Gst Return Filing

  • Purchase
  • Sales
  • Others {Purchase returns / Sales Return}


    What is filing a GST return?

    Depending on their specific industry, businesses that have registered for GST are required to submit GST returns on a monthly, quarterly, or annual basis. Here, information on the sales or purchases of goods and services is required, as well as information about the tax that was collected and paid. India has established GST, a complete income tax system, which ensures that taxpayer services like registration, returns, and compliance are within budget and carefully coordinated.

    An individual taxpayer filing GST returns must submit four forms: returns for supply, returns for purchases, monthly returns, and annual returns.

    Regardless of the business activity, sales, or profitability during the period of filing the reports, all organizations with a valid GST registration in India are required to file GST returns. As a result, it is necessary to file GST returns even for inactive entities with active GST registrations.

    A taxpayer is required to file a GST return to the tax administration authorities outlining all of their income and outgoings.

    When submitting a GST return, several returns are required.

    Form GSTR-1

    Each outward supply of products and services made by the user during the month must be declare.

    GSTR-1 files all supplies made during the previous month, and it is filed on or before the 10th of every month.

    Form GSTR-2

    Following reconciliation, an additional claim or adjustment must be included in the Form GSTR-2 and submitted by the fifteenth of each month.

    Type GSTR-3

    On the 20th, an auto-populated return GSTR-3 based on Forms GSTR-1 and GSTR-2 would be available for filing along with payment.

    The inbound supplies will be matched with the outgoing supplies provided by suppliers once the monthly return filing final deadline in Form GSTR-3 has passed, and the final acceptance of the input tax credit will be announced in Form GST MIS-1. The following information will be used to match up invoices.

    • GSTIN for the provider
    • The recipient of GSTIN
    • Number of the bill or debit note
    • Date of the bill/debit note
    • Taxable Value
    • Tax Amount

    Type GSTR-4

    Quarterly return for compounding taxpayers due on the 18th of the succeeding month.

    Type GSTR-5

    Non-Resident Taxable Person’s Return for Non-Resident Foreign Taxable Person.

    Type GSTR-6

    Return for Input Service Distributor by Input-Service Distributor on the 13th of the next month.

    Form GSTR-8

    Details of purchases made through an online retailer and the amount of tax they have collected will be released on the 10th of the following month.

    Form GSTR-9 

    On December 31 of the following fiscal year, the Registered Taxable Person filed their Annual GST Return.

    How should GST returns be filed?

    Offering complete GST services, India’s fastest growing business service platform is called Filing Pool. Many business owners have benefited from our assistance in filing GST returns and registering for GST.

    A diligent GST advisor is appointed to the company when GST return filing is outsourced to Filing pool.

    This solely devoted advisor would contact you each month to collect the necessary information, prepare the GST returns, and offer filing assistance.

    The advantages of GST registration

    1. Reduces Complexity of Tax Services: The GST has united the Indian economy and combined several indirect taxes under a single roof.
    2. Cost of Goods and Services Dwindling: With the implementation of GST, the cumulative impact of several VATs and taxes was eliminated, which led to a decline in the price of goods and services.
    3. Helps Small Enterprises Avoid Painfully long Tax Services: GST Registration aids small businesses in avoiding time-consuming tax services. Service providers and goods suppliers are excluded from paying the GST if their overall revenues are under 20 lakh and 40 lakh rupees, respectively.
    4. Taxation Procedure Homogeneity: GST Registration makes the taxation process more consistent and permits consolidated registration. This makes submitting firms’ quarterly tax returns online simpler.
    5. Reducing Tax Avoidance: The implementation of the GST significantly reduced tax evasion.
    6. Higher Registration Bar: Prior to the implementation of the VAT system, any Indian business with a revenue of more than Rs 5 lakh was required to pay VAT. Service providers with a turnover of less than Rs 10 lakh were excluded from the in-service tax. For many small retailers and service providers, the GST regime measure was raised to Rs 20 lakh.