Simplify your GST compliance with expert CA-assisted online return filing, ensuring accuracy, timely submissions, and hassle-free adherence to tax regulations.
The Goods and Services Tax (GST) framework forms the backbone of India’s indirect taxation system. Registered businesses must adhere to periodic return filing requirements, which depend on their turnover and the type of operations they conduct.
Online GST return filing allows taxpayers to report all inward and outward supplies to the Goods and Services Tax Network (GSTN), including the tax collected and paid. This process also calculates the net tax liability by offsetting eligible Input Tax Credit (ITC) against the tax collected on outward supplies.
Input Tax Credit (ITC) allows a buyer to reduce their tax liability by the amount of tax already paid by the supplier. However, claiming this credit is contingent upon both the supplier and the buyer filing their GST returns accurately and within the prescribed deadlines. Failure to file on time renders the ITC ineligible, resulting in an increased tax liability for the buyer.
Under GST, three types of taxes—IGST, CGST, and SGST—are levied on transactions. Taxpayers must report details of all three in a single return form. The online filing system has been streamlined for efficiency, with further simplification planned through a unified form that consolidates all transaction reporting.
To monitor compliance, the GST Network has introduced a taxpayer rating system. Registered businesses receive ratings based on their adherence to filing returns and timely tax payments. These ratings are publicly available on the GST portal, with higher scores reflecting consistent and timely compliance.
A delay in filing GST returns attracts a late fee of ₹50 per day, calculated from the due date until the return is submitted. To avoid penalties, returns must be filed on time. Even if no tax is payable, taxpayers are required to file returns; in such cases, a reduced late fee of ₹20 per day applies. Additionally, any unpaid tax accrues interest at 18% per annum.
The government requires quoting PAN for specific high-value transactions, such as property transfers, substantial bank deposits, bill payments, and other financial dealings. This ensures transparency and proper tracking of taxes.
Certificate of Incorporation from MCA/Registration Certificate from ROF
GST Registration Certificate
Log-in credentials of the registered person
Details of the inward and outward taxable supplies along with the invoice details
Call us at: 9414883452 or Email us : contact@submitreturn.com
GSTN has prescribed different types of forms for return filing return based on nature of transactions
Details of outward supplies
Details of inward supplies (Suspended temporarily)
Finalised details of the supplies with payment of taxes
Quarterly return by Composition Taxpayers
Return by Non-Resident Foreign Taxpayer
Monthly return by Input Tax Distributor (ISD)
Monthly return by Tax deductor
Monthly return by e-commerce operator
GST Annual Return for normal taxpayers
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.
Call us at: 9414883452 or Email us : contact@submitreturn.com
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Simplify compliance with CA assisted online GST return filing
