GST Return Filing Made Easy with KarrTax: Your Tax Solution Partner
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GST Return Filings: Price List

Online GST Return Filing Services in India

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GST Return Filings: Price List
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GST Return Filing: How To File & Types

What Is a GST Return?

A GST return is a legal document submitted to the tax authorities by businesses and individuals to report their sales, expenses, purchases, & the amount of GST they have collected and paid. In simple terms, GST is a consumption tax imposed on the supply of goods and services.

 

Typically, GST returns include below information:

 

  • Output and Input Tax:  Summary of the GST collected (output tax) and the GST paid on purchases (input tax) during the reporting period.

 

  • Sales: Details of all sales or supplies made by the business during a specific tax period.

 

  • Purchases: Information on purchases or expenses eligible for input tax credits.

Why GST Return Filed & Who Is Eligible For its Filing?

The primary purpose of filing GST returns is to report the amount of GST collected (output tax) on sales and the amount of GST paid (input tax) on purchases. This reporting allows tax authorities to determine the financial liability of a business or individual to the government.

 

GST return needs to be filed in the below cases.

 

  • Individuals or businesses with an annual turnover exceeding ₹ 20 lakh (for services supply) and ₹ 40 lakh (for the supply of goods).

 

  • The threshold limit for GST registration in states such as Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim is ₹ 20 lakhs (for the supply of goods) and ₹ 10 lakhs (for the supply of services).

 

However, it is important to note that GST regulations may vary by region or state over time. That’s why it is important to stay updated with the latest information according to your location.

Types of GST Returns & Due Dates To File Them

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Process For Online GST Return Filing

Here's the step-by-step process for online GST return filing.

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1) Visit the official GST portal, i.e. https://www.gst.gov.in.

2) Log in using your GSTIN ID and password. If you're a first-time user, you must undergo GST registration on the portal.

3) Look for the "Services" tab and select "Returns Dashboard." Choose the appropriate financial year for the GST return from the dropdown menu.

4) Choose the appropriate GST filing return form depending on your business type and turnover. (As explained above)

5) Select the return form, and you will be directed to the page where you are required to enter the relevant details. This may include transaction details, invoice numbers, GSTINs, of suppliers and recipients, and more. Use the online form to fill in the required information.

6) After filling, validate the data to check for errors or discrepancies and click the "Submit" button.

7) When the status shows "Submitted," click on "Payment of Tax." Use the "Check Balance" option to review your credit and cash balance.

8) Click "Offset Liability" to initiate the online GST payment. Check the relevant boxes for declaration, then choose either "File Form with DSC" or "File Form with EVC" to make the payment.

 

It is worth noting that specific GST return forms may have additional steps or variations, so using KarrTax GST software for GST returns filing is suggested. 

Types of GSTR Forms

●GSTR 1

Registered taxable suppliers file this form with outward supply details of taxable goods and services. GSTR 1 includes the following key information:

  • GSTIN & supplier’s legal name.

  • Invoice details for all taxable supplies.

  • Information about supplies to unregistered persons, consumers, and composition taxpayers.

  • Exports and deemed exports details.

  • Taxable supplies to consumers (B2C).

  • Amendments to the previous month's data, if any.

  • Details of advances received.

  • Details of credit & debit notes issued during the tax period.

 

●GSTR-2 & GSTR-3

Currently, the GST filing of these two forms is suspended.

 

●GSTR-3B

GSTR-3B is a monthly summary return that overviews the input tax credit (ITC) and taxpayer's tax liability for a particular month. It also includes information related to reverse charge liability (if applicable).

 

●GSTR 4

This form is for taxpayers who have taken the Composition Scheme under the GST filing regime. It is an alternative tax payment method for small businesses with a turnover of up to Rs.150 lakh. Taxpayers under this scheme can not avail the input tax credit facility and must provide the below information: 

  • Tax liability details, including tax payable.

  • Summary of total outward supplies (sales).

  • Any adjustment of advances received in previous quarters.

 

●GSTR 5

This form is filed by NRIs who conduct business transactions within the country. To do so, they are required to provide the below details.

 

  • GSTIN of the non-resident taxable person, as provided upon registration.

  • Legal name and business details

  • Details of supplies, including invoices, credit notes, debit notes, and advances received.

  • Summary of inward supplies, if any.

  • Tax liability and payment details.

  • Any adjustments to the GST payable based on amendments or corrections.

 

●GSTR 6

GSTR-6 is meant for Input Service Distributors (ISD). These are businesses or individuals that receive an input tax credit (ITC) on input services and distribute it to their various business locations. To fill out this form, an individual must provide the details below.

 

  • GSTIN & legal name of the ISD.

  • Details of input services received.

  • Distribution of ITC to different business locations or units.

  • Summary of ITC available, distributed, and ineligible for distribution.

