What is it?
GST return filing services refer to preparing and filing Goods and Services Tax (GST) returns on behalf of businesses.Each registered taxpayer must submit the Goods and Services Tax Return 1 every month or every three months. Details of every sale and supply of goods and services made by the taxpayer throughout the tax period must be included in it. Composition sellers, non-resident international taxpayers, and people who have a UIN, however, are not covered by GST Return Filing . With our online GST registration services, you can start enjoying the benefits of compliance services and avoid penalties.
How to file GSTR-1
The following tables make up the GSTR-1 form, where registered enterprises must provide information on their outbound supplies.
Table1, 2, and 3 – Details of GSTIN and total revenue for the prior year are included.
Table 4: Taxable outbound supplies, excluding zero-rated supplies and considered exports, made to registered people (including UIN holders).
Table 5: Lists taxable interstate outbound deliveries to unregistered individuals where the invoice amount exceeds INR 2.5 lakh.
Table 6: Details of zero-rate supply and presumed exports are included.
Table 7: contains information about taxable supplies made to unregistered individuals that are not listed in Table 5 (net of debit and credit notes).
Table 8: Details of zero-rated, exempted, and non-GST outward supplies are listed.
Table 9: It contains information about debit notes, credit notes, refund vouchers, and taxable outbound supply data that were included in the GSTR-1 reports for preceding tax periods in tables 4, 5, and 6.
Table 10: Details of debit notes and credit notes issued to unregistered persons are listed.
Table 11: Information on advances received, adjustments to advances made during the current tax period, or changes to the information provided during a prior tax period.
Table 12: A overview of outgoing supplies by HSN.
Table 13 lists the papers released during the tax period.
GSTR 3b: The turnover determines the GSTR-1’s due dates. GSTR-1 returns must be filed either monthly or quarterly depending on the business’s turnover. Businesses can file quarterly returns if their annual revenue is up to INR 1.5 crore; otherwise, they must file monthly returns if their annual revenue exceeds INR 1.5 crore.
GSTR-1 deadline: What is it :A registered GST dealer must submit GSTR-3B, a monthly self-declaration, along with GSTR 1 and GSTR 2 return forms. Declaring a tax period’s total GST liabilities is done through a streamlined return.
GSTR 3b: What is it :A registered GST dealer must submit GSTR-3B, a monthly self-declaration, along with GSTR 1 and GSTR 2 return forms. Declaring a tax period’s total GST liabilities is done through a streamlined return.
GSTR- 3b Deadline: A typical assessee must submit Form GSTR-3B returns for each tax period. While submitting GSTR-3B reports, Taxpayers are not required to provide any invoice details, unlike other GST forms. The GSTR 3B due date, which is every 20th, 22nd, and 24th of the next month, is noted at the bottom.
Filing Income tax returns is also necessary. Income tax return filing services can help people and corporations reduce their tax liability and save money.
How to file GSTR-3b?
- Details of your sales and purchases which are liable for reverse charge.
- Details of inter-state sales made to unregistered buyers, buyers registered under the composition scheme, and UIN (Unique Identification Number) holders.
- Eligible ITC (Input Tax Credit).
- Values of exempt, nil-rated, and non-GST inward supplies
- Interest and Late fee payable
- Payment of tax
- TDS/TCS credit
After filling in all these details, the GSTR-3B form can be submitted after being signed by the authorized taxpayer.
GSTR 4: What is it? : GSTR-4 is a form that registered taxpayers who have enrolled in the composition scheme are required to submit once every three months (they are known as composition vendors). The GSTR-4 includes invoice-level information on purchases the composition vendor made from other registered taxpayers throughout the tax period, as well as the overall amount of sales and supplies made, the tax paid at a compounding rate, and other financial information.
GSTR- 4 Deadline?: Every financial year, through the GSTR 4 form, all assesses covered by the composition scheme must submit their annual GST (Goods and Services Tax) reports. By the 30th of the month following the end of the fiscal year, which is the 30th of April of the following fiscal year, the Form GSTR-4 must be submitted.
How to file GSTR-4?
- Name of the Taxpayer
- Turnover of the Taxpayer
- Inward supplies including supplies on which tax is to be paid on reverse charge
- Amendments to details of inward supplies furnished in returns for earlier tax periods
- Tax on outward supplies made
- Amendments to outward supply details furnished in returns for earlier tax periods
- Consolidated statement of advances paid and advances adjusted on account of receipt of supply
- TDS credit received
- Tax payable and paid
- Interest, late fee payable, and paid
- Refund claimed from electronic cash ledger
- Debit entries in the cash ledger for tax or interest payment
When you must submit GST Returns
GST Returns must be filed every month, with the exception of those whose previous fiscal year’s turnover was less than 5 crores. They ought to submit quarterly. They must, however, pay taxes on a monthly basis. By outsourcing GST return filing services, businesses can simplify the process and focus on their core activities.
GST Updates for 2022
Six fresh CGST notifications were sent by the CBIC. Important ones include the following:
(a) A new table 3.1.1 has been added to the GSTR-3B format to report e-commerce sales and the taxes owed on them for both e-commerce operators and e-commerce sellers.
(b) The Finance Act of 2022’s Section 110 was announced. Therefore, a taxpayer may only use form PMT-09 to transfer CGST or IGST as a distinct person from one GSTIN to another.
(c) A late filing fee waiver extends the GSTR-4 due date for FY 2021–22 to July 28th, 2022. The deadline for CMP-08 has also been extended to July 31, 2022.
- Creation of QR codes
- Streamlined filing of GST returns
- Generation of e-wall bills
- ITC asserts a cap on a certain rate.
- ITC blockage in accordance with rule 86 A
- Making electronic invoices
- Mandatory DIN