What is GST Return?
All persons, i.e., every individual/company/LLP registered under the GST Act who is applying for the GST return online Filing, have to file a GST annual return. As a business owner, your primary duty is to run your business and earn a profit, but on the same basis, you have to file your GST return on a priority basis.
GST Returns in Panchkula, Chandigarh
Hence, Legal Pillar’s’ platform of professionals providing CA Online Services all over India can help you make the process smoother and simpler. A Tax Return is a document containing details of income that a taxpayer is expected to file with the tax administrative authorities.
This is done by tax authorities to determine tax liability. All processes are completed electronically in the GST Portal when filing a GST Return/Online GST Return. It states all aspects linked to GST invoices, payments, and receipts for a specific period.
A taxpayer is liable to report all transactions related to the income of the business, based on which the authorities will determine the amount of tax to be paid by the business. Both the process and the GST Filing Fees are lower at Legal Pillars.
A GST registered person has to apply for GST return filing that includes:
Total Purchases and Total Sales
Output GST (GST paid by customers/on sales)
Input Tax Credit (GST paid by the business for purchases or buying)
Once the process of GST Return Filing Online is done, a registered applicant can check the Online GST Return status. Also, comply with the necessary requirements accordingly. Before you know the procedure of the online GST return, understand its 11 types; all forms have different due dates.
Type of GST Return Forms
GSTR-1
GSTR-2
GSTR-3
GSTR-4
GSTR-5
GSTR-6
GSTR-7
GSTR-8
GSTR-9
GSTR-7A
GSTR-1
Under the Online GST Return system there is GSTR-1. Details of all outside supplies of taxable goods and services to be listed by registered taxable suppliers. The GSTR 1 due date to register this form is the 10th of the next month.
GSTR-2
While doing Online GST Return filing, GSTR-2 contains all information on all internal supplies of taxable goods and services to be listed by the registered taxable recipient of the goods and services. The due date for registering this form is the 15th of next month under the Online GST Return regime.
GSTR-3
This form will be filled automatically based on outside supplies and internal supplies with the payment of tax provided in GSTR-1 and 2. The form will be created by 20th of the next month under the Online GST Return process.
GSTR-4
This form includes the details of outward supplies, tax payable and payment of tax. The due date of filing this form is the 18th of the month succeeding quarter under GST Return Filing Online system.
GSTR-5
This form includes the details of outside supplies, imports, input tax, tax paid and remaining stock. This form is for non-resident taxable persons and files by the 20th of the next month.
GSTR-6
It includes the information of return for input service distributor. Plus it is filed by the input service distributor by 13th of the next month.
GSTR-7
This form carries information about the tax deduction. The due date to GST File Online of this form is the 10th of the next month through GST Return Filing Online regime.
GSTR-8
It includes the details of every supply made by an e-commerce operator and the amount of tax collected. This is filed by an e-commerce operator or tax collector by the 10th of each month.
GSTR-9
Annual return GST filed by an enrolled taxable person by 31st December of the next fiscal year.
GSTR-7A
It is known as the TDS certificate which is made as soon as the GSTR filing is done by the tax deductor in Form GSTR-7. The Assessee practices it for maintaining records.
Removal of the Cascading Effect
GST Registration introduction into the Indian tax system has cut down all the taxes like central excise duty, service tax, customs duty, and state-level value-added tax. Therefore a single GST Registration has reduced the cascading impact of tax on tax.
More eminent threshold benefits
Before GST Registration was included, VAT was appropriate for any business that had a yearly turnover of 20 lakhs. Services that marked a turnover of fewer than 10 lakhs are not payable for service taxes.
E-commerce and Start-ups
Start-ups are making a strong presence online giving their services and products by their websites. Under VAT, there were various types of VAT laws, and the supply of goods by online i.e. E-commerce was never a well-defined one. GST Registration has now removed all such complex processes.
Regulations and liability
The pre-GST time saw a disorderly tax filing system. Directly, all taxes are paid online and major troubles that were a part of tax filing have been dropped in the process of adding GST. This has appeared in industries becoming more liable and tax filing laws are better organized than before
Eligibility for GST Return Filing Online
In the GST Return Filing Online norms, any legal business has to file 2 monthly returns and one Annual GST Return. Online GST Return is compulsory for all the entities that make no sale/purchase in a year in the form of nil- returns. Main Returns to be filed in GST are GSTR-3B (which is a monthly summary of input and output) and GSTR 1 (details of outward supplies).GSTR 3B is to be filed every month by 20th.
