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.
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 firstname.lastname@example.org 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.