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GST Return Filing

GST Return Filing

GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore busineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.

IndiaFilings is the leading business services platform in India, offering end to end GST services from registration to return filing. IndiaFilings can help you file GST returns in India. The average time taken to file a GST return is about 1 – 3 working days, subject to government processing time and client document submission. Get a free consultation on GST return filing by scheduling an appointment with an IndiaFilings Advisor.

Advantages Of GST

GST will mainly remove the Cascading effect on the sale of goods and services. Removal of cascading effect will directly impact the cost of goods. Since tax on tax is eliminated in this regime, the cost of goods decreases.

GST is also mainly technologically driven. All activities like registration, return filing, application for refund and response to notice needs to be done online on the GST Portal. This will speed up the processes.

  • Uniformity in Taxation
  • Helping Government Revenue Find Buoyancy
  • Cascading of Taxes
  • Simpler and Lesser Number of Compliances

GST Registration Application

You must determine if you are applying for compulsory or voluntary GST registration. Please refer to Do I need to register for more details.

GST Return filing for both Regular taxpayer and Composition Tax Payer

Businesses with annual turnover upto Rs 1.5 crore* can opt for composition scheme.

Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition scheme.

E-Way Bill

Now, E-way bill operations are compulsory for intra-state movement of goods for all states except Delhi

GST Audit

Audit under GST is the examination of records maintained by a registered dealer. The aim is to verify the correctness of information declared, taxes paid and to assess the compliance with GST.