Important Points
- Businesses with an annual turnover of up to Rs. 5 crores can opt for quarterly filing, while those with a turnover above Rs. 5 crores must file returns monthly.
-GST Return includes details of sales, purchases, input tax credit, and Net tax liability.
-Non Compliance in filling of GST returns may Suspend/De-Activate the GST Registration as well as Blocking of E-way bill for Movement of Goods.
-Businesses can claim ITC for taxes paid on purchases made for their business.
-If there are any errors or omissions in the GST return, businesses can make amendments to rectify the same in Subsequent returns.
Movement of Goods.
-Under the GST regime, the matching of invoices between the supplier and the recipient is essential.
-GST Return includes details of sales, purchases, input tax credit, and Net tax liability.
-Non Compliance in filling of GST returns may Suspend/De-Activate the GST Registration as well as Blocking of E-way bill for Movement of Goods.
-Businesses can claim ITC for taxes paid on purchases made for their business.
-If there are any errors or omissions in the GST return, businesses can make amendments to rectify the same in Subsequent returns.
Movement of Goods.
-Under the GST regime, the matching of invoices between the supplier and the recipient is essential.
GST Return Filling(Monthly/Quarterly)
Let us Understand about GST? and How the Return filling Process taken over
What is GST RETURNS?
GST return is the documents which we are filling to give Information to the GST Department about our Business Monthly/Quarterly Sales/Purchase incurred during the Period of filling.Every Registered Person need to File Multiple GST Return such as GSTR-1,GSTR-7,GSTR-3B etc.
How to File GST Return Online?
After Being Introduction of Concept of E-Invoicing and 100% Matching of Domestic Input with GSTR-2B, Filling of GST Return become so Complicated and Challenging. Hence, one should need to maintain Proper Documentation of Sales/Purchase for the Period. Let us understand the Procedure:
# Upload invoices before making supply: As per GST law, every registered person need to upload the invoices on the GST portal against which they will be issue invoice reference number. Once invoices are properly uploaded on the GST portal or the software, then we can proceed to next step.
# File GSTR 1 : After month Closure, Supplier need to finalize their total Monthly sales invoice wise so that Invoice wise GST Invoices can be uploaded at GST Portal.
# Matching of Return: Under GST, Each Invoice compulsory need to be matched with the Input Reflecting at GSTR 2B.Before Finalizing the date for GSTR 3B supplier need to Match 100% input availed during the month with the Input Reflecting at GSTR-2B.
# GSTR 3B: Every Supplier after being 100% Matching of Input with GSTR-2B need to upload the Summary data w.r.t Sales and Input incurred during the month.
Know the basics
Learn the basics about Private Limited Company & its compliance
Documents required for Filling of Various GST Returns
For GSTR-1
- Sales Invoices(B2B,Export,B2C)
- Debit/Credit Note
- Total No of Invoices Raised
- Advance Received (if any)
- HSN wise Supply
- Documents Issue during the Month/Qtr
For GSTR-3B
- Total Supply during the Month,QTR(Domestic /Export/RCM)
- Total Purchase made during the Month,QTR
- Input Matching with GSTR-2B Working
- DSC of Director(if available)
GST Return Filling Procedure
After Being Introduction of Concept of E-Invoicing and 100% Matching of Domesctic Input with GSTR-2B, Filling of GST Return become so Complicated and Challenging. Hence, one should need to maintain Proper Documentation of Sales/Purchase for the Period. Let us understand the Procedure
# Step 1 - Supplier need to Upload Invoice wise Sales Invoice before 11th of the Succeeding month.
# Step 2 - After 13th all uploaded Sales Invoices start Reflecting at Purchaser GSTR-2B.
# Step 3 - Purchaser will Validate the Invoices after Accepting,Rejected,Modify else Raise Debit/Credit Note before filling GSTR-3B.
# Step 4 - After Successful Validation of Inward Supply,supplier will upload the Sales and Purchase input summary for filling GSTR-3B
Return need to be file under the GST Law and their Due Dates:-
f
S.No
GST Return
Purpose of Return
Due Date
1
GSTR-1
Monthly detail of Outward Supply Invoice wise
ü 11th of Succeeding Month.
ü 13th of the month following every Quarter if opted for QRMP Scheme.
2
GSTR-7
Taxpayer who Deduct Tax at Source or TDS under GST
10th of Succeeding Month
3
GSTR-3B
Summary of Monthly Input & Output Liability along with Tax Payment
ü 20th of Succeeding Month.
ü 22nd of Succeeding Month.
ü 24th of Succeeding Month
4
GSTR-6
GST return for Input Service Distributor
13th of Succeeding Month
5
GSTR-9
GST Annual Return
31st December of next Financial Year
