GST Return Filing Services

What is GST Return Filing Services?

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-2

GSTR-2: A key GST return that was once used by registered buyers in India to report their inbound supplies of goods and services is now known as GSTR-2. Basically, it was a way to keep a record of the purchases made during a specific tax period. It is crucial to remember that GSTR-2 is now categorized as a suspended return under the Goods and Services Tax (GST) framework.

It is essential for you to must keep an eye on GSTR-2’s status as a GST-registered firm because it could impact your reporting requirements and compliance processes. Even though GSTR-2 is currently not in use, staying up to date on any upcoming revisions or modifications will be important for effectively carrying out your tax duties.

  1. Verify Specifics: Check that the GSTR-2A’s auto-populated by the GSTN system information matches the supplier’s GSTIN, invoice numbers, taxable value, and GST amount.
  2. Make Corrections: Make the necessary corrections or contact the providers for rectification if any errors or missing entries are found.
  3. Prepare GSTR-2: Fill out the GSTR-2 form accurately for each transaction using the combined and validated purchase data.
  4. GSTR-2 file: To complete the filing process, sign in to the GST portal, upload the GSTR-2 data, and submit it online. Keep a copy of the filed return for reference and audit purposes in the future.

GSTR-2A

GSTR-2A is a crucial dynamic GST return designed for buyers of goods and services. This view-only document provides comprehensive details of all inward supplies, including purchases from registered GST suppliers during a specific tax period.

The best part? The data in GSTR-2A is automatically populated based on the information filed by suppliers in their GSTR-1 returns. Even the data from Invoice Furnishing Facility (IFF) submitted by QRMP taxpayers gets seamlessly integrated.

While GSTR-2A itself is read-only, it serves as a vital reference for buyers to accurately claim Input Tax Credit (ITC) for each financial year across multiple tax periods. If any invoices are missing, buyers can promptly communicate with the sellers, ensuring timely uploads in their GSTR-1.

Until August 2020, GSTR-2A was the go-to resource for claiming ITC each tax period. Since then, buyers have been required to rely on GSTR-2B, a static return, to claim input tax credit. However, many businesses still find GSTR-2A beneficial when filing their annual GST return.

GSTR-2B

GSTR-2B: is a significant view-only static GST return designed for buyers of goods and services. It provides a comprehensive snapshot of constant Input Tax Credit (ITC) data for a specific period, enabling easy reference whenever needed.

The ITC details covered in GSTR-2B span from the filing date of the preceding month’s GSTR-1 (M-1) to the filing date of the current month’s GSTR-1 (M). It is made available on the 12th of each month, giving users sufficient time before filing GSTR-3B, where ITC declarations are made.

This return empowers recipients with actionable insights for each reported invoice, including whether it should be reversed, is ineligible, or subject to reverse charge. It also provides convenient cross-references to the relevant table numbers in GSTR-3B, streamlining the entire process.

While GSTR-2 used to be a valuable tool for reporting inward supplies of goods and services, it is currently a suspended GST return. The details in GSTR-2 had to be auto-populated from GSTR-2A. Unlike GSTR-2A, GSTR-2 allowed for edits. However, since September 2017, the filing of GSTR-2 has been temporarily suspended.

In conclusion, GSTR-2B is a vital resource for recipients, helping them manage their Input Tax Credit efficiently. With its user-friendly approach and monthly availability, GSTR-2B ensures businesses stay compliant with GST regulations and make informed decisions.

 

GSTR - 3B

What is it?

GSTR-3B is a vital monthly self-declaration form designed to streamline your GST reporting process. As a registered normal taxpayer under GST, it becomes essential to file this form, summarizing crucial details of your business transactions.

  1. GSTR 3b:  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.
  2. What to Include: In GSTR-3B, you are required to furnish a comprehensive overview of your outward supplies, the input tax credit you’ve claimed, your ascertained tax liability, and the taxes you’ve diligently paid.
  3. Ensuring Accuracy: Accuracy is of utmost importance in GSTR-3B filing. Before submission, it’s crucial to reconcile your sales and input tax credit information with GSTR-1 and GSTR-2B for the respective tax period. This ensures that any discrepancies or inconsistencies are promptly identified and resolved.
  4. 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.
  5. Why Reconciliation Matters: The process of GST reconciliation is not to be underestimated. By comparing data across different forms, you can detect any mismatches that might otherwise lead to potential GST notices or even suspension of your GST registration in the future.

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?

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  1. Details of your sales and purchases which are liable for reverse charge.
  2. Details of inter-state sales made to unregistered buyers, buyers registered under the composition scheme, and UIN (Unique Identification Number) holders.
  3. Eligible ITC (Input Tax Credit).
  4. Values of exempt, nil-rated, and non-GST inward supplies
  5. Interest and Late fee are payable
  6. Payment of tax
  7. 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

  1. 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.
  2. 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?

    1. Eligibility: GSTR-4 is a quarterly return designed for Composition Scheme taxpayers under the Goods and Services Tax (GST) system. Ensure you are eligible and registered under the Composition Scheme before proceeding.

    2. Furnish Details: Provide summarized details of your outward supplies, including taxable and exempted sales, during the quarter. Also, report the consolidated tax payable at the applicable composition rate.

    3. Input Tax Credit: Unlike regular taxpayers, those under the Composition Scheme cannot claim an input tax credit. Simply skip this section while filing GSTR-4.

    4. Upload and Verify: Access the GST portal, enter the requisite information, and upload the GSTR-4 form. Review the details to ensure accuracy before submission.

    5. Timely Filing: File GSTR-4 within the due date to avoid any penalties. The deadline for GSTR-4 is usually the 18th of the month succeeding the quarter (e.g., the 18th of July for the April-June quarter).

Require Documents
  1. GUSTIN
  2. Name of the Taxpayer
  3. Turnover of the Taxpayer
  4. Inward supplies including supplies on which tax is to be paid on reverse charge
  5. Amendments to details of inward supplies furnished in returns for earlier tax periods
  6. Tax on outward supplies made
  7. Amendments to outward supply details furnished in returns for earlier tax periods
  8. Consolidated statement of advances paid and advances adjusted on account of receipt of supply
  9. TDS credit received
  10. Tax payable and paid
  11. Interest, late fee payable, and paid
  12. Refund claimed from electronic cash ledger
  13. 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.

Major Changes

    • 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