What is GST Return Filing?

Goods and Services Tax (GST) return filing is a mandatory process for registered businesses in India, requiring them to report their sales, purchases, tax collected, and tax paid. This ensures transparency and enables the government to assess tax liabilities accurately.

Benefits of Timely GST Return Filing

• Legal Compliance : Adhering to GST regulations helps businesses avoid penalties and legal complications.
• Input Tax Credit (ITC) Eligibility : Regular filing allows businesses to claim ITC, reducing their overall tax burden.
• Enhanced Business Credibility : Maintaining compliance boosts trust among stakeholders and customers.
• Facilitates Seamless Operations : Proper GST management ensures uninterrupted business activities and smooth inter-state transactions.

Who Needs to File GST Returns?

GST return filing is mandatory for:

1. Regular Businesses : Entities with an annual turnover exceeding the prescribed threshold.
2. Composition Scheme Dealers : Businesses availing the composition scheme with a turnover up to 1.5 crore.
3. E-commerce Operators : Platforms facilitating online sales.
4. Input Service Distributors (ISD) : Entities distributing input tax credit to branches.
5. Non-Resident Taxable Persons : Individuals or businesses residing outside India but supplying goods/services within the country.

Documents Required for GST Return Filing

• GSTIN : Goods and Services Tax Identification Number.
• Sales and Purchase Invoices : Detailed records of all transactions.
• Debit and Credit Notes : If applicable.
• HSN/SAC Codes : Harmonized System of Nomenclature/Service Accounting Codes for goods/services.
• Tax Payment Challans : Proof of GST payments made.
• Bank Account Statements : For reconciliation purposes.

Types of GST Returns and Their Due Dates

1. GSTR-1: Details of outward supplies (sales).
• Frequency: Monthly/Quarterly.
• Due Date: 11th of the next month (monthly) / 13th of the month following the quarter (quarterly).
2. GSTR-3B: Summary return of outward and inward supplies with tax liability.
• Frequency: Monthly.
• Due Date: 20th of the next month.
3. GSTR-4: Return for composition scheme taxpayers.
• Frequency: Annually.
• Due Date: 30th April of the following financial year.
4. GSTR-9: Annual return for regular taxpayers.
• Frequency: Annually.
• Due Date: 31st December of the following financial year.

Note: Due dates are subject to change based on government notifications. It's essential to stay updated with the latest announcements.

GST Return Filing Process

1. Log in to the GST Portal: Access the official GST website using your credentials.
2. Navigate to 'Returns Dashboard': Under the 'Services' tab, select 'Returns' and then 'Returns Dashboard'.
3. Select the Return Period: Choose the relevant financial year and return filing period.
4. Prepare the Return: Select the appropriate return form (e.g., GSTR-1, GSTR-3B) and enter the required details.
5. Upload Invoices: Ensure all sales and purchase invoices are accurately uploaded.
6. Review and Submit: Verify the information, make necessary corrections, and submit the return.
7. Payment of Tax: If there's any tax liability, pay it through the available payment modes on the portal.
8. Filing onfirmation: After successful submission, download the acknowledgment for your records.

Penalties for Late Filing

Why Choose Calzone for GST Return Filing?

• Expert Assistance: Our team of professionals ensures accurate and timely filing.
• Compliance Assurance: Stay updated with the latest GST regulations and avoid penalties.
• Simplified Process: We handle all the complexities, allowing you to focus on your business.
• Dedicated Support: Get continuous support for all your GST-related queries.