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GST Filing

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Introduction

Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law.

With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with the Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC). 

Advantages of GST filing

Seamless flow of ITCC

The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time. 

 

A simple and common form for all taxes

To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfiling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings. 

 

Score higher compliance rating

To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfiling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings. 

Avoid penalty and interest

For delay in filing return, the taxpayer is charged with a late fee of Rs 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of Rs 20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability. 

Different types of GST Returns

GSTR-1

The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity. The due date for filing GSTR-1 is the 10th of every month. The GSTR 1 acts as the base on which all other form submissions can be made for the month.

GSTR-2A

GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. This form is filed by the 15th of every month. GSTR-2A is auto-populated where the data will be fetched from the GSTR-1 filed by the supplier. It is a read-only return and cannot be edited.

GSTR-2

GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government.

GSTR-3B

It is a summarized monthly return of all the details of inward and outward supplies, input tax credits, and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period. The due date for filing the GSTR-3B return form is 20th normally. However, the date may be changed if there are any government notifications.

GSTR-4

GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract a reverse charge. The due date for filing this form is the 30th of the month succeeding the financial year.

GSTR-5

This form is filed by all non-resident taxpayers registered in India and carry out business operations in India. In the GSTR-5 return, businesses should furnish the details of all the inward and outward supplies and the tax liabilities. This form is to be submitted on a monthly basis and has to be filed by every month on the 20th.

GSTR-5A

Form GSTR-5A is furnished by service providers of Online Information and Database Access or Retrieval (OIDAR). It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India. It is a monthly return filed by the 20th of every month.

GSTR-6A

GSTR-6A form is a system-generated “draft” Statement of Inward Supplies for a Receiver Taxpayer. It is a read-only form.

GSTR-6

The Input Service provider generates and files GSTR-6 only after all details furnished in GSTR 6A are accepted and verified. This is done on the 13th of every month.

GSTR-7

GSTR-7 is filed by the entities who deduct tax at the time of making payment to the suppliers for purchase, that is, inward supplies received. GSTR-7 form contains details of Tax deducted at source (TDS) under GST, the tax liability, and TDS refund. GSTR7 must be filed on the 10th of the subsequent month.

GSTR-7A

GSTR 7A is better known as the TDS certificate which is generated as soon as the GSTR filing in done by the tax deductor in Form GSTR-7. The assessee uses it for keeping records.

GSTR-8

The form GSTR-8 is filed by e-commerce businesses that collect tax at source (TCS) to furnish the details of the supplies made through the e-commerce platform. It is filed on the 10th of every month.

GSTR-9

The GSTR 9 form is filed annually by entities to furnish the details of all purchases, sales, input tax credit or refund claimed or demand created, etc. GSTR-9 is filed by normal taxpayers, SEZ unit, SEZ developer, OIDAR service providers, and the taxpayers who have withdrawn from the composition scheme to normal taxpayers. Annual return purposes. It has to be duly filled by all taxpayers by the coming financial year 31st. This mainly consists of all the details of the 12 GSTR3 filed during the financial year.

GSTR-9A

GSTR-9A is filed by entities who have opted for a composition scheme any time during the financial year. The details furnished in GSTR-9A are inward and outward supplies, taxes paid, demand created, refund, input tax credit availed, or reversed. 

 

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GST filing Process Flow

1-2 HOURS
2-3 WORKING DAYS
3-4 WORKING DAYS
7-8 WORKING DAYS

Select Package

At Ourstartup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.

Obtain Information and Documentation

Ourstartup India professionals will collect the information from the details shared by the taxpayer manually and will do documentation and reconciliation of the information filed. 

Preparation and Approval of GST return

Ourstartup India professionals will prepare for the GST return process 

Generate ARN No.

After submitting the application successfully at the GST System Portal, the ARN number will be created automatically. In Fact, you also can use ARN for tracking the position of your application. 

 

Documents Required

Pre-requisites
  • DSC of Authorised Partner or Director, in case of LLP and Company only
  • GST Registration Certificate
  • Log-in credentials of the registered person
  • Details of Supplies

 

Simple & Transparent Pricing

Basic Package

Save upto-10% cost on this package

7,999

(inclusive All)
  • Name Search Report
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  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
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  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
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  • Share Certificate (Soft Copy)
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Growth Package

Save upto-20% cost on this package

9,999

(inclusive All)
  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Stamp and Company Seal
  • Bank – Current Account Opening
  • 10% Discount on Future Service
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Premium

Save upto-30% cost on this package

16,999

(inclusive All)
  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Trademark Registration
  • 1month free GST filing
  • NDA
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FAQ's on Book Keeping

Every registered dealer, whether being a normal supplier or otherwise must file the return based on the transactions or activities involved in the business. Non-filing of the same may lead to default and may attract a penalty or additional fees.
Tax Payment or any penalty, fees, etc. are accepted through the following modes;
• Internet Banking
• NEFT or RTGS
This amount shall be credited to the electronic cash ledger of the registered dealer.
By filing the returns with the Government, the information and details will be intimated to the Government. Further, the data provided will measure the liability of the Tax-payer. Also, returns filing help you claim the eligible Input Credit. In addition to which the regular filing will count on a higher rating in the GST Compliance Rating.
Any supply i.e. transaction such as the sale, transfer, barter, exchange, license, rental, lease, or disposal made or agreed to be made for a consideration of taxable goods or services, needs to be considered as a taxable event under the GST Act.
All taxpayers filing a return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, and TDS/TCS deductors, are required to file an annual return (GSTR-9) along with the monthly return.
Prescribed information from the invoices including the HSN code with respect to the supply of goods and the accounting code with respect to the supply of the services generated needs to be uploaded in the return. The information shall also cover the sales, purchase and any expenses incurred during the reporting period.
The qualified Chartered Accountant(s) reviews the provided information. The experts will then direct the possible solutions in case of any discrepancy found in the data of outwards and inwards supply.
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