GST Return Filing in India: Expert Compliance Help by Bright Advis

Introduction

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business.

GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.

Filing GST returns takes time and effort. With Bright Advis, you can focus on your business as we take care of the return filing, from GSTR-1 to GSTR-9, ensuring that all your filings are accurate and timely. With in-house experts in various fields like GST and Accounts, we will review and check the purchases and sales as well.

Eligibility & Due Dates

The following are the due dates for GST Returns along with the eligibility

GSTR-1 (Monthly)

Monthly GSTR 1 returns must be filed by taxpayers having a turnover of more than ₹ 1.5 crores on 11th of every month. Dude date is the 11th of every month.

GSTR-4 (Annual) Composition scheme

The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.

GSTR-1 (Quarterly)

Quarterly returns must be filed by taxpayers having a turnover of less than ₹ 1.5 crores on 13th of every quarter. Due date for GSTR-1 is the 13th of every quarter.

GSTR-9 - Annual Returns

Annual Goods and Service Tax return filing for the financial year is due on 31st December of every year. This is mandatory for all entities.

CMP-08 (Quarterly) Composition Scheme

CMP-08 must be filed by taxpayers registered under the Goods and Service Tax (GST) Composition Scheme having a turnover of up to ₹ 1 Crore on the 18th of every quarter. The due date is the 18th of every quarter for CMP-08 GST Return. The composite tax payer needs to also file an Annual Return which is called as GSTR-4.

We ensure that the data is 100% accurate before submission.

Returns & Due Dates

The following are the due dates for various GST Returns

GSTR - 1 Return

GSTR 1 or return of outward supplies must be filed by all taxpayers having regular GST registration.

The due date for filing GSTR 1 return is the 10th of every month.
For July, September and October, the GST return due dates are different from the normal schedule.

GSTR - 7 Return

GSTR 7 return must be filed by all taxpayers required to deduct tax at source (GST TDS). Under GST, only certain government agencies are required to deduct tax at source after obtaining registration.
Hence, GSTR 7 is due only for those entities having GST TDS registration.

GSTR 7 is due on the 10th of every month.

GSTR - 2 Return

GSTR 2 or return of inward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 2 return is the 15th of every month. For July, September and October, GSTR 2 return due dates are different from the normal schedule.

GSTR - 8 Return

GSTR 8 return must be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source. Hence, any person operating an e-commerce venture must register for TCS, collect tax at source and file GSTR 8 return before the 10th of every month.

GSTR - 10 Return

GSTR 10 return must be filed by a person whose GST registration has been cancelled or surrendered. GSTR 10 must be filed within 3 months from the date of cancellation order or surrender.

GSTR 3 Return

GSTR 3 or monthly GST return must be filed by a taxpayer after filing GSTR 1 and GSTR 2 return. GSTR 3 is due on the 20th of every month. For July, September and October, GSTR 2 return due dates are different from the normal schedule.

GSTR - 9 Return

GSTR 9 is an annual return that must be filed by all regular taxpayers. Details submitted with GSTR 9 must be audited if the entity has a turnover of more than ₹ 2 crores. GSTR 9 is due on or before the 31st of December.

GSTR-11 Return

GSTR 11 must be filed by persons having Unique Identity Number. Unique Identity Number is allotted to Consulate, Embassies and UN Bodies for claiming refund on inward supplies. This is filed monthly.

Documents Checklist

GST Filing does not require many documents. As it is related to the goods and services sold, information about transactions is needed. To file the GST Returns we require the following documents.

Your GST Returns will be filed only by a Chartered Accountant

process

GST Returns Filing Process

in 3 Simple Steps

At Bright Advis, we have simplified the entire filing process of GST Returns into 3 simple steps. This makes your journey smooth, structured and easy.

We will review the following details if applicable to you.

What do you get

when Bright Advis files your GST Returns

Bright Advis makes GST Filing easy and affordable

When you let Bright Advis manage your GST Returns Filing, you not only get comprehensive services mentioned on the side, you also get a friend who advices, guides and helps you grow into a great business.

