Professionalsaathi

GST Return Filing

  • No Reviews

  • 0 Order in queue

  • Delievry Time Less then Year
  • Response Time 1 Day
  • English Level Professional
https://professionalsaathi.com/GST Return Filing

About The GST Return Filing
Roshan Singh

The Goods and Services Tax (GST) is a comprehensive, destination-based tax system in India, which has replaced several indirect taxes such as Value Added Tax (VAT), Central Excise, and Service Tax. GST return filing is a mandatory compliance requirement for businesses registered under GST. It involves reporting the details of sales, purchases, input tax credit, and output tax liability to the tax authorities in a prescribed format. Regular and timely filing of GST returns is crucial for businesses to ensure accurate tax liability calculation, claim input tax credit, and avoid penalties.

No Reviews

Benefits

Filing GST returns helps businesses adhere to legal requirements, maintain their reputation, and avoid any non-compliance penalties or fines imposed by the tax authorities. .

GST return filing enables businesses to claim input tax credit on the GST paid on their purchases, which can reduce their overall tax liability and improve their cash flow. .

Filing GST returns on time ensures accurate tax liability calculation, preventing the risk of over- or underpayment of taxes and potential disputes with tax authorities. .

Regular GST return filing promotes better financial management by encouraging businesses to maintain updated records of their sales, purchases, and tax payments. .

GST return filing consolidates various indirect taxes into a single tax regime, simplifying tax administration and reducing the complexity of compliance for businesses. .

Steps

Depending on the type of taxpayer and the nature of the business, different GST return forms are prescribed. Businesses need to identify the appropriate forms for their specific circumstances.

.

Businesses must collect and maintain records of their sales, purchases, input tax credit, and output tax liability in a structured format to facilitate GST return filing.

.

Calculate the output GST liability and the input tax credit for the given tax period, ensuring that all eligible credits are claimed.

.

Fill out the appropriate GST return forms with accurate details and submit them on the GST portal before the specified due dates.

.

After filing the GST returns, pay the net GST liability, if any, to the tax authorities within the prescribed deadline

.

Requisties

  • Valid GST registration and GSTIN (Goods and Services Tax Identification Number)

  • Updated records of sales, purchases, and tax payments

  • Knowledge of applicable GST rates, rules, and regulations

  • Access to the GST portal for online return filing

Deliverables

  • Identification of the appropriate GST return forms for the business

  • Accurate computation of output tax liability and input tax credit

  • Timely filing of GST returns in the prescribed format

  • Payment of net GST liability, if any

  • Record-keeping and documentation of all GST-related transactions

Frequently Asked Questions

The frequency of GST return filing depends on the type of taxpayer and the nature of the business. Regular businesses typically need to file monthly or quarterly GST returns, while specific taxpayers, such as composition dealers, need to file returns every quarter. .

Late filing of GST returns can result in a penalty of INR 100 per day per act, with a maximum penalty of INR 5,000. Additionally, businesses will also be required to pay interest on the unpaid tax liability. .

GSTR-1 is the monthly or quarterly return filed by regular businesses to report their sales or outward supplies. GSTR-2A is an auto-drafted statement that provides a summary of all the input tax credit (ITC) details available to a business based on the GSTR-1 filed by its suppliers. GSTR-3B is a monthly summary return that captures the consolidated details of the output tax liability, input tax credit, and net tax payment. .

The due date for filing GST returns depends on the specific return form and the taxpayer's category. For example, GSTR-1 returns are due on the 11th of the next month for monthly filers and on the 31st of the month following the quarter for quarterly filers. GSTR-3B returns are due on the 20th of the following month for monthly filers and vary for quarterly filers depending on the taxpayer's turnover and state of registration. It is essential to stay informed about the latest due dates and any changes announced by the tax authorities. .

Contatc Us

Get In Touch

Feel free to reach out to us if you have any queries.

  • Locations

    Kashmir to Kanyakumari

  • Email Address

    info@professionalsaathi.com

    partners@professionalsaathi.com

  • Contact Numbers

    +91 8950296299

    +91 9315650745

Ready To Get Started

At Professional Saathi, we offer a range of business consultancy services that help businesses improve their performance, achieve growth, and overcome challenges.

Get Started

We Empower Businesses with Expert Consultancy Services

Pages

Services Locations

Most Visited Links

Copyright 2025 © Created By KTPG PROFESSIONAL SAATHI CORPORATE CONSULTANT PRIVATE LIMITED, All Rights Reserved.