At Ahuja & Ahuja Chartered Accountants, we provide expert solutions for GST Return Filing. Our team of GST domain experts, Chartered Accountants, and Lawyers are dedicated to providing the best possible solutions to our clients in the Delhi / NCR region of New Delhi, Noida, Gurugram (Gurgaon) and Greater Noida.
We understand the challenges and complexities of tax compliance and procedural formalities imposed on businesses by the authorities. Our aim is to ensure that our clients comply with all regulatory tasks and avoid missing out on critical requirements.
What is GST Return Filing
A GST Return is a document that contains detailed information on the tax collected and paid on all the outward and inward supplies of goods and services made by a taxpayer. The return is filed separately for each GSTIN as the Tax authorities use it for ascertaining net tax liability. As a registered dealer, there are four main components of a GST Return that you need to file:
- Outward Supplies
- Inward Supplies
- Output GST (On sales)
- Input Tax Credit (On Purchases)
Types of GST Returns
There are 22 types of GST returns prescribed under the GST Rules, but only 11 are currently active. The rest are either suspended or are of view only in nature. At Ahuja & Ahuja Chartered Accountants, we provide expert solutions for the following relevant types of GST returns for taxpayers:
GSTR-1 is the return used for reporting details of all outward supplies of goods and services made. It contains the invoices, debit/credit notes, and any amendments made to previous sale invoices (even if they pertain to the last tax period). The current frequency of filing GSTR-1 is as follows:
- Monthly, by 11th of every month – If the business either has an annual aggregate turnover of greater than Rs.5 crore or has not opted into QRMP Scheme
- Quarterly, by 13th of the month after the quarter has ended – If QRMP Scheme has been opted by the business.
GSTR-2A is a statement relevant for the recipient or buyer of goods and services that is view-only and dynamic in nature. The details of purchases made during a tax period from GST registered suppliers, i.e., inward supplies of goods and services produced, are furnished here.
As per Notification No. 40/2021-Central tax dated 29th December 2021, GSTR-2A will be available on the portal only till December 2021. After that, the taxpayers can refer to GSTR 2B for availing the input tax credit-related services.
GSTR-2B is also a view-only but static statement significant for the recipient or buyer of goods and services. It provides eligible and ineligible Input tax credit (ITC), similar to GSTR 2A for each month, but it remains constant for a period. Data filed by the corresponding suppliers in GSTR-1/IFF, GSTR-5, and GSTR-6 returns act as a basis for the auto-population of the same in GSTR 2B. As it is a read-only return, one can perform no action regarding furnishing details and filing.
It is to be noted that the process of GSTR-2B generation starts after the ending of the GSTR-1/IFF, GSTR-5, and GSTR-6 due date. Hence, it is available to all Normal, Casual, and SEZ taxpayers for each tax period on the 14th day of the succeeding month.
GSTR-3B is a summary return that provides the details of all inward and outward supplies, input tax credit claimed, and tax payable. It is a self-declaration return that taxpayers need to file on a monthly basis. The due date for filing GSTR-3B is the 20th of the following month. It is mandatory for all taxpayers registered under GST, even if they have no business transactions in a particular month.
GSTR-4 is a quarterly return filed by taxpayers registered under the Composition Scheme. It contains the details of outward supplies, inward supplies, tax paid, and tax liability. The due date for filing GSTR-4 is the 18th of the month after the end of the quarter.
GSTR-5 is a return filed by non-resident foreign taxpayers who are registered under GST in India. It contains the details of all inward and outward supplies and tax paid. The due date for filing GSTR-5 is the 20th of the following month.
GSTR-6 is a monthly return filed by input service distributors (ISDs). It contains the details of all inward supplies received by the ISD and distributed to the recipient branches. The due date for filing GSTR-6 is the 13th of the following month.
GSTR-7 is a return filed by taxpayers who are required to deduct tax at source (TDS). It contains the details of all TDS deducted, TDS liability, and the details of the deductee. The due date for filing GSTR-7 is the 10th of the following month.
GSTR-9 is an annual return filed by regular taxpayers. It contains the details of all outward and inward supplies, input tax credit claimed, tax paid, and any demands and refunds. The due date for filing GSTR-9 is the 31st of December of the subsequent financial year.
GSTR-9A is an annual return filed by taxpayers registered under the Composition Scheme. It contains the details of all outward and inward supplies, tax paid, and any demands and refunds. The due date for filing GSTR-9A is the 31st of December of the subsequent financial year.
