GST Return Filing

GST Return Filing
(Price Start at $ 9 /-)

The implementation of the Goods and Services Tax (GST) in India aimed to stitch together an integrated tax market in the country replacing an elaborate network of multiple state taxes which resulted in numerous difficult compliance requirements and multiple differing tax rates. While the GST system aimed to simplify the indirect tax structure and resolve the above-mentioned issues, it also brought its own framework of compliances that businesses are required to adhere to in order to avail the various underlying benefits of GST such as claiming tax credits for taxes paid while purchasing input materials for providing goods and services. In this article we try to explore the various compliance related aspects under the present GST regime in India and also how professional organisations can assist individuals and businesses in navigating this framework as a part of their business activities in India.

GST return filing in India is contingent upon various eligibility criteria, designed to streamline the taxation process and ensure compliance across different business segments. All businesses registered under the GST framework are liable to file GST returns on a monthly, quarterly, and annually frequency on the basis of the nature of business and quantum of turnover.

Benefits of filing GST returns

  • Removal of the cascading taxes effect: One of the primary advantages of being under the GST framework is the elimination of the cascading effect of taxes which would take place in the earlier framework which led to taxation of amounts which already included a taxation component.
  • Claiming input tax credit: The GST framework in an attempt to integrate the tax framework provides for the provision of credit on input taxes in order to ensure that taxes paid on raw materials do not become a part of a increased taxable base on the final amount to be paid by the end-user for enjoying the goods or services so supplied.
  • Avoidance of Late Fees: Filing GST returns within statutory timelines ensures that the taxpaying entity is not liable to pay late fees which are calculated on a daily rate upto a maximum of INR 5,000.
  • Avoidance of Interest: Filing GST returns within statutory timelines ensures that the tax-paying entity is not made liable for the payment of penalty interest to the authorities at rates of upto 18% over and above the tax payable.

Eligibility for filing GST returns under the GST framework in India

  • There is a requirement for the mandatory registration with the concerned authorities for entities of any legal form with an aggregate turnover exceeding the prescribed threshold limits INR 40,00,000 (Indian Rupees Forty Lakhs) for goods and INR 20,00,000 (Indian Rupees Twenty Lakhs) for services.
  • Entities with turnovers below these limits can voluntarily opt for GST registration, providing them access to benefits like input tax credits and operational transparency.
  • Businesses with turnovers up to a specified limit of INR 1,50,00,000 (Indian Rupees One crore and Fifty Lakhs) in case of supply of goods have the option to join the Composition Scheme.

Documents for GST return filing in India

  • Customer GSTN Number
  • Record of invoices raised
  • HSN wide summary details
  • Summary of debit and credit notes
  • Information regarding the place of supply

Processes involved in filing GST Returns in India

Filing of Form GSTR-1: Returns for payments of GST to the government are required to be filed by registered businesses on the portal maintained by the authorities for this purpose. A registered business is required to file a declaration of outward supplies in form GSTR-1 and provide all relevant information to support the declaration of outward supplies such as invoices maintained of these transactions.

Filing of Form GSTR-2: Upon the submission of Form GSTR-1 static return in the form of Form GSTR-2A is generated wherein the registered entity which filed the earlier GSTR-1 is informed of the amount of tax payable by it to the government. Additionally, another read-only return is generated in Form GSTR-2B which calculates the amount which the concerned registered entity can claim in the form of an input tax credit.

Filing of Annual Return: At the end of every calendar year, any registered entity must file an annual return in the format of Form GST-9. In the annual return, the registered entity must provide all relevant information regarding total supplies made, invoices generated and taxes paid to the authorities as duly certified by a practicing chartered accountant.

How can Seedling associates help you in the GST filing process ?

Navigating the intricate web of GST compliance demands not only an understanding of the current regulations but also a proactive approach towards evolving norms. Businesses, therefore, need to stay informed about changes in rules and procedures to ensure the seamless alignment of their operations with the dynamic GST framework. Regular training of employees, engagement with tax professionals, and the judicious use of technology for compliance management are pivotal strategies for achieving and sustaining GST compliance. Seedling Associates with its team of experienced professionals will help you navigate the entire return filing process end to end and its related compliances without much personal involvement from you while ensuring that you can focus on running your business and generating greater efficiency and profits.

Most common question about our services

How often is GST filing required in India?

GST filing is required on a monthly or quarterly basis, basis the nature of the business and the quantum of turnover of the business.

What happens if I miss the GST filing deadline?

Filing after the prescribed cutoff dates will be liable to be penalised which include the payment of fines which may be include interest on the outstanding tax amount.

Can I revise my GST return after filing?

The GST return can be revised within the prescribed time limit for corrections or updates..

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