GST Return Filing in India with Bright Advis

Timely and accurate GST return filing is crucial for every registered business in India to maintain tax compliance and avoid penalties. Bright Advis offers end-to-end GST return filing services, ensuring hassle-free filing, documentation, and error-free submission.

In this comprehensive guide, we will explain what is GST return, the different types of GST returns, the filing process, due dates, and more. We’ll also cover important aspects like gst search, gst verification, and various taxpayer types in GST.

What is GST Return Filing?

GST return filing is the process of submitting tax-related information to the GST department, including sales, purchases, input tax credit, and output tax liability. Businesses must file various GSTR forms periodically to report their business transactions and comply with the GST law. The GSTR full form is Goods and Services Tax Return.

If you are wondering what is GST return, it is essentially a statement that summarises your tax liability, input credits, and tax payments made during a specified period. Bright Advis assists you in preparing and filing accurate GST returns to maintain full compliance.

Who Should File GST Returns?

GST return filing is mandatory for the following entities:

– Businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for services)
– Composition scheme taxpayers
– Casual taxable persons
– Non-resident taxable persons
– E-commerce operators
– Input Service Distributors
– Businesses involved in interstate supply of goods/services

Different taxpayer types in GST have varying filing requirements. Not sure if you need to file GST returns? Bright Advis provides a free consultation to assess your tax obligations and guide you through the gst verification process.

Types of GST Returns

There are various types of GST returns that need to be filed based on the nature of business and transaction types:

– GSTR-1: Monthly/quarterly return for outward supplies
– GSTR-3B: Monthly summary return of sales, purchases, and tax liability
– GSTR-4: Quarterly return for composition scheme taxpayers
– GSTR-5: Return for non-resident taxable persons
– GSTR-6: Return for Input Service Distributors
– GSTR-7: Return for Tax Deducted at Source (TDS) deductors
– GSTR-8: Return for e-commerce operators collecting Tax Collected at Source (TCS)
– GSTR-9: Annual return for regular taxpayers
– GSTR-10: Final return for businesses that cancel their GST registration

Bright Advis ensures that the correct returns under GST are filed based on your business type and turnover. Each type of GST return serves a specific purpose in the overall compliance framework.

GST Filing Process

At Bright Advis, the GST filing process is structured for simplicity and accuracy:

– Step 1: Access the GST Portal – Log in to the GST portal using your GSTIN and password. You can also use the gst search feature to find your registration details.
– Step 2: Select the Relevant GST Return Form – Choose the applicable return form (GSTR-1, GSTR-3B, GSTR-4, etc.) based on your business type.
– Step 3: Enter Business Details – Provide sales, purchase, and tax data as per the format prescribed in the form. This includes details of outward supplies and inward supplies. Ensure accurate sales transaction filing in GST return for compliance.
– Step 4: Verify and Upload Documents – Upload supporting documents such as invoices, debit notes, and credit notes. Ensure proper HSN code usage for goods and services.
– Step 5: Review and Submit – Review the details, verify accuracy, and submit the return. Check for any discrepancies between GSTR-2A and GSTR-2B for input tax credit reconciliation.
– Step 6: Payment of GST Liability – Pay any outstanding GST liability, including CGST, SGST, and IGST components, and download the acknowledgment.

Bright Advis ensures that your returns are filed accurately and on time to prevent late fees and penalties.

GST Returns and Due Dates

Filing GST returns on time is crucial to avoid penalties. Here are the key GST filing due dates:

– GSTR-1 due date: 11th of the subsequent month (monthly) / 13th of the next month (quarterly)
– GSTR-3B: 20th of the subsequent month
– GSTR-4: 18th of the month following each quarter
– GSTR-9: 31st December of the following financial year (annual return)

For businesses under the QRMP scheme (Quarterly Return Monthly Payment), the GST monthly return due date for GSTR-3B is different. Our experts at Bright Advis keep track of all GST forms and due dates to ensure timely compliance.

