Goods and Services Tax (GST) Return is a document containing details of income that a taxpayer is required to file with the tax administrative authorities. This document is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns, including Sales, Purchases, Output GST (on sales), and Input tax credit (GST paid on purchases).

Why GST Return Filing?

Every registered business is required to file GST returns providing details of their sales, purchases, input tax credit, and output GST. These returns help calculate a business’s tax liability. Filing GST returns on time is not only a legal requirement but also crucial for maintaining your business’s compliance and reputation.

Who Should File GST Returns?

Any business registered under the GST Act has to periodically file GST returns, irrespective of business activity or sales during the return filing period. Even a dormant business that obtained GST registration must comply with this legal requirement. 

The frequency and type of return vary based on the nature of the business and the type of registration (Regular, Composition, Casual, Non-residential, etc.). Businesses typically need to file monthly (GSTR-1, GSTR-3B), quarterly (GSTR-4 for Composition Dealers), or annually (GSTR-9).

Types of GST Returns

1. GSTR-1 (Monthly/Quarterly): Details of outward supplies of goods or services
2. GSTR-2A (Monthly): Details of supplies auto-drafted from GSTR-1 or GSTR-5 to the recipient
3. GSTR-3B (Monthly): Summary of outward supplies, Input Tax Credit (ITC) claimed, tax payable, and tax paid
4. GSTR-4 (Annually): Return for a taxpayer registered under the composition levy
5. GSTR-5 (Monthly): Return for a Non-Resident foreign taxable person
6. GSTR-6 (Monthly): Return for an Input Service Distributor (ISD)
7. GSTR-7 (Monthly): Return for authorities deducting tax at source
8. GSTR-8 (Monthly): Details of supplies effected through e-commerce operator
9. GSTR-9 (Annually): Annual Return for a normal taxpayer
10. GSTR-10 (Once): Final Return, when registration is canceled or surrendered
11. GSTR-11 (Monthly): Details of inward supplies to be furnished by a person having UIN

Key Aspects of GST Return Filing Service

1. Understanding Taxpayer’s Business: The service provider needs to understand the client’s business model, the nature of transactions, and the applicable tax rates to appropriately classify the transactions.

    

2. Document Collection: Collect necessary documents/data from clients, such as purchase and sales invoices, debit and credit notes, etc.

    

3. Return Preparation: Preparing the GST returns based on the collected data.

    

4. Validation & Filing: Validating the prepared return with the client and then filing the return on the GST portal using the client’s login credentials.

    

5. Acknowledgment: Providing acknowledgment of receipt of the filed return to the client.

    

6. Regular Updates: Keeping the client updated about the upcoming GST return filing due dates and changes in laws.

Remember, GST return filing can be complex, and missing deadlines or making errors can lead to penalties. Hence, it’s beneficial to work with a professional who provides GST return filing services.

Our GST Return Filing Services

Our team of seasoned professionals provides a comprehensive set of GST return filing services, helping you navigate the complex GST landscape with ease:

Comprehensive Consultation: Understand your GST return obligations clearly with our in-depth consultations.

GST Return Preparation: We assist in preparing and compiling all the necessary data for your GST returns
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Filing Returns: Our team files your GST returns on your behalf, ensuring accuracy and timely submission.

Post-Filing Support: We provide complete support even after filing the returns, assisting with acknowledgments, rectifications, and any potential notices.