  • Any reversals of ITC.

 

●GSTR 7

This form is designed for Tax Deduction at Source (TDS) authorities. When a person or entity is required to deduct TDS, they must file GSTR-7 to report and pay the TDS amount deducted at the source. Here is the list of required details to fill out GSTR-7.

  • Details of TDS deducted on various supplies.

  • GSTIN and legal name of the deductee (the person or entity from whom TDS is deducted).

  • Information about the invoices on which TDS is deducted.

  • Amount of TDS deducted.

  • Other relevant details required for TDS reporting.

 

●GSTR 8

The GSTR-8 form is filed by all e-commerce operators who collect tax at source under the GST rule. It reports the details of supplies made through the e-commerce platform and the amount of tax collected on these supplies.

 

  • GSTIN & legal name of the e-commerce operator or tax collector.

  • Details of supplies made through the platform, including invoices, credit notes, debit notes, and advances received.

  • The amount of tax collected on these supplies.

  • GSTIN and legal name of the supplier and recipient.

  • Information about the supplies made to unregistered persons (B2C).

  • Tax collected on behalf of the government.

 

●GSTR 9

It is filed by registered taxpayers to provide a comprehensive summary of their business transactions for the entire fiscal year. This return applies to regular taxpayers who are not under the Composition Scheme.

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●GSTR 10

Taxable people or companies whose GST registration has been terminated or surrendered file GSTR-10. It is used to provide a summary of the taxpayer's final tax liability for the period from the start of the fiscal year until the date of cancellation.

 

●GSTR 11

GSTR-11 is filed by individuals or entities holding a Unique Identification Number (UIN) and claiming a refund of taxes paid on their purchases. It reports the details of inward supplies on which the UIN holder has paid taxes and is seeking a refund. Majorly this form includes the following details.

  • UIN & name of the taxpayer.

  • Details of the inward supplies on which taxes were paid.

  • Any other relevant information required for refund processing.

 

●ITC-04

ITC-04 documents the transfer of goods or capital goods to a job worker and their subsequent return. This form records the movement of goods sent to job workers for further processing, manufacturing, or other work. It is also used to document the return of these goods to the principal manufacturer.

 

●CMP-08

This form is for taxpayers who have opted for the Composition Scheme. The tax rate for businesses under the Composition Scheme is typically lower than the standard GST rates. Here, taxpayers provide summarized details of their total sales, outward supplies, and tax payable for a specific quarter.

Penalty For Late GST Return Filing

If a taxpayer fails to submit their GST returns by the prescribed deadline, they are liable to pay a late fee.

 

This fee for both the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) is set at ₹ 25 for each day of delay, amounting to a total of ₹ 50 per day. However, this amount can reach a maximum of up to ₹ 5000 per Act.

For persons having NIL turnover, the penalty is Rs. 20 per day both for GSTR-3B & GSTR-1. Thus Rs.40 per day penalty is there for Nil turnover return filers if they do not file the return in time.

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Further, late filing of IGST returns does not attract late fees under the GST law. However, the taxpayer who files their returns after the due date may also be liable to pay interest at the rate of 18% per annum.

Why Choose KarrTax For Online GST Return Filing

KarrTax is your one-stop solution for all GST return filing services. With a team of experienced tax professionals and a user-friendly platform, we make the process of GST return filing hassle-free and efficient.

 

We know that staying compliant with GST deadlines is crucial.  Our platform will send you timely reminders well before the filing deadlines, helping you avoid penalties. This ensures that your returns are prepared precisely and filed on time.

 

Contact us at https://www.karrtax.in/gst-return-filings, and we will streamline your financial processes and ensure that your business operates seamlessly within the law's bounds.

Frequently Asked Questions (FAQs)

  1. Can I file a GST return on my own?

Yes, you can file a GST return independently, but this is not an easy procedure and requires careful consideration. That’s why it is suggested to get help from experienced tax professionals.

 

   2. How can I file a GST return online?

Filing a GST return online involves several steps. So, Get in touch with KarrTax, and we will help you with all your requirements.

 

   3. What are the consequences of non-compliance with GST return filing?

Non-compliance with GST return filing can lead to penalties, interest charges, and even cancellation of your GST registration.

 

   4. Can I revise a filed GST return?

According to specific guidelines, there is no provision for revising GST return filing. However, corrections can be made in the subsequent return for the corresponding tax period if you have encountered any errors.

  

   5. When are GST returns due to be filed?

The due dates for filing GST returns vary depending on the return type and your turnover.

 

  6. What are the various GST return types?

There are distinct types of GST returns, such as GSTR-1 (outward supplies), GSTR-3B (summary return), GSTR-4 (composition dealer return), GSTR-9 (annual return), and more. The exact returns you need to file depend on your business type and GST registration.

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