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GST Return Filing

A GST return is a document where a taxpayer reports income, expenses, sales, purchases, and tax liability to tax authorities using their GSTIN. It provides essential details for tax administrative authorities.

The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Our GST return filing service helps taxpayers to get it done easily. Our professionals will take care of the filings so you don’t have to worry about keeping up with the due dates and staying GST compliant.

Benefits of GST Return Filing

  • GST Eliminates Cascading Effect

Earlier there were many instances where tax on tax was paid for a single transaction. As GST did away with several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax. This saves you money.

  • Higher Threshold

The threshold for GST is aggregate turnover exceeding 40 lakhs for sale of goods and aggregate turnover exceeding 20 lakhs for sale of services. This means small businesses falling below this threshold limit are not subject to GST Filing.

  • Easier for Startups and E-commerce Businesses

The GST system has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly suffered from different tax laws across different states which are now eradicated by GST.

  • More Organised System

Before the GST tax return filing system was disorganised. Now, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.

Documents Required for GST Return Filing

  • Invoices issued to persons with GSTIN or B2B invoices
  • Invoices issued to persons without GSTIN or B2C invoices
  • This needs to be submitted only when its total value is above ₹2.5 lakhs
  • A consolidation of inter-state sales
  • HSN-wise summary of all goods sold
  • Any other debit or credit notes or advance receipts

Upcoming Due Dates to File GST Returns

  • It is crucial to complete the filing within the due date to file GST. This will help in avoiding late payment charges and interests. The due dates for filing GST returns can be extended as per the issuing order or through notifications. Vakilsearch has gathered a list of due dates to file GST for the financial year 2021- 2022 and 2022 – 2023.

Who Is Eligible for GST Return?

  • Regular enterprises with an annual aggregate revenue of more than ₹5 crore
  • Taxpayers who did not choose the QRMP plan are required to file two monthly returns and one yearly return under the GST system
  • QRMP filers must submit nine GSTR files annually, which include four GSTR-1 and three GSTR-3B forms as well as an annual return. It should be noted that even if QRMP filers submit their returns on a quarterly basis, they must pay tax on a monthly basis
  • Additionally, separate statements and returns must be filed in other circumstances, such as in the case of composition dealers, who must submit five GSTR files annually (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).
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