The best element in this system one has to manually access details of one monthly return – GSTR-1. The other return – GSTR 3B will get auto-populated by receiving information from GSTR-1 filed by you and your vendors. All taxpayers have to file returns regularly. The annual taxpayers like foreign non-residents, casual taxpayers, and Input Service Providers (ISD) must register returns repeatedly.
Simple and Least Compliances
Registration under GST cuts down all the indirect tax into one. Its registration has become user-friendly. The taxpayers have to pay a single indirect tax that is GST. No additional compliance and processing. Simple form completion and submission.
Reduce the Burden of Tax
Online GST Registration helps decrease the tax burden on small scale industries and business by giving a single indirect tax all over India. The GST Registration process is much easier and GST Registration fees is also less.
Get Input Tax Credit
Sellers, Dealers, and traders register under GST can demand input tax credit already paid on purchases.
E-Commerce Business
GST certification has provided a major advantage for the e-commerce website because without a GST registration number no one can start an online E-Commerce business. For example snap deals, Nykaa, club factory Myntra, etc. It must have New GST Registration before starting his business.
Heightening Economy
The decline of the tax burden has shown to enhance the consumption level. As we know that when the price drops down the consumption rises. This is the precise situation where the tax rates have declined and as a result consumption level has risen. This, in turn, will increase productivity and heighten the economy in the long run.
Documents Required for the GST Return Filing
There are different according to the types of GSTR. But the common documents are:
GSTIN
Legal Name of the registered person
Transportation and billing location
TDS and TCS received
Turnover Details ( Previous year)
Tax paid and payable details
Details of supplies made by the e-commerce operator
Imported goods/services
Outward supplies made intrastate
Details of interest and supplies
Tax payable on closing stock
UIN of the registered person
Procedure for GST Return Filing Online
GST File Online as a Single Checklist
A GST expert manager of Legal Pillers will get in touch with you to tell you about your due date of GST Filing. You will get a list of your documents required along with a simple checklist. You require to fill up that checklist and submit along with your documents for processing. We will help in GST File Online.
Preparation for Online GST Return
Our professional team providing CA online services all over India will validate documents and continue with return preparation. During the process, your dedicated Income Tax Consultants will tell all about updates on the progress of the GST Return/online GST Return.
GST Return Filing Online
We will get your return examined from you before GST File Online. After all compliance and examination, we will file the GST Return Filing Online. Upon successful filing, we will email the return receipt to your registered email ID with us. Our Income tax consultant will help and guide you regarding all aspects of GST Return Filing Online process.
Late Fees/Penalty for GST Return Filing
In case the taxpayer declines to create GST Return filing, file the returns inside the time limits, then he/she will be required to pay a penalty which is a late fee. The late fee (charges) will be Rs.20 per day if it is NIL return or only purchases. Rs 50 will be imposed if we neglect to furnish the sales. Thus, it will come about Rs.25 under the CGST and repeat Rs.25 under the SGST.
The entire amount to be paid will be Rs.50 per day. The highest penalty can be Rs. 5000.The IGST does not levy any late fees. However GST Filing Charges/fees is very nominal at our platform. To find CA Near Me is most important for your business.
We at DAR & COLLP have a panel of well versed Chartered Accountants and other Certified GST professionals having vast experience in GST related matters. By our platform you will be able to get CA Near me service to find CA Services Online or Income Tax Consultants. Annual GST Return is also required to file after the year.
All businesses in India require proper tax consultancy so that they can be liable for any kind of penalty levy and they can run their business smoothly. We at DAR & COLLP provide dedicated Income Tax Consultants to your business so that you can ask any kind of query to them any time. For getting information over GST Filing Charges or GST Filing fees do connect our professionals. We always offer most reasonable GST Filing fees for newly registered start-ups or enterprises.
Here are some supports which we are giving to you as-
Dedicated Professionals for managing your GST Account
All possible approach to save you from additional tax burden
Proper assistance over input credit
Assistance in invoicing and HSN code
Connect today to our heavy discount of GST Registration and its return related work.
Connect today to our heavy discount of GST Registration and its return related work
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