GST Return Filing

Filing. Smiling.

Make a return to the nation.

Benefits

Multiple benefits. Multiple domains.

  • Elimination of the cascading effect

The introduction of GST into the Indian tax system has done away with several other taxes like central excise duty, service tax, customs duty and state level value added tax. Thus a single GST has eliminated the cascading effect of tax on tax .

  • Higher threshold benefits

Before GST was introduced, VAT or value added tax was applicable for any business that had an annual turnover of 20 lakhs. Services that saw a turnover of less than 10 lakhs did not have to pay service taxes.

  • Startup Benefits

Earlier startups with an annual turnover of 5 lakh had to pay VAT which would be very difficult for a business during the initial stages. But as GST has replaced VAT, businesses can set off the service tax on their sales.

  • E-commerce for quick supply of goods

Startups are making a strong presence online offering their services and products through their websites. Under VAT, there were many types of VAT laws, and the supply of goods through online, that is, E-commerce was never a well-defined one. For instance, if you need to deliver goods to various states, then you will have to file the VAT declaration first. After that, you will need to provide registration details about the trucks which deliver the goods. In many instances, goods end up being seized by the authorities due to lack of proper documents. GST has now removed all such confusing processes.

  • Regulations and accountability

The pre-GST period witnessed a disorganized tax filing system. Presently, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST. This has resulted in industries becoming more accountable and tax filing laws are better regulated than before.

benefit-gst, GST Return Filing

Procedure

Collection of documents, return preparation, approval and online filing.

  • Firstly, the taxpayer is required to upload the final GSTR-1 return form (Details of outward supplies made by a taxpayer) either directly through data entry in the GST Common Portal or by uploading the file containing the GSTR-1 return form by the 10th day of succeeding month.
  • GST Common Portal (GSTN) will be auto-generated in provisional GSTR-2 of a taxpayer.
  • Purchasing taxpayer will have to either accept, reject or modify the provisional GSTR-2.
  • Purchasing taxpayer shall be able to add additional purchase invoice details in his GSTR-2 which have not been uploaded by the supplier, to ensure the valid invoice issued by the supplier and receiving of supplies.
  • Taxpayers will have the option to do reconciliation of inward supplies with suppliers during the next 7 days by following up with their counter-party taxpayers for any missing supply invoices in the GSTR-1 of the suppliers.
  • Taxpayers will finalize their GSTR-1 and GSTR-2 return.
  • Taxpayers will pay the amount shown in draft GSTR-3 (Monthly return) return generated automatically generated at the online Portal Post Finalization of activities mentioned above.
  • The taxpayer will debit the both ITC, cash ledger, and mention the debit entry number in the GSTR-3 return and would submit the same.
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Documents required

Statements, accounts, that’s it.

  • Total turnover of last financial year
  • Period for which return is being filed.
  • Total taxable outward supplies
  • All outward sales made to end customers value exceeding Rs. 2.5 Lakh
  • Details of outward sales made to end customers that are below Rs. 2.5 Lakh
  • Credit note and debit note details.
  • Exempted, nil GST and non-GST supply details
  • Export sales details, if any.
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Why LawDocs?

Accurate and timely filing.

  • We provide simplified solutions to the tax payers
  • The users can track their details online.
  • Multiple plans to facilitate the taxpayers
  • Secure and accurate return filing.
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FAQs

Any person who applies for GST registration will also have to make a GST return filing. The GST return is basically a document which is needed as per the Indian tax authorities of law, to be filed. It will be used by the authorities of tax for the purpose of calculating the tax liability.

Business owners and dealers who are registered under GST must file two monthly GST returns and one annual GST returns. The nature of the business also dictates the GST that is to be filed. GST returns are of various types and late filing of GST returns will result in a penalty of Rs.100 per day till the day the GST returns are filed. Once filing is done, any tax liability must be promptly paid to the government.

GST or Goods and Services Tax is an indirect tax that depends on the value added at each stage of the supply chain of a particular service or goods until it reaches the customer or consumer. With GST, tax is imposed at various stages and to nullify the cascading effect, it is designed in a way that is meant to refund all parties that are involved in the various stages with the exception of the final consumer. This element that is employed to offset the tax liability is called an input tax credit.

Yes. Taxpayers can apply online for GST registration. You just need to get your business registered in the official GST Portal and upload the scanned copies of all the documents needed.

No. In the North East states of India, the GST threshold limit comes to Rs.20 lakh for all types of businesses. Whereas, in states like Assam, Meghalaya, Nagaland, Mizoram, Tripura and Arunachal Pradesh; the threshold limit is Rs.10 lakhs.

Under GST, the composition scheme is applicable to all types of businesses with a turnover up to Rs.50 lakhs. These taxpayers will have to pay a fixed percentage of the business turnover.

Yes. GST is applicable to all types of businesses. It applies to all the traders, manufacturers and providers. It can also extend to writers, bloggers and dealers.

The same return form can be used for filing SGST, CGST and IGST. It will have different columns for each one of them and it will have to be filled on the basis of inter-state or intra-state supplies.

It is not possible to revise the GST returns. Changes can be made on the details provided in the next period’s return form amendment section

In case you delay the filing of the return, you will have to pay Rs.100 per day as a late fee. The maximum late fee charge will be Rs.5000.

You cannot pay the taxes after filing the returns. Instead, it should be paid before the return filing. If it is not done so, the return will be considered invalid

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