type. Regular taxpayers usually file monthly returns, while those under the composition scheme file quarterly returns.

Is monthly GST return mandatory?

Monthly GST return filing is mandatory for regular taxpayers whose turnover exceeds the prescribed threshold. However, the composition scheme taxpayers file returns on a quarterly basis.

How do I file a zero return in GST?

To file a zero return in GST, log in to the GST portal, select the appropriate return form, and fill in the details indicating zero transactions for the taxable period. Submit the form to complete the filing process. If you need assistance, get in touch with our experts today.