GST Return Filing – legalixo.in

GST Returns Filing

A GST Return showcases the details of your purchase, tax paid on purchases, sales, and tax collected on sales. As a seller or service provider, it is mandatory to register for the GST if your business has a turnover of above 40 lakhs (if you sell physical goods) or more than 20 lakhs (if you supply services).

799 ~~1,499~~

All Inclusive.

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Overview of GST Return Filing

Goods and Services Tax (GST) was implemented on July 1, 2017. This indirect tax is levied on the transactions involving goods and services among businesses. GST is applicable at every stage of the production process. The fundamental principle of GST is to establish a unified tax system across the nation.

A GST Return is a document that contains comprehensive information about sales, purchases, output tax (the tax collected on sales), and input tax (the tax paid on purchases). Businesses are required to submit the GST Return to fulfill their tax obligations.

All businesses registered under the GST framework must file their GST Returns either quarterly, monthly, or annually, depending on their business classification. The process of filing GST Returns enables businesses to create invoices that comply with GST regulations.

Benefits of GST Return Filing

GST Return Filing Using a Unified Form The GST Act encompasses various taxes, including IGST, CGST, and SGST, all of which can now be documented through a single form. This consolidation simplifies the intricate process of filing GST returns.

Improved Regulations and Accountability The introduction of GST has significantly enhanced the regulatory framework and accountability within the taxation system.

Enhanced Compliance Ratings To monitor compliance, the GST framework has instituted a compliance rating system. This mechanism assigns grades to all registered entities and individuals based on their consistency in meeting compliance requirements and tax payments. The compliance ratings of entities and individuals are publicly accessible online, with those demonstrating higher compliance receiving better rankings.

Elimination of the Cascading Effect The implementation of GST in India’s taxation framework has led to the removal of multiple taxes such as central excise duty, service tax, customs duty, and state-level value-added tax. Consequently, the introduction of a unified GST has effectively eliminated the cascading tax effect.

E-commerce Facilitation for Swift Goods Supply In response to rising competition, businesses are increasingly establishing a robust online presence by marketing their products and services through websites. Under the previous VAT regime, numerous complex VAT laws and compliance requirements often led to the confiscation of goods by authorities. GST has streamlined these processes, making e-commerce operations more straightforward.

Increased Threshold Advantages Prior to the establishment of the Goods and Services Tax, VAT was applicable to businesses with an annual turnover of 5 lakhs. However, with GST, this threshold has been raised to 20 lakhs, thereby providing enhanced benefits for small enterprises.

Advantages for Start-ups Previously, start-ups with an annual turnover of 5 lakhs were obligated to pay VAT, which posed significant challenges during their formative stages. The transition to GST has replaced VAT, allowing businesses to offset the service tax against their sales.

Highlights of GST Return Filing 2022

The GST Council has made amendments to the GSTR 3B, facilitating the automatic population of most information within this form and the annual return in GSTR 9.

It was noted that the previously established Roadmap for the new GST return, finalized during the 35th Council meeting, will be discontinued, and a new strategy will be developed in its place.

The annual return for the fiscal year 2021-22 will be announced with minor modifications. Taxpayers with an annual turnover below 2 crore are exempt from filing GSTR 9 and GSTR 9A.

The deadline for submitting the annual return under GSTR 9 for the fiscal year 2017-18 has been extended to September 30, 2023. This return is submitted in accordance with Section 73 of the CGST Act.

The late fee for filing GSTR 4 for the year 2021-22 has been waived until July 28, 2022.

The deadline for filing Form CMP 08 for the first quarter of FY 22-23 has been extended from July 18, 2022, to July 30, 2022.

The Council has decided to simplify compliance requirements for e-commerce businesses. E-commerce providers can now register under the composition scheme for intrastate supplies, thereby reducing their tax liabilities and registration obligations. The GST Council has indicated that a panel of advocates has been established by the NAA to ensure fairness in cases of profiteering.

The GST Council has agreed to grant authority to both state and central governments to issue show cause notices, even if the taxpayer does not fall within their jurisdiction.

The government will appeal to the Supreme Court in cases where state High Courts have remanded NAA orders.

Additionally, the rate of rationalization for goods and services has been decreased.

Essential Documents for GST Return Filing

ist of Invoices (B2B Services, B2C Services)
Customer GSTIN
Type of Invoice
Invoice Number
Place of Supply
GST Rate
Taxable Value
Amount of CGST, SGST, IGST and GST Cess applicable.
Consolidated intra-state and inter-state sales.
HSN-wise summary details.
Summary of requisite Documents, i.e. Debit and Credit notes.

Procedure for GST Return Filing

Gathering Required Documents and Invoices: It is essential for all registered taxpayers to gather the necessary documents and invoices for the purpose of filing their GST returns.

Submitting the Application Along with Required Documents: The applicant must ensure that all relevant information and documents are submitted as part of the application process.

Key Pre-Compliance Steps Prior to GST Return Filing:

The first step before submitting the GST return involves a thorough review of the GST filings and associated records.

The second step entails verifying the accuracy of the records, invoices, and documents.

Finalizing the GST Return Filing: The applicant may proceed to complete the GST return filing after meticulously cross-checking all required documentation.

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