File Your GST Returns
File Your GST Returns
GST was implemented on the 1st of July 2017. To do away with various indirect taxes including central excise duty, state duty, central sales tax, etc., the government of India came up with goods and services tax. Entities registered under GST have to file annual or monthly returns based on eligibility and business requirements.
Filing these returns might be difficult for you as GST is a new tax regime in the country. To avoid penalties and make sure your business is compliant with all GST rules and regulations, file your GST Returns timely. Tax Dunia is just a step away to help you out with GST filing.
Who has to File GST Returns?
Entities and individuals dealing in the supply of goods and services have to file regular GST returns to meet legal compliance and liability. Entities registered under the GST Composition scheme are also mandated to file their returns. Even in the cases when no transaction has happened in a definite tax period and annual turnover is nil, filing a GST return is mandatory. Businesses, traders, manufacturers, and e-commerce operators are bound to file GST Returns.
Types of GST Returns
| Return Type | Purpose | Frequency |
| GSTR-1 | Report outward supplies (sales) | Monthly/Quarterly |
| GSTR-2A | Auto-generated details of inward supplies | Monthly |
| GSTR-3B | Summary of outward and inward supplies, ITC claim | Monthly |
| GSTR-9 | Annual return summarizing all transactions | Annually |
| GSTR-9C | Reconciliation statement between GSTR-9 and financials | Annually |
| GSTR-4 | For the composition scheme taxpayers | Quarterly |
| GSTR-6 | For Input Service Distributors (ISDs) | Monthly |
| GSTR-7 | For tax deductors reporting TDS | Monthly |
| GSTR-8 | For e-commerce operators reporting TCS | Monthly |
Advantages of Filing GST Returns
- Seamless Input Tax Credit: filing timely GST Returns ensures a seamless input tax credit for claimants. It positively affects the cash flow and profitability of the business
- Easy Access to Loans and Funding: when you have filed regular GST Returns, it is a symbol of well managed and compliant business, making access to loans and funding easier
- Avoiding Penalties: late GST Return filing may attract penalties while timely filing ensures compliance and helps in avoiding penalties.
- Maintaining a Good Compliance Rating: timely returns will help in maintaining a good compliance rating for the business and help in establishing a reputation for business attracting more customers or clients.
How to File Your GST Returns?
- Go to the official GST portal and click on “services”
- From the drop-down menu, select the financial year and filing period
- Select the appropriate type of return based on your business entity
- Fill up the required form and attach all the above-mentioned documents
- Payout the late fee if applicable and click on “save”
- Submit the page and proceed further to pay taxes
- Click on “check balance” to know the tax for the respective minor heads
- Select the amount of credit from the available balance to clear the liabilities
- Click on “offset liability” and select from the drop-down “file form with DSC” or “file form with EVC” and proceed to make the payment.
The online filing process of GST Returns through the government’s official portal is quite complex and daunting, especially for beginners. It is also time-consuming and you might end up wasting your precious time due to unfamiliarity taxation. TaxDunia will help you secure the necessary documents, bringing operational assistance, and representation. Our team of professionals will handle your case and communicate with the authorities on your behalf. We ensure that all your issues are addressed on a timely basis and will make the filing process smoother and easier. With us, you are surely getting peace of mind and meeting compliances and liabilities.
Get Started with TaxDunia Today
Filing Your GST Return might seem a cumbersome task to you. Being a new tax regime in India, the process of filing GST returns is quite complex, and arranging the required documents and ensuring their factualness and verity is altogether a different issue. Reach out to TaxDunia to help you file GST returns so that you can fully concentrate on your business while a team of professionals takes care of your legal compliances and liabilities.
