GST Return Filing

GST Return Filing: An Essential Tax Compliance in India

Filing GST returns is a crucial requirement for every taxpayer registered under GST in India. These returns are necessary for calculating the tax liability imposed by the government.

With the dynamic nature of the GST system and continuous updates to rules and regulations, staying up-to-date is essential to ensure accurate and timely return filing.By providing a convenient solution and having a team of professionals at Fincto to take care of the filings, you offer a valuable service that relieves taxpayers from the burden of tracking due dates and maintaining GST compliance.

Overview of GST Filing Returns - Types and Due Dates

GSTR1

GSTR1 is the form used for tax returns on outward supplies, encompassing both interstate and intrastate B2B and B2C sales. It also includes details of purchases under reverse charge and inter-state stock transfers made during the tax period. Late filing of GSTR1 can result in a late fee, which is collected in the subsequent open return, Form GSTR-3B. Since January 1, 2022, taxpayers cannot file Form GSTR-1 if they haven't filed Form GSTR-3B in the preceding month.

GSTR1A

This amendment form corrects any discrepancies between the GSTR-1 of a taxpayer and the GSTR-2 of their customers. The filing window for GSTR1A is between the 15th and 17th of the following month.

GSTR2

Monthly GST returns for inward supplies are filed using this form. It contains taxpayer information, return period, and detailed invoice-level purchase information related to goods and services separately.

GSTR2A

This auto-generated tax return compiles purchases and inward supplies made by a taxpayer based on the information from their suppliers GSTR-1.

GSTR2B

An auto-generated document that acts as an Input Tax Credit (ITC) statement for taxpayers, facilitating faster return filing, minimizing errors, easing reconciliation, and simplifying compliance.

GSTR3

This form is used to file consolidated monthly tax returns. It contains the taxpayers basic information, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, additional tax (+1% tax), ITC, cash, liability ledgers, and details of other payments like interests, penalties, and fees.

GSTR3A

This is a tax notice issued by the tax authority to a defaulter who has failed to file monthly GST returns on time.

GSTR3B

It is a temporary consolidated summary GST return for inward and outward supplies, introduced as a relaxation for recently registered businesses.

GSTR4

This quarterly GST return is filed by compounding vendors. It includes the total value of supplies made during the covered period and details of tax paid at the compounding rate (not exceeding 1% of aggregate turnover) along with invoice details for inward supplies.

GSTR4A

The Quarterly purchase-related tax return filed by composition dealers, automatically generated by the GSTN portal based on information from the suppliers GSTR-1, GSTR-5, and GSTR-7.

GSTR5

Variable return for Non-resident foreign taxpayers, containing details of the taxpayer, return period, and invoice details of all goods and services sold and purchased. It also includes imports on Indian soil for the registered period/month.

GSTR6

This monthly GST return is for ISDs (Input Service Distributors), containing details of invoice-level supply from the GSTR-1 of counterparties, credit for ITC services received, debit for ITC reversed or distributed, and closing balance.

GSTR7

It is a monthly return for TDS (Tax Deducted at Source) transactions, containing the taxpayers basic information, return period, supplier's GSTIN, and invoices against which the tax has been deducted, categorized under SGST, CGST, and IGST. It also includes details of other payments like interests and penalties.

GSTR8

This is the monthly return for e-commerce operators. It contains the taxpayers basic information, return period, details of supplies made to customers through the e-commerce portal, tax collected at source, tax payable, and tax paid.

GSTR9

The annual consolidated tax return, comprising detailed income and expenditure, regrouped according to the monthly GST returns filed by the taxpayer.

GSTR9A

The annual composition return form to be filed by every taxpayer enrolled in the composition scheme.

GSTR9C

This Audit form is filed by taxpayers liable to get their annual reports audited when their aggregate turnover exceeds ₹2 crores in a financial year.

GSTR10

Filed before cancelling GST registration, this final GST return contains the details of all supplies, liabilities, tax collected, and tax payable.

GSTR11

Variable tax return for taxpayers with UIN (Unique Identification Number), containing details of purchases made by foreign embassies and diplomatic missions for self-consumption during a particular month.

Step 1

Visit the GST portal at www.fincto.io

Step 3

Upload the relevant invoices on the GST portal, with an invoice reference number assigned to each invoice.

Step 2

Obtain your 15-digit GST Identification Number (GSTIN) issued based on your state code andPAN.

Step 4

Verify all the data you have inputted, including inward and outward returns, and cumulative monthly GST filing returns. Finally, file your returns.

Experience the Convenience of Fincto GST Filing Services

Fincto provides Fincto offers a user-friendly online platform that makes GST filing services easily accessible from the comfort of your home. Team provides dedicated assistance throughout the entire process, including collecting all necessary documents and handling the filings efficiently.

Benefits of GST Return Filing

Elimination of Cascading Effect

GST has done away with instances where tax on tax was paid for a single transaction, saving taxpayers money

Higher Threshold

Small businesses below a certain turnover limit are exempt from GST filing, reducing the compliance burden

Easier for Startups and E-commerce Businesses

GST has simplified tax management for startups and e-commerce companies by eliminating different tax laws across states

More Organized System

The introduction of GST has streamlined the tax filing process, replacing the disorganized previous tax filing system

Eligibility for GST Return Filing

Regular enterprises with an annual aggregate revenue of more than ₹5 crore are eligible for GST return filing
Taxpayers who did not choose the QRMP (Quarterly Return Monthly Payment) plan must file two monthly returns and one yearly return under the GST system
QRMP filers must submit nine GSTR files annually, including four GSTR-1 and three GSTR-3B forms, along with an annual return
Composition dealers must file five GSTR files annually, comprising four statement-cum-challans in CMP-08 and one annual return, GSTR-4

Documents Required for GST Return Filing

Invoices issued to persons with GSTIN (B2B invoices).
nvoices issued to persons without GSTIN (B2C invoices) with a total value exceeding ₹2.5 lakhs.
Consolidation of inter-state sales.
HSN-wise summary of all goods sold.
Any debit or credit notes or advance receipts.

