GST Returns Filing
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GST Returns Filing
GST Returns Filing in Ahmadabad Bangalore Chennai Kolkata Mumbai Jamshedpur
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. In the GST regime, any regular business has to file three monthly returns and one annual return.
GST return filing is completely an online process in India. GST filing is a very easy and quick process. However, it is necessary that returns are filed correctly and error-free to ensure that GST credit can be passed on to the next stage. All you need is GST website login credentials to get started. Once your GST registration is done, filing a GST return is mandatory. Non-filing of the same entails heavy penalties.
All registered persons under GST are required to file various returns. The main returns to be filed are GSTR-3B (which is a monthly summary) and GSTR 1 (details of outward supplies).
GSTR 3B is to be filed every month by the 20th. However, the government has recently introduced QRMP Scheme according to which if the turnover for a business for the previous year is up to 5 crores, you can pay your GST on monthly basis and file your GSTR 3B quarterly.
Suggested read: QRMP- Quarterly Return filing & Monthly Payment of Taxes – A Scheme for small Taxpayers.
Finally, an annual GST returns GSTR 9 must be filed by all GST registered entities on/before the 31st of December.
GSTR 4 is to be filed if you have opted for a composition scheme. The registered entities will be required to file GST returns even if the entity has not done any business during any period.
Additionally, there’s a yearly GSTR 9C to be filed, which is GST Annual Audit. It is a reconciliation statement which needs to be certified by a practising Chartered Accountants.
Yes, as long as you hold GST registration number, you need to file NIL returns, if there are not reportable transactions.
Filing of one NIL GST return (GSTR 3B or GSTR 1)
GST Annual Return (GSTR 9 or 9A or 9B)
GST Returns for one year (all returns included)