SRCC

GST Return Filing

Filing of GST Returns

What is the purpose of filing a GST return?

GST-registered businesses must file GST returns on a monthly, quarterly, and yearly basis, depending on their operations. The details of the sales or purchases of goods and services, as well as the tax collected and paid, must be included here. In SRCC, the implementation of a comprehensive income tax system like GST has guaranteed that taxpayer services like registration, returns, and compliance are all in line and precisely matched.

Individual taxpayers must file four types of GST returns: returns for supply, returns for purchases made, monthly returns, and yearly returns.

GST return filing is required in India for all entities with a valid GST registration, regardless of their business activity, sales, or profitability during the reporting period. As a result, even a defunct business with a valid GST registration is required to file GST returns.

A GST return is a document that provides information about all of the income and spending that a taxpayer is expected to report to the taxing authorities.

Criteria for Eligibility

Who is responsible for filing GST returns?

A individual who has a valid GSTIN is required to file GST returns.

A individual whose annual sales exceeds Rs. 20 lakh is also required to get a GST registration and file GST returns.

In the case of Special States, the yearly turnover cap is set at Rs.10 lakh.

What is the procedure for filing GST returns?

SRCC is a prominent business service platform in India that provides GST services from start to finish. We’ve assisted hundreds of company owners in obtaining GST registration and filing GST returns.

When a firm outsources GST return filing to SRCC, a dedicated GST advisor is provided to the company.

Every month, this specialised adviser will contact you to acquire the relevant information, prepare the GST returns, and assist you with submitting the GST returns. The 28th day of the month after the month in which the statement was filed.

Filing of Returns Under the Composition Scheme

All Composition Scheme participants are expected to pay taxes quarterly using CMP-08 and yearly using GSTR 4 using the GST Common Portal or a GST Facilitation Centre. For individuals registered in the Composition Scheme, the GST return is due on the 18th of the month following the quarter. As a result, the GST return for the composition plan is due on the 18th of April, July, October, and January. A Composition Scheme supplier’s GST return must include the following information:

Inter-State and intra-State inward supplies received by invoice from registered and unregistered individuals

Details about external supplies gathered in one place

If a registered person chooses to pay tax under the composition scheme from the start of a financial year, the taxpayer must file monthly GST returns on the 10th, 15th, and 20th of each month, and monthly returns until the due date of filing the return for September of the following financial year, or the filing of the previous financial year’s annual return, whichever comes first. As a result, even if a GST taxable person chooses the composition scheme beginning in April, the taxpayer must continue to file monthly GST returns until September.

Penalties

If any violations are committed, a penalty must be paid under GST.

Filing a late report

Late submission of GST returns may result in a penalty known as a late charge. And, according to the Goods and Service Tax, there is a penalty of Rs. 100 under the CGST and Rs. 100 under the SGST, totalling Rs.200 per day.

For 21 crimes committed without the purpose of defrauding the government or evading taxes

If an offender fails to pay taxes or makes late payments, he or she must pay a penalty of 10% of the tax owed, with a minimum of Rs.10,000.

For 21 counts of tax evasion or fraud with the intent to defraud

A penalty for tax evasion or under-deduction is imposed on the offender.

The taxpayer is obligated to file Nil GST returns even if there is no business.

In addition to the late charge, an annual interest rate of 18 percent must be paid. It is based on the amount of tax to be paid.

Non-compliance

The subsequent returns cannot be submitted if the taxpayer does not file the GST returns. Since a result, it is preferable to file GST returns on time to avoid large fines and penalties, as this would have a cascade impact.

For 21 crimes committed without the purpose of defrauding the government or evading taxes

If an offender fails to pay taxes or makes late payments, he or she must pay a penalty of 10% of the tax owed, with a minimum of Rs.10,000.

For 21 counts of tax evasion or fraud with the intent to defraud

A penalty for tax evasion or under-deduction is imposed on the offender.

The taxpayer is obligated to file Nil GST returns even if there is no business.

Contact Us