GST Return Filing

GST filing is a time-consuming process that necessitates professional assistance. Our GST professionals at ICI, can assist you in filing your returns with simplicity.

Our GST Return Filing packages start from ₹3,000/- all-inclusive

What is a GST Return?

Once registered under the GST Act, the registered person has to file GST Forms available on the GST portal depending on the type of his registration. As per GST, all registered companies must submit monthly, quarterly and/or annual GST forms, depending on the type of GST registration.

The GST portal has separate forms for different taxpayers. It is important to note that taxpayers do not have to submit all types of tax returns. Indeed, taxpayers are required to file a tax return depending on the activity they perform. A dormant business which has not issued any invoice nor has any input credit is also required to file its NIL-GST returns.

Types of GST forms?

The following table shows different types of returns under the GST Act:-

Returns	Description	Who Files?	Due date of filing
GSTR-1*	Statement of Outward supplies of Goods or Services	Normal Registered Person⁽¹⁾	11th of the next month (If opted for monthly filing) End of the month succeeding the quarter (If opted for quarterly filing)
GSTR-3B	Summary of sales and purchases made during the year and payment of tax	Normal Registered Person⁽¹⁾	20^th of the next month
CMP-08	Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme	Taxable Person opting for Composition Levy	18th of the month succeeding the quarter
GSTR-4	Annual return ,Even if no supplies have been affected, a Nil return is required to be filed mandatorily	Taxable Person opting for Composition Levy	30th day of April following the end of the F.Y.
GSTR-5	Monthly return for a non-resident taxpayer	Non-resident taxpayer	20th of the month succeeding tax period or within 7 days after expiry of Registration, whichever is earlier
GSTR-5A	Monthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipient.	Supplier of OIDAR Services	20th of the next month
GSTR-6	Monthly return for an Input Service Distributor (ISD)	Input Service Distributor	13th of the next month
GSTR-7	Monthly return for authorities deducting tax at Source	Deductor of TDS on GST	10th of the next month
GSTR-8	Monthly statement for E-Commerce Operator depicting supplies effecting through it.	E-Commerce Operator	10th of the next month
GSTR-9	Annual Return	Registered Person other than an ISD, TDS / TCS, Taxpayer, casual taxable person and Non-resident taxpayer	31st December of the next Financial Year
GSTR-9A	Simplified Annual Return under Composition Scheme	Taxable Person opting for Composition Levy	31st December of the next Financial Year
GSTR-9B	Simplified Annual Statement	E-commerce operator required to collect tax at source	31st December of the next Financial Year
GSTR-9C	Certified reconciliation statement	Registered person whose turnover during a financial year exceeds the prescribed limit of rupees 5 crore	31st December of the next Financial Year
GSTR-10	Final Return	Taxable person whose registration has been surrendered or cancelled	Within three months of the date of cancellation or date of order of cancellation, whichever is later
GSTR-11	Details of Inward Supplies	Person who have been issued a Unique Identity Number(UIN)	Filed by the 28th of the month following the month in which inward supply is received by the UIN holders.

*Registered persons having aggregate turnover of up to 1.5 Crore rupees in the preceding financial year or expecting turnover up to Rs. 1.5 Crore in the current financial year shall have an option to furnish GSTR-1 on a quarterly basis.
(1)Normal Registered Person means – Every registered person other than:-
(a) Supplier of OIDAR services
(b) Composition taxpayer
(c) Non-resident taxable person
(d) ISD
(e)Person deducting tax at source
(f) ECO

Non-filing of GST forms on the due dates
1. Interest on Late GST Payment
The Rate of Interest are as follows:
1. According to the GST system, 18% interest on late tax is charged. Interest is taxed on days that are not paid after the due date.
2. An interest of 24% on an undue or excess claim of ITC or on such undue or excess reduction of the outward tax liability.
2. Penalty for non-filing of GST Returns
If the taxpayer fails to submit the GSTR3B declaration on time, the taxpayer must pay a fee of Rs. 50/- IGST or Rs. 25/- CGST and Rs. 25/- (max. Rs. 5,000/-) for SGST / UTGST per day from the delivery date to the date of the actual return.
However, the amount of late fee payable by a taxpayer whose tax liability for that month is ‘NIL’ is Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts). Further, if there are defaults or delays in the filing of other returns, then different late filing fees are applicable.

How shall we help you in Filing GST returns?

GST filing is a tedious process and requires expert guidance. However, at India Company Incorporation our GST experts can help you file your returns with ease. The process is as follows:-

Our team of GST experts will verify your documents and proceed with the preparation of the GST workings. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of the GST Return.
Before filing, we will get your return reviewed from you. Once your approval is received by our team, we will file the returns online. Upon successful filing, an email containing the acknowledgment receipt and return summary will be mailed to your registered email ID.

FAQs

a. What details are required for GSTR1?

» Details of sales invoices (GST No. of the recipient, Taxable value, Tax amount, Invoice no., HSN/SAC code, etc).

» Details of Credit notes/debit notes.

b. What do I do if my GSTR1 is wrongly filed?

No worries, in case any mistake has been done by you in your GSTR1 return, then you can amend/rectify the same in the next month’s return. It simply means that if a mistake is committed in June’s GSTR-1, rectification for the same can be made in July’s GSTR-1.

Note – Provided that the same can be done before the return of the September month following the year or filing of annual return for the year for which the rectification of return pertains to whichever is earlier.
For Example : Suppose you want to rectify any error in the return of June 2018, then you can then do this before filing the return for September 2019 (i.e in the following year) or you file your annual return of year 2018-19 (to which the return to which rectification is required falls in) whichever is earlier.

c. How do I upload an invoice to GST?

You are not required to upload the scanned copy of your sales invoice on the GST portal. Rather, you only have to upload the details of your invoices on the portal.

d. What is ITC under GST?

Whenever you purchase goods or services for your business and you make a GST payment to your supplier (subject to certain ITC rules), then you can claim this GST payment to set off your GST liability on your outward liability which occurs in your sales. This process of setoff is done in the GSTR-3B form.

e. How many returns can be filed in GST each year?

If a person registered under the normal scheme (monthly filers) then has to file 2 returns per month, which is GSTR-1 and GSTR-3B, and an annual return. In total,25 GST returns every year.
For a person registered under the composition scheme, it is required to file only 6 returns for the entire year.

f. What is an Electronic credit ledger and electronic cash Ledger?

Electronic credit ledger is a summary statement for all the Input credit availed during the year and is used to set off the output tax. It also shows the ITC available for utilization at a particular point of time.

Electronic cash ledger contains details of Cash deposited on the GST portal by generating a challan for either Tax payment or interest or late fees payment. It’s like a bank account but on the GST portal used to make payment for tax, late fee, interest or cess.

g. Still Confused?

Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com

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