Penalties for Late Filing: ₹50 per day (₹25 for CGST and ₹25 for SGST) and ₹100 per day for GSTR-3B. Additional interest may apply on late tax payments. It’s crucial to adhere to the gst return filing date to avoid these late fees.

Documents Required for GST Return Filing

To successfully file a GST return, you will need:

– GSTIN
– Sales and purchase invoices
– Debit and credit notes
– Bank statements
– Tax payment receipts
– Invoice Furnishing Facility (IFF) details for QRMP scheme taxpayers

Bright Advis ensures all documents are compiled, verified, and accurately submitted for seamless GST filing.

How to Check GST Return Status

To check GST return status, follow these steps:

– Visit the GST portal and log in using your GSTIN and password.
– Navigate to the ‘Services’ section and select ‘Return Dashboard.’
– Select the return period and click on ‘View Return Status.’
– Download the acknowledgment for future reference.

Bright Advis provides timely updates on the status of your GST return filing, ensuring you stay informed throughout the process.

GST Return Filing for Different Business Structures

GST return filing requirements vary based on business structure:

– Sole Proprietorship: File GSTR-1 and GSTR-3B monthly/quarterly.
– Partnership Firm: File GSTR-4 if under the composition scheme.
– LLP/Company: File GSTR-1, GSTR-3B, and GSTR-9 annually.

Our team at Bright Advis tailors the filing process based on your business type to ensure compliance.

Common Challenges and Solutions

– Data Mismatch: Ensure that sales and purchase data match across returns. Regularly reconcile GSTR-2A and GSTR-2B.
– Delayed Filing: Stay on top of due dates to avoid late fees and penalties.
– Input Tax Credit Reversal: Reconcile ITC claims to prevent reversals.
– Notice Handling: Respond promptly to GST notices to avoid legal complications.
– NIL Return Filing: Even if there are no transactions, filing a NIL return is mandatory.
– Reconciliation Statement: Prepare and maintain accurate reconciliation statements to avoid discrepancies between books of accounts and GST returns.

Bright Advis resolves these challenges with professional filing support and compliance monitoring.

Frequently Asked Questions (FAQs)

Q1. Is GST return filing mandatory for all businesses?
Yes, every registered taxpayer must file GST returns, even if there are no sales during a period.

Q2. What is the penalty for late GST return filing?
Late filing attracts a penalty of ₹50 per day, subject to a maximum of ₹5,000 per return, plus applicable interest.

Q3. Can GST returns be revised after filing?
No, GST returns cannot be revised once filed. Corrections can be made in subsequent returns.

Q4. How do I track my GST return filing status?
Log in to the GST portal, select ‘Return Dashboard,’ and view the status of the filed returns.

Q5. What is GSTR-9?
GSTR-9 is the annual return that summarises all monthly/quarterly returns filed during the financial year.

Start Your GST Return Filing with Bright Advis Today!

Bright Advis provides comprehensive GST filing services with end-to-end support. From data compilation to return filing and compliance management, we handle it all for you.

– Affordable Pricing Plans
– Timely Reminders and Updates
– Complete Post-Filing Support
– Assistance with reconciliation statements and OIDAR services

Take the first step towards timely and accurate GST compliance with Bright Advis!

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What our clients say

In the fist year when we started our small hotel in Banashankari, Bengaluru, we did not know which GST to file, how much GST to file. We came to know about Bright Advis via a friend. These guys filed our GST, and they actually saved us money on the GST.

Geetanjali Sharma

I have been letting Bright Advis file my Income Tax and our family businesses GST since 2022 now. I am happy with their service and we have become good friends.

Sahil Sakariya

We had a smooth process. Thanks a lot Bright Advis! We want to continue our association for other areas as well, hope you support in the same manner.

Sumit

Bright Advis helped us with all our doubts right from the beginning and incorporated our private limited company. We are letting them manage our Annual Tax, MCA and other compliances. This has really helped us save on overheads.

Tejaswi

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There are many reasons why clients choose Bright Advis, but from our experience we have listed the four main reason why you should go with us.

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