GST Return Filing

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GST Return Filing

Every person registered under the GST Act has to periodically furnish the details of sales, purchases, and tax paid (ITC) and collected thereon by filing the return with GST Authorities. Before filing any return payment of tax due is a prerequisite otherwise such return will be invalid.

Legal Suvidha Experts will guide you on the applicability and compliances under the new GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for rest of India. All entities having GST registration would be required to file GST returns. GST return filing would be mandatory for all GST registered entities irrespective of if there was any activity/sale during the return filing period. Every Registered taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, the taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).

Following forms applicable for normal taxpayers:
• Form GSTR-1 – Monthly details of outward supplies by the 10th of the next month.
• Form GSTR-2 – Monthly details of inward supplies by 15th of the next month (SUSPENDED).
• Form GSTR-3 – Monthly return along with payment of due tax by 20th of next month (SUSPENDED).
• Form GSTR-9 – Annual return by 31st December of the next financial year.

Advantages of GST Return Filing

SINGLE PLATFORM With the implementation of GST in India, the indirect taxes would be streamlined and standardized. Under the GST regime, businesses would no longer have to obtain multiple VAT registration in different States or obtain a separate VAT and Service Tax registration. A single GST registration for the respective state(s) in India from where the supply of goods and/or services will be sufficient.
CREDIBILITY Proper compliance of filing return on time increases your credibility among your customers about the transparency of your transactions.
INPUT TAX CREDIT & REFUND The prior condition for claiming refund & ITC is that the return must be filed by the assessee.
ONE NATION ONE TAX GST subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. This would make tax collection and compliance easy for businesses across the country.
EASE OF DOING BUSINESS Currently, many businesses like restaurants, computer sales, and services businesses have to comply with both VAT and Service Tax. This creates a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. GST won’t make the distinction between goods and services which will, in turn, leads to relief to the business.
INCREASE TAX PAYERS VOLUME GST will work on value addition concept and it is expected that new registration will come in existence to take to benefit of Input Tax in the Transaction chain. GST allows a seamless flow of input tax credit.
LOWER TAXES Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under the GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hilly states, whereas, for the rest of India, the threshold is set at Rs.20 lakhs which ultimately leads to lower tax payment.

GST Return Filing Process

Frequently Asked Questions

Every entity registered under GST will have to file a GST Return. A nil return has to be filed even if no purchase sales activity has been carried out during the return period.

Depending upon the type of registration and transactions different periods have been specified. Monthly Return has to be filed by Regular, Foreign Non Residents, ISD and Casual Tax Payers whereas compounding taxpayers have to file quarterly returns.

A registered taxable person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand.

No, the return forms are common for CGST, SGST, IGST.

GSTR-1 return will include details of the outward supplies or sales by the taxpayer. This return form would capture the following information:

• Basic details like business name along with GSTIN, period for which the return is being filed etc.
• Details of invoices issued in the previous month and the corresponding taxes paid.
• Details of advances received against a supply which has to be made in future.
• Details of revision in relation to outward sales invoices pertaining to previous tax periods

GSTR-2 return will include details of the purchases by the taxpayer. GSTR-2 is prefilled for a taxpayer based on the GSTR-1 filed by his supplier. You just have to validate this prefilled information and make modifications if required. GSTR-2 will include the following details:

• The details of purchases auto-populated by the department
• Invoices on which partial credit has been availed earlier has to be submitted in a separate table.

No taxes due have to be paid before filing the return for that period otherwise the return will be invalid.

Taxpayers will have various modes to file the statements and returns. Firstly, they can file their statement and returns directly on the Common Portal online. However, this may be tedious and time taking for taxpayers with large number of invoices. For such taxpayers, an offline utility will be provided that can be used for preparing the statements offline after downloading the auto-populated details and uploading them on the Common Portal. GSTN has also developed an ecosystem of GST Suvidha Providers (GSP) that will integrate with the Common Portal.

No. A registered taxpayer person can also get his return filed through a Tax Return Preparer, duly approved by the Central or the State tax administration.

These are the details of different returns which are required to be filed under the GST Law

Return / Form Details By Whom? Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services affected Registered Taxable Supplier 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. Registered Taxable Recipient 15th of the next month
GSTR-3 Monthly return based on finalization of details of outward supplies and inward supplies along with the payment of the amount of tax. Registered Taxable Person 20th of the next month
GSTR-4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month
GSTR-6 Return for Input Service Distributor. Input Service Distributor 15th of the next month
GSTR-7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected. E-commerce Operator/Tax Collector 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year
GSTR-10 Final Return Taxable person whose registration has been surrendered or canceled. Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by a person having UIN Person having UIN and claiming refund 28th of the month following the month for which statement is filed

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