GST Return Filing (Regular Taxpayer)

Overview

GST return filing refers to the process of submitting periodic tax returns to the government under the Goods and Services Tax (GST) regime in India. GST returns are essentially a summary of a taxpayer's sales, purchases, and tax liabilities for a specified period.
The frequency and type of GST return to be filed depends on the nature and size of the business and its registration status under GST. For example, regular taxpayers are required to file monthly returns, while taxpayers under the composition scheme are required to file quarterly returns.
GST return filing is an important compliance requirement under GST, as it helps the government keep track of the tax collected and ensure that the taxpayers are meeting their tax obligations. Late filing of GST returns can result in penalties and interest charges."
All registered businesses under GST in India are required to file GST returns, regardless of their turnover. The different types of GST returns include GSTR-1 (Sales), GSTR-2 (Purchases), GSTR-3 (Return for Liability & Input Tax Credit), GSTR-4/CMP-08 (Quarterly return for composition scheme), GSTR-5 (Rreturn for non-resident taxable person), GSTR-6 (Return for Input Service Distributor),GSTR-7 (Return for Tax Deductor (TDS) under GST and GSTR-8 (Return for E-Commerce Operator).

Documents Requirements

Required in Soft Copy Only

Documents of Applicant

PAN Card of Business & Authorised Signatory
Certificate of Incorporation
Specimen Signature
Cancelled Cheque of Applicant
Address of All Directors/ Partners/Authorised Signatory
Digital Signature of Class-2 of Signing person
Employee Declaration

Advantages

Compliance

Regular and timely filing of returns is a legal obligation and helps in maintaining compliance with the GST laws.

Avoiding Penalties

Late filing of GST returns attracts penaltiesand interest, which can be avoided by filing returns regularly and on time.

Input Tax Credit

Filing of returns helps in claiming Input Tax Credit (ITC),which reduces the tax liability of a taxpayer.

Improves Credibility

Businesses that file their GST returns regularly and on time are considered more credible, which can have a positive impact on their reputation and relationship with suppliers, customers, and the government.

Ease of Doing Business

The GST return filing process has been made simple and user-friendly to promote ease of doing business.

Facilitates Smoother Operations

Filing GST returns regularly and on time helps businesses maintain accurate records of their sales and purchases, which can help with smoother operations and better decision-making.

Transparency

GST return filing ensures transparency in the tax system and helps in tracking the tax liability and payment of a taxpayer,which can be useful for future audits and assessments.

Better Management of Finances

Filing GST returns timely helps businesses tokeep better track of their taxes, expenses, and overall financial health.

Your Takeouts

GSTR-1 (Sales Statement)

GSTR-3B (Liability & ITC Statement)

GSTR-5 (Non Resident Foreign Taxpayer)-If applicable

GSTR-5A (NRI-OIDAR Service Provider)-If applicable

GSTR-6 (Input Service Prvider)-If applicable

GSTR-7 ( (Tax Deductor-TDS)-If applicable

GSTR-8 (E-commerce Operator)-If applicable

Frequently Asked Question

GSTR-1 is return that a taxpayer is required to file with the government to declare details of all taxable supplies made during a particular tax period.

GSTR-3B is a summary of the taxpayer's tax liability and payments made during a particular tax period.

Late filing of GST returns attracts penalties and late payment interest. Hence, it is important to file returns on time to avoid such charges.

Yes, a taxpayer can amend a GST return that has already been filed, within the prescribed time limit.

Yes, it is mandatory to file nil returns even if there is no taxable supply during a particular period.

The QRMP (Quarterly Return Monthly Payment) Scheme is available for small taxpayers who have an aggregate turnover of up to Rs. 5 crore in the preceding financial year. Under this scheme, small taxpayers are required to file their GST returns on a quarterly basis and pay their taxes on a monthly basis.

IFF (Invoice Furnishing Facility) is a feature available on the GST portal that allows taxpayers to upload details of their B2B (business-to-business) invoices in bulk. This facility helps taxpayers in furnishing the details of their taxable supplies, which are used for reconciliation with the details declared by their counterparties. It is important to note that the IFF facility is available only for B2B invoices and not for B2C (business-to-consumer) invoices.

HSN (Harmonized System of Nomenclature) and SAC (Service Accounting Code) are codes used under the Goods and Services Tax (GST) regime in India to classify different goods and services for tax purposes. HSN is a multi-purpose international product nomenclature developed by the World Customs Organization (WCO). It is used to classify goods for customs and trade purposes and has been adopted by the Indian government for the purpose of GST classification. SAC, on the other hand, is a code used to classify different services under GST. It provides a unique code for each type of service, making it easier to identify the nature of services being provided and determine the applicable GST rate. Both HSN and SAC codes are used to identify the taxable goods and services, facilitate the assessment of tax, and ensure a uniform classification of goods and services across the country.

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SPECIAL ENTITY

MANDATORY REGISTRATIONS

NEED BASED REGISTRATIONS / LICENCES

INTELLECTUAL PROPERTIES

DRAFTING

INCOME TAX RETURN (ITR)

GOODS AND SERVICES TAX ( GST )

TDS / TCS

COMPANY COMPLIANCE

LLP COMPLIANCE

CONVERSIONS

ACCOUNTING & BOOK-KEEPING

pAYROLL MANAGEMENT

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GST Return Filing (Regular Taxpayer)