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GST Returns
A GST Return is a detailed statement that captures all the financial transactions of a person registered under GST, reflecting revenues and expenditures. It is a mandatory submission for every holder of GSTIN to the tax authorities, allowing them to determine the net tax liability with precision.
The GST return filing encompasses several critical elements:
Purchases: It records in detail the purchases the taxpayer has made.
Sales: It provides a comprehensive log of the taxpayer's sales activities.Output GST (On Sales): It notes the GST charged on the taxpayer's sales.
Input Tax Credit (GST Paid on Purchases): It lists the GST paid on purchases, which is eligible to be deducted from the GST owed on sales.
Streamline your GST Return filing process and maintain compliance effortlessly with IndiaFilings. Benefit from the convenience of LEDGERS GST platform, where you can access your business financials in real-time from any location. Plus, LEDGERS integrates smoothly with the apps you already use, ensuring a seamless workflow.
Benefits for the GST returns
- Dedicated GST Advisor
- Reminder to file GST returns
- Monthly GST Status reports
- GST returns by LEDGERS
- Standard accounting and cloud records
FAQs
A GST Return is a mandatory legal document that all GST-registered businesses must submit. It comprises detailed information about a business’s income and expenses. This document is essential for tax authorities to calculate the taxpayer's net tax liability.
GST Returns must be filed by any business or individual registered under GST in India. This requirement is particularly applicable to those whose annual turnover exceeds a certain threshold set by the tax authorities.
The GST framework includes 13 different types of returns, catering to various aspects of a taxpayer's financial transactions. However, not every taxpayer is required to file all these returns; it depends on their business category and GST registration details.
GSTR-1 is a monthly or quarterly return for reporting details of a business's outward supplies, i.e., sales. For businesses with an annual turnover above Rs. 5 crore, it is filed monthly by the 11th of the subsequent month. For others, it's filed quarterly by the 13th of the month following the quarter.
GSTR-3B is a monthly summary return that consolidates information on outward supplies, input tax credit claims, and tax payments. It's due by the 20th of the following month for businesses with an annual turnover above Rs. 5 crore.
Late filing of GST Returns attracts penalties and interest. The late filing fee is Rs. 100 per day per act (CGST and SGST), capped at Rs. 5,000. Additionally, late tax payments incur an 18% per annum interest charge.
GSTR-2A and GSTR-2B are read-only returns that provide details of inward supplies. GSTR-2A is dynamic and updates real-time, while GSTR-2B offers a fixed monthly snapshot.
