Are you on the lookout for details of the GST filing online procedure? Well, we have got you covered. From the basics of GST to step-by-step guides on how to file your returns, we have all the information you need to ensure compliance and avoid penalties. You can also contact us for expert advice and insights on GST filing.
GST filing refers to the process of submitting GST returns, which is a statement of all sales, purchases, and taxes paid or collected during a specific period. The GST filing process is mandatory for all businesses and individuals registered under the GST regime, irrespective of their turnover or profitability.
Types of GST Returns
Here is a list of the different types of GST Returns:
- GSTR-1: This return is filed by the registered supplier and contains details of all the outward supplies made during the month. It includes details such as invoice number, date, value, and GSTIN of the recipient.
- GSTR-2: It is filed by the registered recipient and contains details of all the inward supplies received during the month. It includes details such as invoice number, date, value, and GSTIN of the supplier
- GSTR-3B: This is a summary return filed by registered taxpayers on a monthly basis. It contains details of outward supplies, inward supplies, and input tax credit availed during the month.
- GSTR-4: GSTR-4 is filed by taxpayers who have opted for the Composition Scheme under GST. It contains details of turnover and tax paid under the scheme.
- GSTR-5: It is filed by non-resident taxpayers who are registered under GST and have carried out business transactions in India. It contains details of all the supplies made and received during the month.
- GSTR-6: This is filed by Input Service Distributors (ISD) and contains details of input tax credits distributed to the recipients
- GSTR-7: GSTR-7 is filed by taxpayers who are required to deduct tax at source (TDS) under GST. It contains details of all the deductions made during the month.
- GSTR-8: This return is filed by e-commerce operators who are required to collect tax at source under GST. It contains details of all the supplies made through the e-commerce platform.
GST Filing Requirements
Eligibility for GST Filing
Every individual, business or entity registered under the Goods and Services Tax (GST) Act must file GST returns. This includes businesses with a turnover of more than Rs. 20 lakhs per year (Rs. 10 lakhs for Northeastern and hilly states) and those that are registered voluntarily. You can also opt for a GST application online if you want the entire process to be carried out in a streamlined manner.
Also, if you are supplying goods to customer located outside your state like Karnataka to Maharashtra, the GST registration is mandatory irrespective of your turnover not crossing threshold limits.
Deadline for GST Filing
The following are the due dates for various types of GST returns:
- GSTR-1: 11th of the following month
- GSTR-2: 15th of the following month
- GSTR-3B: 20th of the following month
- GSTR-4: 18th of the following quarter
- GSTR-5: 20th of the following month
- GSTR-6: 13th of the following month
- GSTR-7: 10th of the following month
- GSTR-8: 10th of the following month
- GSTR-9: 31st December of the following financial year
- GSTR-10: Within 3 months of the date of cancellation of registration
Late Fees And Penalties For Late Gst Filing
If a registered person fails to file their GST returns within the due date, they will have to pay a late fee of Rs. 50 per day (Rs. 20 for Nil return filers) for every day that the return remains unfiled.
Importance of GST Compliance
- GST filing helps businesses maintain compliance and avoid late fees and penalties.
- Additionally, being GST-compliant can help businesses avoid legal issues.
Opting for the QRMP scheme
The QRMP scheme is not mandatory for all the taxpayers. It is meant for taxpayers liable to file Form GSTR-1 and Form GSTR-3B returns. QRMP scheme can be opted by:
- Registered taxpayers
- Taxpayers who have opted out of the composition scheme
- Persons applying for a fresh registration as a normal taxpayer
- Taxpayers whose aggregate annual turnover (PAN-based) is up to ₹ 5 Crore in the current financial year and the preceding financial year (if applicable)
Consequences of non-compliance
Non-compliance with GST rules and regulations can result in various consequences for businesses, including legal issues, penalties, fines, and loss of reputation.
Tips for ensuring GST Compliance
- Keeping accurate records of all transactions
- Regularly filing GST returns and paying taxes on time
- Ensuring that all invoices and bills are properly documented and maintained
- Conducting periodic GST audits to identify any compliance issues
- Staying up-to-date with changes in GST rules and regulations Learn More
How to File GST Returns Online?
- Log in to the (http://www.gst.gov.in) GST Portal for GST filing online.
- Select the Return Filing Option
- Fill in the Required Details
- Validate the Details
- Submit the Return
- Receive the Confirmation of Filing
How Can BC Shetty & Co can Help You In Filing GST
The team of highly experienced accounting professionals at BC Shetty & Co can help you out with on-time GST filing. We use highly sophisticated cloud accounting tools while offering our services to customers. We upload the files directly to the GST portal using our accounting tools to avoid mistakes. We can also help you out with private limited company registration.
We will proactively follow up with you for the required data and information so that the GST filing is done on time. We will also carry out a reconciliation process so that you do not miss any input and the entire GST filing process can be done in an error-free way. You can also contact us for income tax e filing or tax audit and we will help you out with the required details.
How to file GST returns?
- Log in to the GST portal (http://www.gst.gov.in/) using your username and password.
- Click on the 'Services' tab and select 'Returns Dashboard.
- Select the relevant return form and the financial year or tax period for which you want to file the return.
- Fill in all the necessary details and upload the required documents.
- Once you have reviewed and confirmed the information, submit the return.
Who should file GST returns?
All businesses registered under GST are required to file GST returns. This includes regular taxpayers, composition scheme taxpayers, and non-resident taxpayers.
How do I check the GST return status?
You can check the status of your GST returns from the GST Portal itself. The process is quite a straightforward one.
Are there any businesses benefiting from a monthly GST filing?
Businesses with a turnover of up to Rs. 5 crores can opt to file their GST returns every quarter. However, they also have the option to file their returns every month if they choose.
When should I file the first GST?
Regular taxpayers are required to file their first GST return (GSTR-3B) within 20 days of the end of the month in which they are registered.
Composition scheme taxpayers are required to file their first GST return (CMP-08) within 18 months of registration.