Complete Guide For GST Return Filing Consultants

Posted by Alvin Smith on March 5th, 2022

The Goods and Services Tax (GST) is an indirect tax that was implemented in India on July 1, 2017. Taxpayers operating their businesses and organizations across India, whether interstate or intrastate, are required to file GST returns as mandated by the GST council. GST has made the process of submitting tax returns easier by combining information about products and services from both sellers and customers. The GST Council and the finance ministry devised the GSTN (goods and services tax network) mechanism, which requires taxpayers to submit all invoices, purchases, sales, dates, and locations.

Every business unit with annual revenue of more than 20 lakhs must file a GST return. Taxpayers must also review the various eligibility conditions for various slabs. Your GST return file is a document that contains all of the information about your sales, purchases, output tax (tax collected on sales), and input tax (tax paid on purchases) that you must file with the tax administration. 

Let\'s take a look at the steps on how you can do GST return filing: 

1. Go to www.gst.gov.in to access the GST site.

2. Obtain a 15-digit GSTIN (Goods and Services Tax Identification Number) depending on your state code and PAN.

3. Using the GST interface, upload the required invoices. You will be given an invoice reference number for each invoice.

4. After you\'ve submitted all of the invoices, inward, outward, and cumulative monthly returns, double-check for problems and file them. 

There are 11 distinct types of GST returns for various taxpayers and business units: 

GSTR-1: This form is for regular taxpayers to fill out. It is only a return to reflect sales transactions; no tax must be paid with this return. GSTR1 for 2021 must be filed by the due dates of January 13th and April 18th, respectively, for the quarters of October-December and January-March.

GSTR-2: This form comprises the purchases made during the tax period and is required to be filed by all GST-registered regular taxpayers.

GSTR-3: GSTR 3 contains information on all outgoing supplies. It is created automatically using GSTR-1 and GSTR-2.

GSTR 4: Taxpayers who have chosen the Composition Scheme must submit GSTR 4 on a yearly basis.

GSTR 5: Non-resident foreign taxpayers must complete this form if they are registered for GST and conduct business in India.

GSTR 6: Input Service Distributor must file this. It provides information on all of the papers that have been issued for the distribution of input credit, as well as the method of distribution.

GSTR 7: This is the form to fill out if you have to deduct TDS under GST. It contains information on the number of TDS deducted, the amount of TDS due, and the amount of TDS refund sought.

GSTR 8: E-commerce businesses who are obliged to collect TCS and are GST registered must complete this form. It provides data on all purchases made through the E-commerce platform, as well as the TCS collected on such purchases.

GSTR 9: This is a yearly return that GST-registered taxpayers must file. It\'s the sum of all the monthly and quarterly returns filed throughout the course of the year.

GSTR 10: A taxable individual\'s last return after his or her registration has been terminated or surrendered. It must be filed within three months of the cancellation date of the cancellation order, whichever comes first.

GSTR 11: This report, which must be completed by anybody who has been given a Unique Identity Number (UIN), comprises information on all inward supplies received and requested refunds.

Mind it that there is a date deadline for each of these returns. If the returns are not filed before the appropriate date then a late penalty fee will be levied on you. 

Summary: If the business data in the books does not match the data in the GST Return files, the company may face a significant risk. GST return filing consultants\' responsibility is to double-check the correctness of the data entered electronically. You won\'t be able to change the entered data once you\'ve filed your GST return. As a result, the GST return filing consultant plays a major role in ensuring timely filing and also the accuracy of the same.

Resource Box: There are numerous GST return filing consultants. One of the best among them is Shah & Doshi which does GST return filing for several businesses. These professional GST return filing consultants assist businesses with their legal compliance so they can focus on their core business. Instead of being engrossed in the compliance processes, these GST return filing professionals guarantee that GST returns are submitted via a government-approved site and in accordance with the law.

Conclusion: The article clearly explains the basic information, steps, and types of GST return filing. Take the help of GST return filing consultants and you can completely focus on your core business operations.