GST Return Filing
GST Return Filing – Services by Deepak Prakash & Associates
Under the Goods and Services Tax (GST) regime, businesses are required to file regular returns to ensure compliance with GST laws. Filing GST returns is one of the most crucial obligations for any business operating under the GST system. It involves reporting all the details of sales, purchases, input tax credit, and tax liabilities to the GST authorities.
At Deepak Prakash & Associates, we specialize in providing GST return filing services to help businesses stay compliant with the GST law. Our team of experienced Chartered Accountants (CAs) ensures that all GST returns are filed accurately, on time, and in accordance with the current tax regulations. Whether you are a small business owner, a large corporation, or a start-up, we can simplify the GST filing process for you and ensure that you are not burdened by tax-related complexities.
In this guide, we will explain what GST returns are, the different types of returns, the process of filing them, and how Deepak Prakash & Associates can assist you with GST return filing.
What is GST Return Filing?
GST Return Filing is the process by which a business reports its details regarding sales, purchases, output tax, input tax credit (ITC), and other related tax matters to the GST authorities. Businesses must file returns on a monthly, quarterly, and/or annual basis, depending on their turnover and specific tax obligations.
There are different types of GST returns, each serving a distinct purpose. The GST return filing process ensures that businesses remain in compliance with GST laws, pay their taxes on time, and claim eligible input tax credits (ITC).
Types of GST Returns
Here are the different types of GST returns that businesses need to file, based on their nature and business activity:
GSTR-1 (Outward Supply):
- This return contains details of all the sales transactions (outward supply) made by the business during a specific period.
- It must be filed by every GST-registered taxpayer, including both goods and services suppliers.
- The due date for filing GSTR-1 is 10th of the following month (for monthly filers) or 10th of the month after the end of the quarter (for quarterly filers).
GSTR-2A (Auto-Populated Return):
- This return is automatically populated based on the data filed by your suppliers under GSTR-1. It reflects the details of purchases (inward supply) and input tax credit (ITC) available.
- The GSTR-2A is not filed manually by the taxpayer but is available for viewing in the GST portal.
GSTR-3B (Summary Return):
- GSTR-3B is a summary return in which the taxpayer reports the total outward supplies, input tax credit, and the GST payable or refundable.
- GSTR-3B needs to be filed monthly, by the 20th of the following month.
- Unlike GSTR-1, GSTR-3B is not just a detailed report but a simplified form for making the payment of GST.
GSTR-9 (Annual Return):
- GSTR-9 is an annual return that provides a summary of all the transactions made by the taxpayer during the financial year.
- It must be filed by all GST-registered taxpayers, and the filing deadline is typically 31st December of the subsequent year.
GSTR-9C (Reconciliation Statement):
- GSTR-9C is the audit report for businesses whose turnover exceeds ₹2 crore in a financial year.
- It is a reconciliation statement between the annual return (GSTR-9) and the audited financial statements.
GSTR-4 (Composition Scheme):
- GSTR-4 is filed by businesses that are registered under the GST Composition Scheme. The composition scheme is available to small businesses with a turnover of up to ₹1.5 crore (₹75 lakh for certain states).
- The return is filed quarterly, and the due date is 18th of the month following the quarter.
GSTR-5 (Non-Resident Taxable Person):
- GSTR-5 is filed by non-resident taxable persons who provide goods or services in India.
- It must be filed monthly, and the return is due on the 20th of the following month.
GSTR-6 (Input Service Distributor):
- GSTR-6 is filed by Input Service Distributors (ISDs) to report the details of input tax credit distributed to different units.
- It needs to be filed monthly, with the due date being 13th of the following month.
GSTR-7 (Tax Deducted at Source):
- GSTR-7 is filed by tax deductors who deduct TDS under the GST provisions.
- The return must be filed monthly, with the due date being 10th of the following month.
GSTR-8 (E-commerce Operators):
- GSTR-8 is filed by e-commerce operators who are required to collect TCS (Tax Collected at Source) on behalf of the sellers.
- It is a monthly return, and the due date is 10th of the following month.
Importance of GST Return Filing
Compliance with the Law:
- GST returns are a statutory requirement for every GST-registered taxpayer. Failure to file returns within the prescribed timelines can result in penalties, fines, and legal consequences.
- GST returns are a statutory requirement for every GST-registered taxpayer. Failure to file returns within the prescribed timelines can result in penalties, fines, and legal consequences.
Claiming Input Tax Credit (ITC):
- GST return filing is essential for businesses to claim input tax credit (ITC) on their purchases. Proper filing helps businesses reduce their tax liabilities by offsetting taxes paid on inputs against the output tax.
- GST return filing is essential for businesses to claim input tax credit (ITC) on their purchases. Proper filing helps businesses reduce their tax liabilities by offsetting taxes paid on inputs against the output tax.
Tax Payments:
- Regular GST return filing ensures that businesses remain up-to-date on their tax liabilities. It is crucial for making timely payments of GST to avoid interest and penalties.
- Regular GST return filing ensures that businesses remain up-to-date on their tax liabilities. It is crucial for making timely payments of GST to avoid interest and penalties.
Transparency and Accuracy:
- Filing GST returns ensures transparency in business transactions and helps maintain accurate records, which are essential for audits and assessments by the tax authorities.
- Filing GST returns ensures transparency in business transactions and helps maintain accurate records, which are essential for audits and assessments by the tax authorities.
Avoidance of Penalties:
- Timely and accurate GST return filing helps avoid late fees, interest, and penalties. The late filing fee is ₹50 per day (₹25 each for CGST and SGST) for businesses filing GSTR-3B or GSTR-1.
Why Choose Deepak Prakash & Associates for GST Return Filing?
At Deepak Prakash & Associates, we offer comprehensive GST return filing services to ensure your business complies with GST laws and minimizes the risk of penalties. Here’s how we can assist you:
Expert Guidance: Our team of Chartered Accountants (CAs) provides expert guidance on which returns need to be filed and how to file them correctly.
Timely Filing: We ensure that your GST returns are filed accurately and on time, minimizing the risk of penalties and fines for late filing.
Complete Support: From data collection and documentation to submission and follow-up, we provide end-to-end support throughout the GST return filing process.
Accurate and Transparent Filing: We ensure that all transactions are recorded accurately, and all available input tax credits (ITC) are claimed, reducing your tax liabilities.
GST Compliance: We help ensure that your business stays compliant with GST regulations, helping you avoid legal complications and tax issues.