Due Dates for GST Returns

Staying compliant with GST due dates is vital to avoid late payment charges and interests. Fincto provides updated information on due dates for the financial years 2021-2022 and 2022-2023. Keeping clients informed of these updates can help taxpayers stay on top of their compliance requirements and ensure timely filing of GST returns.

GST Return Filing under the Composition Scheme

Taxpayers registered under the Composition Scheme must file taxes using CMP-08 every quarter and file GSTR-4 annually. The due date for the GST return for Composition Scheme registrants is the 18th of the month following each quarter.

Choose Fincto for a Seamless GST Return Filing Experience

Fincto provides a hassle-free GST return filing experience with the support of a team of dedicated experts. Fincto offers a seamless GST compliance journey. It's commendable to see such dedication to assisting taxpayers in their GST return filing processes.

GST Return Status Tracking

The status of the GST return application depends on the performance of the obligation. There are four statuses:

FILED-VALID

The GST return has been filed by the registered taxpayer, fulfilling all requirements.

FILED-INVALID

Partial or full tax remains unremitted.

TO BE FILED

The GST return is due but has not been filed.

SUBMITTED BUT NOT VALID

The return has been validated, but the filing is pending.

How to Check GST Return Status?

Tracking Through ARN

Use the ARN (Acknowledgment Reference Number) received after submitting the tax return to track its status.

Tracking through GST Returns Filing Period

Enter the return periods dates to view relevant details

Tracking Through the Status

Enter your GSTIN/UIN (Goods and Services Tax Identification Number/Unique Identification Number) and captcha code to get real-time status information

Steps to Download GST Returns Online

To download your GST returns online, follow these steps:

Enter your login details and click on Login
Click on File GST Returns
Select the year and month, then click on Search
Click on View GSTR 1
Click on Preview
Save the file in the desired folder

Who Needs GST Registration Service?

GST registration is mandatory for the following entities:

Businesses involved in taxable supplies of goods or services.
Entities with an annual turnover exceeding ₹20 lakhs (₹10 lakhs for special category states).
E-commerce operators facilitating goods and services supply through their platforms.
Non-resident taxable persons occasionally supplying goods or services in India.
Businesses engaged in inter-state supply of goods or services.
Input service distributors distributing input tax credit to branches or units.
Casual taxable persons occasionally supplying goods or services in India.
Businesses migrating from the old tax regime (VAT, Service Tax, etc.) to GST.

What is a GST Certificate?

A GST Certificate is an important document issued by the Indian government which proves that a business is registered under GST. The certificate contains crucial information like the GST identification number, name, and address of the business. With a GST Certificate on hand, businesses can easily charge and collect GST, apply for loans, and participate in tenders.

GST Tax Rates

GST tax rates can range from 0% to 28% depending on the type of goods or services. essential items being taxed at 0%, while luxury items and certain services fall under the 28% bracket, gold is taxed at 3%, and crude oil and natural gas at 6%.Rates may vary, so it Is essential to check the current rates before transactions.

GSTIN

GSTIN (Goods and Services Tax Identification Number) is a unique identification number given to each GST taxpayer. It is used to verify GST registration on the GST portal.

Penalties for Failure to Register for GST

According to Section 122 of the CGST Act, there is a direct penalty for taxable persons failing to register for GST online.

Voluntary Registration Under GST for Companies with Turnover Below ₹20 Lakhs

Companies with turnover below ₹20 lakhs can voluntarily register for GST, enjoying advantages like input credit, inter-state selling with no restrictions, registering on e-commerce platforms, and gaining a competitive edge.

GST Return Filing

GST return filing is the process of submitting details of sales, purchases, and taxes to the government. All registered taxpayers under GST must must file returns regularly, regardless of transactions during the period.

GST Return Filing Process: Simple and Online

GST login process requires valid GST number and Indian mobile number.
Follow these simple steps to log in:

With Fincto.io's expert guidance, you can navigate the GST registration process with confidence and focus on your business's growth and success.

Why Choose Fincto?

At Fincto, we offer a hassle-free GST return filing experience with a team of dedicated experts to assist you. simplify the process by providing various features such as due date reminders, document organization, return filing, input tax credit optimization, and error-free filings. Such services can undoubtedly ease the burden of GST compliance for taxpayers

DIN and DSC for two Directors
Drafting of MoA & AoA
Registration fees and stamp duty
Incorporation certificate (COI)
Company PAN and TAN
Zero balance current account
GST Registration
EPF & ESIC Registration

Trust Fincto to simplify your business formation process, enabling a seamless transition from idea to a legally recognized entity. Get ready for a well-informed, growth-oriented entrepreneurial journey with Fincto.

Understanding Key Terms

Amendment

A modification to the existing provisions of a corporation's articles of incorporation

DSC (Digital Signature Certificate):

Issued by certifying authorities for electronic document signing.

Board of Directors

The elected governing body responsible for a corporation's operation. Certificate of Incorporation: The document filed to create a corporation

DIN (Director Identification Number):

A unique identification number for directors. Dissolution: The process that legally ends a corporation's existence

Incorporation

The act of forming a corporation under specific jurisdiction laws

Limited Liability Company (LLC)

An entity with limited personal liability and pass-through taxation

Limited Personal Liability

Protection from the debts and claims against a company

Name Reservation

The process to secure exclusive use of a corporate name for a specific period

Registered Office

The statutory address of a corporation

_Testimonials

Customer feedbacks

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form,