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GST RETURN FILING

Every company/ LLP/ individual registered under the GST act has to upgrade the details of sales, purchases and the tax paid by filing for GST returns with the respective administrative authorities. A GST return filing document contains details of all the taxpayers. For GST return filing, you are supposed to provide with all the particulars related to your business activities, like the tax liability declarations, tax payments and also any other related information as per instructions provided by the government. This is done online.

With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC).

IMPORTANCE OF GST RETURN FILING

online company registration
  • INPUT TAX CREDIT: 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.
  • COMPLIANCE RATING: 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 compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.
  • DIFFERENT TYPES OF GST COLLECTED: There are three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.
  • PENALTY: If there is delay in filing return, the taxpayer is charged with a late fee of 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. The taxpayers with no tax liability also have to file the returns to avoid the late fee of Rs.20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.

TYPES OF GST RETURN FILING FORMS:

GSTR 1: It is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.

GSTR 2A: It is a system generated ‘draft’ Statement of Inward Supplies for a receiver taxpayer. It is auto-populated from the Form GSTR-1/5, Form GSTR-6 (ISD), Form GSTR-7 (TDS), and Form GSTR-8 (TCS), filed/ submitted/ uploaded by the supplier taxpayer, from whom goods and/or services have been procured or received by the receiver taxpayer, in a given tax period.

GSTR 3B: It is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file Form GSTR-3B returns for every tax period.

GSTR 9: It is an annual return to be filed once, for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.

Procedure For GST Return Filing

Documents Required For GST Return Filing

Digital Signature

DSC of Authorised Partner or Director, in case of LLP and Company only

Certificate

GST Registration Certificate

Log-in credentials

Log-in credentials of the registered person

Details of Supplies

Details of the inward and outward taxable supplies along with the invoice details

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