GST Filing

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    GST Filing

    The Goods and Services Tax (GST), implemented on July 1, 2017, is a comprehensive indirect tax levied on the supply of goods and services across businesses. It is designed to be paid at every stage of the supply chain. The guiding principle behind GST is to establish a unified tax system, aptly described as ‘One Nation, One Tax.’

    A GST Return is a document containing detailed information about an entity’s sales and purchases along with the output tax on sales and the input tax on purchases. This document is crucial for settling tax dues. Entities registered under GST must file GST Returns, which can be on a quarterly, monthly, or annual basis, depending on the business category. Filing GST Returns is also integral for the creation of GST-compliant invoices by businesses.

    Types of GST Returns

    GSTR-1: This monthly return details all outward supplies of goods and services. It’s mandatory for all GST-registered entities except for those under the Composition Scheme and Input Service Distributors. It must be filed by the 11th of the following month for businesses with an annual turnover exceeding ₹5 Cr or not under the QRMP scheme. For those under QRMP, it’s due quarterly on the 13th of the month after the quarter ends.

    Note: GSTR-2 and GSTR-3 are currently not in use.

    GSTR-2A: An auto-generated return reflecting inward supplies, populated from suppliers’ GSTR-1 filings. There’s no set due date for this form.

    GSTR-3B: A monthly self-declaration providing a summary of outward supplies, input tax credit claimed, and tax payments. Due on the 20th of the following month for businesses with a turnover above ₹5 Cr. For smaller businesses, the due dates are the 22nd or 24th, depending on the state category.

    GSTR-4: Filed by those opting for the GST Composition Scheme, replacing GSTR-9A. The due date is the 18th after the quarter’s end.

    GSTR-5: For non-resident foreign taxpayers, detailing all transactions in India. It’s due monthly on the 20th.

    GSTR-6: Filed monthly by Input Service Distributors, detailing received and distributed input tax credits. Due on the 13th of each month.

    GSTR-7: For government authorities deducting TDS, detailing deductions, liabilities, and refunds. Due on the 10th of each month.

    GSTR-8: For e-commerce operators collecting TCS, detailing supplies, and collected tax. Due on the 10th of each month.

    GSTR-9: The annual return for regular taxpayers, summarizing all filings and transactions. Due by December 31st of the following financial year. Exemptions apply to certain taxpayer categories.

    GSTR-9C: A reconciliation statement for those with a turnover exceeding ₹2 Cr. Due annually by December 31st of the following financial year.

    GSTR-10: For those whose GST registration has been canceled or surrendered. Due within three months of cancellation.

    GSTR-11: Filed by UIN holders to claim refunds. Due on the 28th of the month following the statement month.

    Advantages of Filing GST Returns

    The advantages of filing GST returns are as follows:

    Unified Return Filing System: The GST framework consolidates various taxes like IGST, CGST, and SGST into a single form, simplifying the return filing process.

    Removal of Tax-on-Tax: GST has eliminated multiple taxes such as central excise duty, service tax, and VAT, thereby eradicating the tax-on-tax effect.

    Increased Exemption Limit: The GST regime has raised the turnover threshold for tax liability from ₹5 lakhs to ₹20 lakhs, benefiting smaller businesses.

    Support for Start-ups: GST has eased the tax burden on start-ups by increasing the turnover limit for tax liability and allowing for the offset of service tax against sales.

    Compliance Rating System: GST introduces a compliance rating mechanism, grading businesses on their consistency in meeting tax obligations. These ratings are publicly accessible, encouraging higher compliance standards.

    Qualifications for Filing GST Returns

    Entities qualify for GST return filing if their annual revenue surpasses ₹20 lakhs or ₹40 lakhs. The following activities necessitate the filing of GST returns:

    • Sales: Transactions involving the supply of goods or services.
    • Purchases: Acquisitions of goods or services.
    • Output Tax: Taxes applicable on sales.
    • Input Tax: Taxes paid on purchases that can be credited against output tax.

