GST Return Filing
GST-registered businesses must file GST returns on a monthly, quarterly, and annual basis, depending on their operations. The details of the sales or purchases of goods and services, as well as the tax collected and paid, must be provided here. In India, the implementation of a comprehensive income tax system like GST has ensured that taxpayer services like registration, returns, and compliance is all in line and perfectly aligned. Individual taxpayers must file four types of GST returns: returns for supplies, returns for purchases made, monthly returns, and annual returns.
GST return filing is required in India for all entities with a valid GST registration, regardless of their business activity, sales, or profitability during the reporting period. As a result, even a dormant business with a valid GST registration is required to file GST returns. A GST return is a document that contains information about all of the income and expenses that a taxpayer is required to report to the taxing authorities.
In India, filing a GST return is entirely done online. GST registration is a simple and quick procedure. However, in order for GST credit to be passed on to the next stage, returns must be filed correctly and without errors. To get started, all you need are your GST website login credentials. After you’ve completed your GST registration, you’ll need to file a GST return. Non-filing of the same carries severe consequences.
All GST-registered individuals are required to file a variety of returns. GSTR-3B (a monthly summary) and GSTR 1 are the main returns to file (details of outward supplies).
Every month, by the 20th, GSTR 3B must be filed. However, the government has recently introduced the QRMP Scheme, under which a business with a previous year’s turnover of up to 5 crores can pay GST monthly and file GSTR 3B quarterly.
Finally, all GST registered entities must file an annual GST return GSTR 9 on or before December 31st. If you have chosen the composition scheme, you must file GSTR 4. Even if the registered entity hasn’t done any business in a given period, it will be required to file GST returns.
In addition, a yearly GSTR 9C, or GST Annual Audit, must be filed. It is a statement of reconciliation that must be certified by a Chartered Accountant.
Who should file the GST returns?
GST Return filing in India is to be done by the following:
- A person having a valid GSTIN has to compulsorily file the GST returns.
- Also, a person whose annual turnover is crossing Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
- In the cases of Special states, the limit for the annual turnover is Rs.10 lakh.
Process for filing return
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Documents Required for Udyam Registration
What are the documents required for Udyam Registration in India?
To obtain Udyam Registration in case of Proprietorship the applicant’s Aadhar card and PAN is a main requirement.
In the case of Partnership, the Aadhar and the PAN of the partner are to be used.
In the case of an LLP, the Aadhar and PAN card of the designated partner is to be used
Similarly, in the case of proprietorship, the applicant's Aadhar and a valid PAN are required.
In the case of a company, the Directors Aadhar and PAN can be used.
In case if the applicant or an authorized signatory does not have a valid Aadhar Card then the applicant must first apply for an Aadhar card at an Aadhar enrolment centre. Once the Aadhar is obtained the Udyam Registration can be initiated.
How to File GST Return Online in 3 Easy Steps:
- Answer Quick Questions
- Pick a Package that best fits your requirements
- Spare less than 10 minutes to fill in our questionnaires
- Provide basic details & documents required for registration
- Make payment through secured payment gateways
- Experts are Here to Help
- Assigned Relationship Manager
- Reconciliation of the information filed
- Preparation and filing of GST return
- Acknowledgment of filing GST returns
- Your GST Return is duly submitted
- All it takes is 3 working days*
*Subject to Government processing time
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Benefits of GST Return filing
What is the new & Revised definition of MSME?
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Micro Enterprise: Manufacturing and services enterprises with investments up to Rs 1 crore and turnover up to Rs 5 crore will be classified as micro enterprises.
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Small Enterprise: For small enterprises, the investment criteria and the turnover criteria has been revised upwards to Rs 10 crore and Rs 50 crore respectively.
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Medium Enterprise: The enterprises which have investment up to Rs 20 crore and turnover up to Rs 100 crore will be termed as medium enterprises.
Types of GST Registration
| GSTR 1 | Details of the outward supplies of the taxable goods and or services | · Monthly
· Quarterly (If opted under the QRMP scheme) |
| GSTR 3B | Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer. | · Monthly
· Quarterly |
| CMP 08 | Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act. | Quarterly |
| GSTR 4 | Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act | Annually |
| GSTR 5 | Returns to be filed by a Non-resident taxable person | Monthly |
| GSTR 6 | To be filed by the input service distributor to distribute the eligible input tax credit | Monthly |
| GSTR 7 | Is filed by the government authorities | Monthly |
| GSTR 8 | Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them. | Monthly |
| GSTR 9 | Annual return for a normal taxpayer | Annually |
|
GSTR 9C |
Certified reconciliation statement | Annually |
| GSTR 10 | Is filed by the taxpayer whose GST registration is cancelled | Once the GST registration is cancelled or surrendered |
| GSTR 11 | Details of the inward supplies are furnished by a person who has UIN and also claims a refund. | Monthly |
FAQs On Return filings under GST
Yes, as long as you hold GST registration number, you need to file NIL returns, if there are not reportable transactions.
GST Composite scheme is for small traders and manufacturers who wish to avail exemptions under GST. Businesses with sales less than Rs. 150 Lakh can avail this scheme.
Return once filed cannot be revised. However, you may give appropriate adjustments in subsequent returns. Get in touch with us to know more on this.
We adopt a very simple Return filing process. Once you submit us the required documents, we usually file a return within 1 working day.
If DSC does not work, you can always file a GST return using other methods which involve an OTP from your registered phone number, your PAN information, and a DSC.
BizHub provides its services all across India. You can obtain GST Return in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
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Yes, you can very well do so by visiting Government website. It is free of cost.
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BizHub provides SSI/MSME Registration across India. You can obtain SSI/MSME registration in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at …………………………………………………………
