TAXAJ

GST Monthly & Quarterly Returns Filing

Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. 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.

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About This Plan

Filing GSTR 1 , 3B returns is now super easy! Opt for this plan and get all filing and compliance needs taken care off!

Created by potrace 1.15, written by Peter Selinger 2001-2017

Timeline

Within the respective due dates.

Buy Now
Services Covered
Who Should Buy
How It's Done
Documents Required
Services Covered

  • Filing GSTR 3B & GSTR 1 for ONE GSTIN
  • Filing for B2B and B2C invoices
  • Book-Keeping and Accounting are not part of this package
Who Should Buy
  • Wholesale Traders
  • E-Commerce Suppliers
  • Retailers
  • Manufacturers
  • Goods Distributors
  • Freelancers
  • Service Providers
  • Business registered under GST
How It's Done

    • Purchase of Plan
    • Expert Assigned
    • Upload Documents
    • Monthly Delivery of Services
Documents Required
    • Purchase and Sales Register/Invoices
    • Payment challan for GST

Frequently Asked Questions:

Q. What is a GST Return?

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes:

» Purchases 

» Sales 

» Output GST (On sales) 

» Input tax credit (GST paid on purchases)

Q. What are the types of GST Returns?

There are three types of GST Returns to be filed every month and an annual return for registered businesses as below:

GSTR-1 includes monthly details of outward supplies of taxable goods and/or services effected. It's due on 10th of the next month. 

GSTR-2 includes monthly details of inward supplies of taxable goods and/or services effected claiming input tax credit. It's due on 15th of the next month.

GSTR-3 is a monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax. It's due on 20th of the next month.

GSTR-9 is required to be filed annually on 31st December of next financial year.

Q. How do I know if my tax invoice is GST compliant?

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST compliant tax invoice is a bill which will have 16 mandatory information some of which are:

→ Name, address and GSTIN of the supplier 

→ Invoice number 

→ Date of issue 

→ Name, address and GSTIN of the recipient (if registered) 

→ HSN code 

→ Description of the goods/services 

→ Quantity of goods 

→ Value after discount 

→ Rate and amount of GST

Under this plan, we expect you to provide a summary of invoices (purchase & sale) covering all this information to help us file your GST returns.

Q. Who has to file GST Returns?

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.

Q. How do i claim input tax credit?

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers.

Q. I'm sports goods wholesaler. Do I need to file GST Returns?

If you are registered under GST, then you need to file GST returns. By filing GST returns, you will be able to claim Input tax credit.

Q. How do I claim refund under GST?

The processing time for a refund application has been kept as sixty days under GST model law but it could be as early as two weeks. Our experts will assist you with claiming the refund.

Q. Is audit applicable under GST?

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 1 crore] must get his accounts audited by a CA or a CMA.

Q. What penalties are applicable for non-compliance under GST?

To prevent tax evasion and corruption, GST has brought in strict provisions for offenders regarding penalties, prosecution and arrest. These cover cases of fraud, tax evasion among others.

Talk to our Expert for any further queries.