GST Return Filing
Starts from Rs. 499/-
GST return filing is totally a web process in India. GST filing is extremely easy and quick process. However, it’s necessary that returns are filed correctly and error-free to make sure that GST credit are often passed onto subsequent stage. All you would like is GST website login credentials to urge started. Once your GST registration is completed , to file GST return is mandatory. Non-filing of an equivalent entail heavy penalties.
Overview
All registered persons under GST are required to file various returns. Main returns to be filed are GSTR-3B (which may be a monthly summary) and GSTR 1 (details of outward supplies).
GSTR 3B is to be filed monthly by 20th. However, the govt has recently introduced QRMP Scheme consistent with which if the turnover for a business for previous year is up to five crores, you’ll pay your GST on monthly basis and file your GSTR 3B quarterly.
Finally, an annual GST return GSTR 9 must be filed by all GST registered entities on/before the 31st of December.
GSTR 4 is to be filed if you’ve got opted for composition scheme. The registered entities are going to be required to file GST returns albeit the entity has not done any business during any period.
Additionally there’s yearly GSTR 9C to be filed, which is GST Annual Audit. it’s a reconciliation statement which must be certified by a practicing Chartered Accountants.
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You’ll get in-tuned with our compliance manager on 7738877316
email support@setupfilings.com for free of charge consultation.
Late filing of GST Returns
Return filing is mandatory under GST. albeit there’s no transaction, you want to file a zero return.
There are few points to note:
You cannot file a return if you are doing not file the previous month/quarter’s return.
Hence, late filing of GST return will have a cascading effect resulting in heavy fines and penalty.
The late filing fee of the GSTR-1 is populated within the liability ledger of GSTR-3B filed immediately after such delay.
Interest and Late fee to be paid
Interest is eighteen once a year . it’s to be calculated by the taxpayer on the quantity of outstanding tax to be paid. It shall be calculated on internet liabilities identified within the ledger at the time of payment. The period of time are going to be from subsequent day of filing maturity till the particular date of payment.
As per the CGST Act, the late fee is Rs.100 per day per Act. So it’s Rs.100 under CGST & Rs.100 under SGST. the entire shall be Rs.200/day. However, there’s a maximum levy of Rs. 5,000. there’s no late fee separately prescribed under the IGST Act. Also, for GSTR-1 and GSTR-3B, the entire late fee was reduced to Rs. 50 /day (Rs.20 /day for Nil filing)
To learn more about late fees charged across the GST Return periods, read our article on late fees under GST.
Returns under GST
GSTR 3B Filing
GSTR-3B may be a monthly self-declarGSTR-3B may be a monthly self-declaration, which should be filed by every registered person under GST. it’s a simplified summary return of inward and outward supplies maturity of filing of GSTR 3B is 20th of the next month. GSTR 3B once filed can’t be revised.ich should be filed by every registered person under GST. it’s a simplified summary return of inward and outward supplies maturity of filing of GSTR 3B is 20th of the next month. GSTR 3B once filed can’t be revised.
GSTR 1 Filing
GSTR 1 is that the record of all sales. Under this type , the sGSTR 1 is that the record of all sales. Under this type , the suppliers will need to report their outward supplies during the reporting month. consistent with the norm, all the registered taxable persons are required to file an equivalent by the 10th of the subsequent month or quarter.uppliers will need to report their outward supplies during the reporting month. consistent with the norm, all the registered taxable persons are required to file an equivalent by the 10th of the subsequent month or quarter.
GSTR 9 Filing
All the taxpayers registered under GST areAll the taxpayers registered under GST are required to file their annual return during a particular form. That form is named the GSTR 9. maturity of filing of GSTR 9 is 31st December per annum . it’s a consolidation of all the monthly/quarterly returns filed therein year. required to file their annual return during a particular form. That form is named the GSTR 9. maturity of filing of GSTR 9 is 31st December per annum . it’s a consolidation of all the monthly/quarterly returns filed therein year.
GSTR 9A Filing
Return GSTR 9A is an annual return to be filed by dealers who have opted composition scheme. It includes all the informatiReturn GSTR 9A is an annual return to be filed by dealers who have opted composition scheme. It includes all the knowledge furnished within the quarterly returns filed by the composition taxpayers during that fiscal year . it’s to be filed on or before is 31st December per annum .on furnished within the quarterly returns filed by the composition taxpayers during that fiscal year . it’s to be filed on or before is 31st December per annum .
GSTR 9C
GSTR 9C may be a statement of reconciliation between the Annual returns filed in GSTR 9 for a fiscal year and therefore the refore the figures as per thGSTR 9C may be a statement of reconciliation between the Annual returns filed in GSTR 9 for a fiscal year and the figures as per the audited annual financial Statements of the taxpayer. The GSTR-9C must be filed on or before 31st December of the next year.e audited annual financial Statements of the taxpayer. The GSTR-9C must be filed on or before 31st December of the next year.
GSTR 4 Filing
GSTR-4 may be a Return that has got to be filed by a Composition Dealer. Unlike a traditional taxpayer who must furnish 3 mGSTR-4 may be a Return that has got to be filed by a Composition Dealer. Unlike a traditional taxpayer who must furnish 3 monthly returns, a dealer choosing the composition scheme is required to furnish 1 return which is GSTR-4 on or before 18th of the month after each quarter.onthly returns, a dealer choosing the composition scheme is required to furnish 1 return which is GSTR-4 on or before 18th of the month after each quarter.
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