GST Return Filing in India is mandatory for all entities that have a valid GST registration, irrespective of business activity or sales. This document contains details of all income or expenses that a taxpayer must file with tax administrative authorities.
Incorporation
A person with a valid GSTIN must file GST returns.
Anyone whose annual turnover exceeds Rs. 20 lahks must obtain GST registration and file GST returns.
In special states, the turnover limit for annual turnover is Rs. 10 lahks.
Process
Businesses registered under GST must file monthly, quarterly, or annual GST returns based on their business.
Four forms must be filed for GST returns: returns for supplies returns for purchases, monthly returns, and annual returns.
Taxpayers must provide details of sales or purchases of goods and services, along with taxes collected and paid.
The due dates for filing the GST returns are as follows:
- GSTR 1: The 11th of Subsequent of that month
- GSTR 3B: The 20th of that subsequent month
- CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
- GSTR 4: 18th of the month succeeding the quarter.
- GSTR 5: 20th of the subsequent month
- GSTR 6: 13th of the subsequent month
- GSTR 7: 10th of the subsequent month
- GSTR 8: 10th of the subsequent month
- GSTR 9: 31st December of the Fiscal year.
- GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
- GSTR 11: 28th of the month that is following the month for which the statement was filed.
- Documentation and Other Considerations
GST return filing is necessary for even dormant businesses with valid GST registration.
Implementation of GST in India has ensured taxpayer services like registration, returns, and compliance are aligned and accessible.
Return Filing under the Composition Scheme:
All persons registered under the Composition Scheme are required to pay taxes using CMP-08 every quarter and GSTR 4 to be filled annually through the GST Common Portal or a GST Facilitation Centre.
GST return for those enrolled under Composition Scheme is due on the 18th of the month, succeeding a quarter.
The GST return filed by a Composition Scheme supplier must include details of invoice-wise inter-State and intra-State inward supplies received from registered and unregistered persons and consolidated details of outward supplies made.
Benefits of choosing for the GST returns:
- Dedicated GST Advisor
- Reminder to file GST returns
- Monthly GST Status reports
- GST returns by LEDGERS
- GSTR- 1 and GSTR- 3B filing
- Input Tax Credit Reconciliation
- Standard accounting and cloud records
- LEDGERS GST Software
Some of the features of LEDGERS are:
- GST Invoicing
- Payments
- Returns Filing
- Accounting
Documents Required:
- Invoice
- Purchase Invoices
- Bank Statement