GST Return Filing Services
The GST return filing process includes several key components:
- Purchases: It provides a detailed record of the taxpayer's purchases.
- Sales: It offers a detailed record of the taxpayer's sales activities.
- Output GST (On Sales): It records the GST applied to the taxpayer's sales.
- Input Tax Credit (GST Paid on Purchases): It details the GST paid on purchases, which can be deducted from the GST owed on sales.
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GST Return Filing
In India, all organizations registered under GST are required to file their returns with a frequency that matches their business operations—whether monthly, quarterly, or annually. Although this requirement may seem overwhelming, the process can be made simple with the online support of GST professionals from Real Time Services. It’s important for taxpayers to meet the prescribed deadlines for their GST submissions, as these returns are essential for the Indian government to determine the nation’s tax liabilities.
Simplify your GST return filing and stay compliant effortlessly with Real Time Services. With the LEDGERS GST platform, you can access your business financials in real-time from anywhere. Additionally, LEDGERS integrates seamlessly with your existing apps, ensuring a smooth and efficient workflow.
File your GST returns with Real Time Services today and keep your business ahead effortlessly!
What is GST Return?
A GST Return is a comprehensive statement that records all financial transactions of a person registered under GST, detailing both revenues and expenditures. Every GSTIN holder is required to submit this return to the tax authorities, enabling them to accurately calculate the net tax liability.
- Purchases: It provides a detailed record of the taxpayer's purchases.
- Sales: It offers a detailed record of the taxpayer's sales activities.
- Output GST (On Sales): It records the GST applied to the taxpayer's sales.
- Input Tax Credit (GST Paid on Purchases): It details the GST paid on purchases, which can be deducted from the GST owed on sales.
For those looking for assistance with GST return filing or managing GST compliance, IndiaFilings provides software designed to simplify and streamline the process.
Who Should File GST Returns?
GST returns are required to be filed by any business or individual registered under the GST regime. This obligation extends to entities whose annual aggregate turnover exceeds the threshold set by the tax authorities. This threshold may vary depending on the classification of taxpayers, such as standard taxpayers and those opting for the composition scheme. For assistance with managing GST compliance and filing, Real Time Services offers tailored solutions to streamline the process.
How Many Returns are there under GST?
Within the Goods and Services Tax (GST) system, there are 13 types of returns that address various aspects of a taxpayer’s financial activities. However, not all taxpayers are required to file every type of return. The specific returns that need to be filed depend on the taxpayer’s category and the details of their GST registration.
Below is a snapshot of the 13 GST returns:
- GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
- GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
- GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
- GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
- GSTR-5A: For providers of online information and database access or retrieval services.
- GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
- GSTR-7: For entities required to deduct TDS under GST.
- GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
- GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
- GSTR-10: The final return upon cancellation or surrender of GST registration.
- GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
- CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
- ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.
Additionally, there are return-related statements for input tax credits:
- GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report.
- GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers' filings.
For small taxpayers enrolled in the Quarterly Return Monthly Payment (QRMP) scheme, the Invoice Furnishing Facility (IFF) allows the declaration of B2B sales during the first two months of a quarter. However, these taxpayers are still required to make tax payments on a monthly basis using Form PMT-06.
Due dates for various types of GST returns
| GST Return | Type of Taxpayer | Due Date |
|---|---|---|
|
GSTR-1 |
Regular Taxpayer |
Monthly: 11th of the following month Quarterly: 13th of the month following the quarter |
|
GSTR-2A (Auto-generated) |
All Taxpayers |
Auto-generated, utilized for reconciliation purposes |
|
GSTR-3B |
Regular Taxpayer |
Monthly: 20th of the following month |
|
GSTR-4 |
Composition Scheme Dealer |
Annually: 30th of April following the end of the financial year |
|
GSTR-5 |
Non-Resident Foreign Taxpayer |
20th of the following month |
|
GSTR-6 |
Input Service Distributor |
13th of the following month |
|
GSTR-7 |
Tax Deducted at Source (TDS) |
10th of the following month |
|
GSTR-8 |
E-commerce Operator |
10th of the following month |
|
GSTR-9 |
Regular Taxpayer (Annual) |
31st December of the following financial year |
|
GSTR-9C |
Regular Taxpayer (Annual) |
Filed along with GSTR-9, by 31st December of the following financial year |
Penalty for Late Filing GST Returns
Submitting GST returns late can result in penalties and interest charges. To avoid these additional costs, businesses should ensure timely submission of their returns. Here’s what you need to know about late GST returns:
- Filing Returns is Required: Every registered taxpayer has to file GST returns regularly, even if there's no business activity.
- Delays Lead to More Delays: If you miss a filing deadline, you can't file for the next period until you've filed for the previous one. This can lead to a pile-up of late returns.
- Penalties for Late Filing: If you file GSTR-1 late, for example, you'll get a penalty that shows up when you file GSTR-3B.
- Interest on Late Tax Payments: If you owe taxes and pay late, you'll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay
- Late Filing Fees: The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
- Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.
How do you file the GST returns?
Real Time Services is a leading business service platform in India, offering comprehensive GST services. We have assisted thousands of business owners with obtaining GST registration and filing GST returns.
Outsource GST Compliance to IndiaFilings
Outsource your GST compliance to Real Time Services to ease your compliance burden and focus on growing your business. With Real Time Services, your GST compliance will be managed through the LEDGERS GST platform, giving you access to live business data anytime, anywhere. LEDGERS also integrates seamlessly with the online and offline applications you use regularly.
When GST return filing is outsourced to Real Time Services, a dedicated GST advisor is assigned to your business. This advisor will reach out each month to gather the necessary information, prepare your GST returns, and assist with filing them.
Benefits of choosing Real Time Services for your GST returns include:
- Expert Assistance: Gain access to experienced GST advisors who ensure your returns are accurately prepared and filed.
- Seamless Integration: Utilize the LEDGERS GST platform, which integrates smoothly with your existing online and offline applications.
- Real-Time Data Access: Access your business financials and GST data in real-time from anywhere, ensuring you stay informed and in control.
- Timely Compliance: Benefit from regular updates and timely submissions to avoid penalties and maintain compliance effortlessly.
- Dedicated Support: Enjoy personalized service with a dedicated GST advisor who manages the entire filing process and provides ongoing support.
- Streamlined Process: Simplify your GST return filing with a streamlined process that reduces administrative burden and allows you to focus on business growth.
Ledgers GST Software
In addition to support from a dedicated GST advisor, clients will also receive access to LEDGERS GST Software. This software facilitates GST invoicing, payments, return filing, and accounting, offering a comprehensive solution for managing your GST needs efficiently.
Some of the features of LEDGERS are:
- Customer management
- Supplier management
- GST Invoicing
- Estimate issuance & tracking
- Accounts receivables tracking
- Purchase register
- Payments tracking
- Payables management
- Automated GST return filing (GSTR-1, GSTR-3B)
- Automatic Input Tax credit reconciliation
- GST E-way bill generation & management
- ICICI bank integration
Ensure your business remains compliant and avoids penalties by filing your GST returns on time with Real Time Services. Contact our experts today to begin and experience hassle-free filing with professional assistance every step of the way.