Regular GST Filing Does Not Have to Be a Pain!

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What Is a Gst Filing?

The suppliers registered below this administration need to fulfill the compliance requirement frequently. Based on the turnover and the projects, the specifications and period of filing returns are designated under law.

GST is a reformed commercial tax system of our country that comes with many benefits. One of the biggest benefits that GST has brought on the table is the enhanced level of transparency and efficiency.

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Advantages

1. Seamless flow of ITCC

The tax already paid by the supplier is deducted from the liability to pay taxes.If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.

2. A simple and common form of all taxes

The online filing system is simplified under the GST regime which is further proposed to be more simplified through one form of filing for recording all transactions.

3. Score higher compliance rating

To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The ratings are available on the website.

4. Avoid penalty and interest

For delay in filing return, the taxpayer is charged with a late fee of Rs 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay.

Different Types of GST Returns

1. GSTR - 1

The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity.

2. GSTR - 2A

GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. This form is filed by the 15th of every month.

3. GSTR - 2

GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government.

4. GSTR - 3B

It is a summarized monthly return of all the details of inward and outward supplies, input tax credits, and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period.

5. GSTR - 4

GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract a reverse charge.

6. GSTR - 5

This form is filed by all non-resident taxpayers registered in India and carries out business operations in India. In the GSTR-5 return, businesses should furnish the details of all the inward and outward supplies and the tax liabilities.

7. GSTR - 5A

It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India.

8. GSTR - 6A

GSTR-6A form is a system-generated “draft” Statement of Inward Supplies for a Receiver Taxpayer. It is a read-only form.

9. GSTR - 6

The Input Service provider generates and files GSTR-6 only after all details furnished in GSTR 6A are accepted and verified.

10. GSTR - 7

GSTR-7 is filed by the entities who deduct tax at the time of making payment to the suppliers for purchase, that is, inward supplies received. GSTR-7 form contains details of Tax deducted at source (TDS) under GST, the tax liability, and TDS refund.

11. GSTR - 7A

GSTR 7A is better known as the TDS certificate which is generated as soon as the GSTR filing is done by the tax deductor in Form GSTR-7.

12. GSTR - 8

The form GSTR-8 is filed by e-commerce businesses that collect tax at source (TCS) to furnish the details of the supplies made through the e-commerce platform.

13. GSTR - 9

The GSTR 9 form is filed annually by entities to furnish the details of all purchases, sales, input tax credit or refund claims or demand created, etc. GSTR-9 is filed by normal taxpayers, SEZ units, SEZ developers, OIDAR service providers, and the taxpayers who have withdrawn from the composition scheme to normal taxpayers.

14. GSTR - 9A

GSTR-9A is filed by entities who have opted for a composition scheme any time during the financial year. The details furnished in GSTR-9A are inward and outward supplies, taxes paid, demand created, refund, input tax credit availed, or reversed.

Registration Process

1. Select package

First, you have to select a package online and you have to fill in all the required documents on that site.

2. Obtain information and documentation

Then the site will collect all the information and documents required for this process.

3. Preparation and approval of GST return

We will prepare for the GST return process and fill the online GST return form after your approval.

4. Generate ARN no.

At the GST System Portal, the ARN number will be created automatically. You also can use ARN for tracking GST return filing status.

5. Acknowledgment of filing GST returns

We will provide you with the acknowledgment receipt of the successful filing of GST Returns.

GST Filing Pricing

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Basic Package

Save upto 10% cost on this package

3,000

(inclusive of all taxes)

  • Monthly Filling
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Growth Package

Save upto 20% cost on this package

5,000

(inclusive of all taxes)

  • Monthly GST Filling
  • Monthly Accounting of Sales and Payments upto 100 Entries per month
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Premium Package

Save upto 30% cost on this package

10,000

(inclusive of all taxes)

  • Monthly GST Filing
  • Monthly Accounting of Sales and Payments upto 100 Entries per month
  • Monthly TDS Calculation & Quarterly TDS Filling
  • Monthly MIS
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Documents Required

  • DSC of Authorized Partner or Director, in case of LLP and Company only
  • GST Registration Certificate
  • Log-in credentials of the registered person
  • Sales Invoices
  • Purchase Invoice
  • Bank Statement with proper clarification of Transactions

B2B Sale

  • DSC of Authorised Partner or Director, in case of LLP and Company only
  • GST Registration Certificate
  • Log-in credentials of the registered person
  • Details of Sales and purchases
  • Customers GSTIN
  • Type of Invoice
  • Place of Supply
  • Invoice Number
  • Invoice Date
  • Taxable Value
  • GST Rate
  • Amount of IGST applicable
  • Amount of CGST applicable
  • Amount of SGST applicable
  • Amount of GST cess applicable
  • If GST Reverse Charge is applicable

B2C invoices

  • Invoice number
  • Invoice date
  • Total value of the invoice
  • Taxable value
  • GST rate applicable
  • Amount of IGST applicable
  • Amount of CGST applicable
  • Amount of SGST applicable
  • Amount of GST cess applicable
  • Place of Supply

Frequently Asked Questions (FAQs)

What are the methods of payment for GST?

There are 2 methods for payment for GST i.e;
• Internet banking
• NEFT or RTGS

What is the importance of all those returns?

By filing the returns with the Government, the data and features will be implied to the Government. Further, the data provided will estimate the liability of the taxpayer. Also, returns filing advice you claim the available Input Credit.

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