Online GST Return Filing Services
What is online GST return filling?
Businesses that have registered for GST are required to submit GST returns on a monthly, quarterly, or annual basis, depending on their particular industry. Here, information on the sales or purchases of goods and services is required, as well as information about the tax that was collected and paid. GST, a comprehensive income tax system, has been implemented in India, guaranteeing that taxpayer services including registration, returns, and compliance are within budget and precisely coordinated.
Four forms, including returns for supplies, returns for purchases, monthly returns, and yearly returns, must be submitted by an individual taxpayer who is completing GST returns. Regardless of the business activity, sales, or profitability during the period of filing the reports, all organizations with a valid GST registration in India are required to file GST returns. Consequently, even an inactive entity with a current GST registration is required to file GST returns.
A GST return is a form that outlines all of the earnings or spending that a taxpayer must report to the tax administration authorities.
Eligibility for Filing A GST Return
Any regular business must submit three monthly returns and one annual return in accordance with GST regulations. Entities that do not make any sales or purchases within a specific time period (year) must also file nil-returns for GST (meaning no returns).
One monthly return, GSTR-1, whose details must be manually entered, is the system’s best feature. The GSTR-1 forms that you and your vendors filed will be used to automatically fill out the GSTR-2 and GSTR-3 returns. Compounding taxpayers must submit their taxes on a quarterly basis (every three months), while ordinary taxpayers including international non-residents, casual taxpayers, and Input Service Providers (ISD) must submit their reports on a monthly basis.
Types Of GST Returns
The various GST return types are shown below.
GSTR 1- Includes supplies made outside the country as well as taxable goods, services, or both.
GSTR 2- Inward supplies for taxable goods and/or services are included and an ITC claim.
GSTR 3- It Comprises monthly returns based on details about incoming and outgoing goods that have been finalized.
Details about the total tax due are also included.
GSTR 4- Includes information for the submission of Quarterly Returns, in particular for the compounded tax liabilities of certain individuals.
GSTR 5- Includes information on filing a GST return by non-resident foreign individuals.
GSTR 6- It is the form used to file returns by input service distributors.
GSTR 7- For authorities starting TDS, serves as the form that makes it easier to file returns.
GSTR 8- Along with the tax amount received in accordance with sub- section 52, it also contains supply information for e-commerce firms.
GSTR 9– It is the form used to submit annual returns.
GSTR 10- Details on how to file Annual Returns for Compounding Taxable Individuals Registered comes under it.
Penalty For Late Filing
Failure to submit GST returns on time may result in fines and the revocation of your GST registration. The GST registration will be cancelled if a person does not file a GST return for a period of six months, and they will not be able to apply for another GST registration until the whole late filing penalty has been paid.
The penalty for filing a GST return beyond the deadline varies depending on whether a person had a NIL return or had turnover. An individual without a business must file a NIL GST return. For both the GSTR-3B return and the GSTR-1 return, there is a penalty of Rs. 20 per day for failure to file a NIL GST return. Therefore, there may be a penalty of Rs. 40 per day or Rs. 1200 per month for failure to file a NIL GST return.
If a person engages in business activity during the time period for which a late GST return is filed, a penalty of Rs. 50 per day for a late GSTR-3B return and Rs. 50 per day for a late GSTR-1 return would be imposed. Consequently, a fine of more than Rs. 3000 would be necessary.
The person would also be required to pay interest at the rate of 18% on any late GST payments made to the government in addition to the aforementioned late filing fees.
BENEFITS OF FILING A GST RETURN THROUGH SRV ASSOCIATES
- Timely Submission – We will submit your GST returns three days after receiving all necessary information. Additionally, there is no possibility of future
- Expert Consultation All Year Long – Get GST advice on demand. Both the number of questions and the time limit are
- Save Money (100% ITC Guaranteed) – We provide dependable and expert services at reasonable costs when compared to industry
- Professional In-House Team – We have a professional in-house Your work is not sublet to anybody else by us.
How to Online File GST Returns?
All taxpayers, including manufacturers, suppliers, dealers, and customers, are required to file their tax returns with the GST department each year. The process of filing tax returns has been automated under the new GST system. By using the software or apps made available by the Goods and Service Tax Network (GSTN), GST
returns can be submitted online with the information on each GSTR form automatically filled in. The steps for submitting a GST return online are as follows:
Step 1- Go to the GST website (www.gst.gov.in).
Step 2- Your state code and PAN number will be used to generate a 15-digit GST identification number.
Step 3- Upload invoices using the programme or the GST portal. For each invoice, a reference number will be provided.
Step 4- Outgoing returns, incoming returns, and cumulative monthly returns must all be filed online after invoices have been uploaded.
You have the option of fixing any problems and resubmitting the returns.
Step 5- On or before the 10th of the next month, submit the GSTR-1 outbound supply returns through the information part of the GST Common Portal (GSTN).
Step 6- The recipient will receive information on the outgoing supplies provided by the provider in GSTR-2A.
Step 7- The recipient is required to check, confirm, and edit the information regarding outgoing supplies. They must also file any credit or debit note information.
Step 8- In the GSTR-2 form, the recipient must include information about inward supply of taxable goods and services.
Step 9- The recipient’s adjustment of the inbound supply information provided in GSTR-1A is open for the supplier to accept or reject.
How can I file a GSTN freturn?
The Goods and Service Tax Network will compile the given information, save data on all GST-registered buyers and sellers, and keep registers for future use. Businesses must submit three monthly returns every three months and one annual return once a financial year has ended (37 returns in total). In order to make it simpler for businesses to file taxes, GSTN has released a straightforward Excel- based template. The GST Common Portal offers a free download of this excel workbook. This template can be used by taxpayers to compile invoice data on a regular basis. On or before the deadline, the details of incoming and outgoing supply can be uploaded on the GST portal. Offline data preparation is an option. The taxpayer won’t need the Internet until they upload the prepared file to the GST portal.
How to verify the status of a GST return?
You are able to monitor the status of your GST Returns through the official GST Login Portal. For the same, there are three distinct approaches.
These are the techniques:
- Utilizing the ‘Return Filing Period’ option to monitor the status
- Utilizing the ‘ARN’ option to monitor the status
- Using the ‘Status’ option to monitor the statusEligibility for Filing A GST Retur