    Essential Elements of GST-Compliant Invoices for Return Filing

    For businesses registered under GST, issuing GST-compliant invoices for sales of goods and services is mandatory. These invoices must be furnished by the seller and should include the seller’s branding. Tax invoices serve to levy the tax and facilitate the transfer of input tax credits. The key components of a GST return filing invoice are:

    • Date of Invoice: The issuance date of the invoice.
    • Customer Name: The name of the client purchasing the goods or services.
    • Delivery and Billing Address: The locations where goods are shipped and billed.
    • GSTIN of Client and Supplier: The GST identification numbers of both the buyer and the seller.
    • Place of Supply: The location where the goods or services are provided.
    • HSN/SAC Code: The Harmonized System of Nomenclature or Service Accounting Code for the items.
    • Item Details: The classification, quantity, unit (e.g., meter, kg), and total value of the items.
    • Taxable Value and Discounts: The value subject to tax after any discounts.
    • Tax Rates and Amounts: The rates and total of CGST, SGST, and IGST.
    • Reverse Charge Applicability: Indication if GST is to be paid on a reverse charge basis.
    • Supplier’s Signature: The authorized signatory of the seller.

    Key Documents Required for GST Return Filing

    For filing GST returns, the following documents are essential:

    • Invoices List: Covering both B2B and B2C services.
    • Customer GSTIN: The GST identification number of the customer.
    • Invoice Type: The category of the invoice issued.
    • Invoice Number: The unique number of the invoice.
    • Supply Location: The place where the supply is made.
    • GST Rate: The applicable rate of GST on the supply.
    • Taxable Amount: The value on which GST is calculated.
    • CGST, SGST, IGST, and GST Cess: The amounts of Central, State, Integrated GST, and Cess applicable.
    • Consolidated Sales: Summary of state-wise and nationwide sales.
    • HSN Summary: Details of goods supplied, categorized by HSN code.
    • Supporting Documents: Summaries of additional documents such as debit and credit notes.
     

    Steps for Filing GST Returns

    Filing GST returns involves a meticulous process, which includes:

    • Gathering Required Documents and Invoices: Taxpayers must compile all relevant documents and invoices needed for filing GST returns.
    • Submitting the Application with Documents: The collected information and documents must be submitted by the filer.
    • Pre-Filing Compliance Checks:
      • Review: Before filing, review all GST filings and records.
      • Verification: Ensure the accuracy of all records, invoices, and documents.
    • Finalizing the GST Return Filing: After verifying all documents, the filer can proceed to finalize the GST return filing.

    Consequences and Processes for Late GST Return Filing

    Failing to file GST returns on time can result in punitive measures. Defaulters are subject to both interest and late fees. An annual interest rate of 18% is applicable, calculated on the outstanding tax amount. The late fee is ₹100 per day for each Act, totaling ₹200 per day (₹100 for CGST and ₹100 for SGST), with a cap of ₹5000; this does not apply to IGST.

    Invoice Revisions Pre-GST Filing Dealers must verify provisional acceptance before final registration under GST. Revised invoices must be issued against any previously issued ones within one month of receiving the registration certificate.

    Corporate Raasta Approach to GST Filing

    We offer expert guidance for GST filing to ensure your business’s compliance and smooth operation in India. They recommend engaging a knowledgeable attorney for TDS filing to navigate the process efficiently. We provides a platform for legal and financial services, connecting clients with professionals and offering continuous support and updates.

    Steps with Corporate Raasta Consulting 

    1. Inquire about GST filing.
    2. Submit necessary documents.
    3. Prepare the GST filing application.
    4. Meet all preliminary criteria.
    5. Complete the procedural steps.
    6. Receive doorstep service for GST filing.

    Initial information from the client kickstarts the process, followed by professional assistance upon payment confirmation.

    • Entities with an annual turnover exceeding ₹20 lakhs or ₹40 lakhs are required to file GST returns.

    • Filing is required for activities such as sales, purchases, and the calculation of output and input tax.

    • A GST invoice must include the date, customer name, delivery and billing address, GSTIN of both parties, place of supply, HSN/SAC code, item details, taxable value, tax rates and amounts, reverse charge applicability, and supplier’s signature.

    • Documents include a list of invoices, customer GSTIN, type of invoice, invoice number, place of supply, GST rate, taxable value, and the amount of CGST, SGST, IGST, and GST Cess applicable.

    • Late filers are subject to an interest of 18% per annum and a late fee of ₹100 per day per Act, totaling ₹200 per day, with a maximum of ₹5000. This does not apply to IGST.

    • Yes, revised invoices can be issued within one month from the date of issuance of the registration certificate.

    • We provide expert assistance, ensuring compliance and smooth business operations. They offer a platform connecting clients to professionals for legal and financial services.