GST or Goods and Services Taxes, a revolutionary tax reform, is a single indirect tax that has replaced the multiple levels of taxation in the country. This new taxation system asks all taxpayers to file the GST Return Form with the CBIC (Central Board of Indirect Tax & Customs). Being a new taxation system, a majority of businesses and even individual taxpayers registered under the GST Act might find it confusing to understand the dual taxation by the Union and State government and different other terms in this tax reform. To file GST returns without any discrepancy, it is important to get an expert professional for assistance. At Registration Karwalo Services India Private Limited, we have a team of experienced Chartered Accountants who have complete knowledge of GST and its return filing procedure.
Registration Karwalo Services India Private Limited offers its assistance to taxpayers in quickly filing their GST returns to ensure they are not at any default. Read further to understand further about GST Returns
1) What is GST Return?
Taxpayers need to file a document with the tax administrative authorities describing all the income details. The authorities use this return to calculate the taxpayer’s tax liabilities. The GST returns must include information regarding sales, purchases, output GST, and input tax credit. A taxpayer needs to have all the GST compliant invoices to file returns.
2) Who should file the GST Return and how many returns are required to file?
All the businesses that are registered need to file for their GST returns. All businesses that are based on the models like sole proprietorship, partnership firms, a private company, a public company, or a limited liability company and have an annual turnover of more than 20 lakhs need to have GST registration. This annual turnover limit is 10 lakhs in the Northeastern states of India.
3) What are the types of returns and their scheduled dates?
- GSTR-1 is a monthly return that needs to be filed by the 11th of the subsequent month and contains the outward supplies of taxable services & goods
- GSTR-2 is a monthly return that needs to be filed by the 15th of the subsequent month and contains the inward supplies of taxable services & goods
- GSTR-3 is a monthly return that needs to be filed by the 20th of the subsequent month based on finalized inward & outward supply detail
- GSTR-4 is a quarterly return that needs to be filed by the 18th of the month succeeding the quarter and is important for the taxpayers that come under the purview of composition levy registration
- GSTR-5 is the monthly return for the non-resident people who have to pay taxes and needs to be filed by the 20th of the subsequent month
- GSTR-6 is the monthly return for the input service distributors and needs to be filed by the 13th of the subsequent month
- GSTR-7 is the monthly return for the authorities who are deducting taxes at sources and needs to be filed by the 10th of the subsequent month
- GSTR-8 is the monthly return containing the supplies and tax collected on the supplies that were affected by e-commerce operator and needs to be filed by the 10th of the subsequent month
- GSTR-9 is an annual return that needs to be filed by each taxpayer by the 31st of December
- GSTR-10 is the return that a registered member has to pay within 3 months if GST registration is canceled
- GSTR-11 is to be filed by 28th of the following month by a person with UIN and claiming refund
4) How do we help with your GST returns?
- We take care of the filing of each form, starting from filing form GSTR-1 for outward supplies on 10th of each month.
- We also take care of the filing of form GSTR-2 after getting details of the inward supplies within 5 days on 15th each month.
- The next is to file for the monthly return for your GST in form GSTR-3 that we ensure to file on the 25th of each month.
- We also make sure to file form GSTR-9 by the 31st of December as your annual GST return filing.
- Apart from that, we also take into consideration the business composition and in case a business is required to file form GSTR-4, we do it every quarter by the 18th of the month.
With our services, you get dedicated GST experts who analyze your taxes, sales, and purchases in your account books and financial statements. They ensure that each and every GST returns, each month, quarter and year are filed on a timely basis to avoid any penalties. Not filing the returns on due date can create a cascading effect. We ensure every detail is filed properly in the respective GSTR forms on time so that you can run your business smoothly.