GSTR-9C is a reconciliation statement cum certification that needs to be filed by taxpayers whose annual turnover exceeds Rs. 10 crore. It contains the reconciliation of the taxpayer’s financial statements with the annual return filed in GSTR-9. The due date for filing GSTR-9C is the 31st of December of the subsequent financial year.
GSTR-10 is a return filed by taxpayers whose GST registration has been cancelled or surrendered. It contains the details of all the inputs and capital goods held at the time of cancellation or surrender of registration. The due date for filing GSTR-10 is within three months of the date of cancellation or surrender.
Benefits of outsourcing GST Return Filing
Outsourcing your GST Return filing to a professional Chartered Accountant firm like Ahuja & Ahuja Chartered Accountants has many benefits, such as:
- Expertise and Experience – Our team of GST domain experts, Chartered Accountants and Lawyers are well-versed with the latest GST laws and regulations. They have extensive experience in handling GST Return filing for clients across various industries. Outsourcing to our firm will ensure that you get the best possible GST Return filing solutions.
- Accuracy and Compliance – GST Return filing requires detailed knowledge and understanding of the GST laws and regulations. Our team of experts ensures that your GST Returns are accurate and comply with all the statutory requirements.
- Timely Filing – Filing your GST Returns on time is crucial to avoid penalties and interest. Our team ensures that your GST Returns are filed on time, every time.
- Cost-effective – Outsourcing your GST Return filing to a professional Chartered Accountant firm is cost-effective in the long run. It saves you the cost of hiring an in-house team of GST experts and also ensures that you get the best possible solutions for your GST Return filing requirements.
GST Return filing is a critical compliance requirement for all businesses registered under GST. It requires detailed knowledge and understanding of the GST laws and regulations. Outsourcing your GST Return filing to a professional Chartered Accountant firm like Ahuja & Ahuja Chartered Accountants can help you save time, money and ensure accuracy and compliance. Our team of GST domain experts, Chartered Accountants and Lawyers are dedicated to providing you with the best possible GST Return filing solutions. Contact us today to know more about our services.
GST returns need to be filed on a monthly, quarterly, or annual basis, depending on the type of return and the taxpayer’s turnover. GSTR-3B is a monthly return, while GSTR-4 is a quarterly return. GSTR-9 is an annual return.
If you miss the deadline for filing GST returns, you will have to pay a late fee and interest on the amount of tax due. If you continue to delay filing your returns, you may also face penalties and prosecution under the GST Act.
Yes, you can make changes to your GST returns by filing a revision return. However, revision returns can only be filed within a specific time period, and there are certain conditions that must be met to be eligible for filing a revision return.
If you make an error in your GST return filing, you can correct it by filing a revision return. If the error results in an underpayment of tax, you will have to pay the additional tax due along with interest and penalties.
To file your GST returns, you will need to have all the relevant invoices, debit/credit notes, and other supporting documents related to your business transactions.
GST returns can be filed online through the GST portal or through authorized GST Suvidha Providers (GSPs). Manual filing of GST returns is not allowed.
If you do not file your GST returns, you may face penalties and prosecution under the GST Act. You will also be unable to claim input tax credit and may face difficulties in conducting business activities.
The penalty for late filing of GST returns is Rs. 50 per day for each return that has not been filed, subject to a maximum of 0.25% of the taxpayer’s turnover in the state or union territory.
No, you cannot claim input tax credit if you do not file your GST returns.
GSTR-1 is a return used for reporting details of all outward supplies of goods and services made, while GSTR-3B is a summary return that provides the details of all inward and outward supplies, input tax credit claimed, and tax payable. GSTR-1 needs to be filed monthly or quarterly, depending on the taxpayer’s turnover, while GSTR-3B needs to be filed on a monthly basis.
Yes, in certain cases, the GST Council may provide extensions for filing GST returns. However, these extensions are usually provided in response to specific events, such as natural disasters or technical glitches on the GST portal.
The QRMP (Quarterly Return Monthly Payment) Scheme is an option available for taxpayers with an annual turnover of up to Rs. 5 crores. Under this scheme, taxpayers can file their GSTR-1 and GSTR-3B returns on a quarterly basis, while making monthly payments of tax due.
You can check the status of your GST return filing by logging in to the GST portal and navigating to the “Services” tab. Under the “Returns” dropdown menu, select “Track Return Status.” Enter the relevant details such as the return filing period, return type, and acknowledgement number or filing date. The portal will display the current status of your return, whether it has been filed, submitted, processed, or pending for any action. You can also download the acknowledgement receipt for the return filed, which serves as proof of filing. It is advisable to regularly check the return status to ensure timely compliance and avoid any penalties for non-filing or delayed filing.