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GST Return Filing Online

Who has the time to meet with Customs officers and fill out GST Returns? Not any longer! Accubucks Solution experts help with  GST Return Forms that are fully customizable.

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GST Return Filing: Overview, types and Benefites! 

 A quick overview on- What is GST?   

The Goods and Services Tax (GST) is a tax applied on the supply of goods and services at the point of sale. It is levied at each stage or change of hands in a product's supply chain. Many indirect taxes have been replaced or absorbed, including the service tax, central sales tax, Value Added Tax (VAT), excise duty, and so on. The Indian Parliament passed the Goods and Services Tax Act in order to introduce GST as a comprehensive indirect tax across the country. This Act went into effect on July 1, 2017. 

GST return

GST Return – What is GST Return? 

In India, the Goods and Services Tax (GST) is an indirect tax levied on the sale of goods and services. Every GST-registered taxpayer has a duty to file GST returns. The government analyzes these returns to assess its tax liability. GST is an established taxation system, and the government is constantly revising the rules and regulations that govern it. As a result, it is critical to stay updated in order to file your returns appropriately. Our GST return filing service makes it simple for taxpayers to complete their returns. Our pros will handle all of the documentation so you don't have to worry about failing to meet deadlines or remaining GST compliant. 

A GST return is a document that contains information about all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is expected to report to the tax authorities. Tax authorities use this method to determine net tax liability.

A registered dealer is required by GST to file GST returns that broadly include: 

  • Purchases

  • Sales 

  • Output GST (Sales Tax) 

  • Input tax credit (purchases made with GST)   

Who is required to file GST returns? 

Regular businesses with an annual aggregate revenue of more than Rs.5 crore (and taxpayers who have not opted for the QRMP scheme) are required to file two monthly returns and one yearly return under the GST regime. This equates to 25 returns every year.

 

The QRMP Scheme allows taxpayers with a turnover of up to Rs.5 crore to file returns. QRMP filers file 9 GSTRs per year, including 4 GSTR-1 and GSTR-3B forms as well as an annual return. It is important to note that even though QRMP registrants file quarterly reports, they must pay tax on a monthly basis. 

 

Separate statements/returns are required as well in unusual circumstances, such as composition dealers, who must file 5 GSTRs each year (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4). 

How many returns are there under GST return filing? 

GSTR1 : 

This form is used to file tax returns for outward supply.
It includes information on interstate and intrastate B2B and B2C sales, as well as purchases under reverse charge and inter-state stock transfers made during the tax period. The late charge will be collected in the following open return in Form GSTR-3B if Form GSTR-1 is filed late. 

GSTR1A: 

It is an amendment form used to modify the GSTR-1 paperwork, including any discrepancies between a taxpayer's GSTR-1 and their customers' GSTR-2. This must be sent between the 15th and 17th of the next month. 

GSTR2: 

This form is used to file the monthly GST return for received inward supply. It includes taxpayer information, the period of return, and final invoice-level purchase information for the tax period, which is presented individually for goods and services.

GSTR3: 

It is used to file monthly combined tax returns. It includes the taxpayer's basic information (name, GSTIN, and so on), the period to which the return applies, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, and additional tax (+1% tax), information about your ITC, cash, and liability ledgers, and information about other payments such as interests, penalties, and fees.

GSTR3A: 

It is a tax notice issued by the tax authorities to a defaulter who has failed to timely file monthly GST returns. 

GSTR3B: 

The Government of India has issued temporary consolidated summary GST returns of inward and outbound supplies as a relief for enterprises that have newly registered for GST. 
 

GSTR4: 

Compounding sellers must file quarterly GST returns. This includes the total value of supplies made during the period covered by the return, as well as the tax paid at the compounding rate (no more than 1% of aggregate turnover) for the period, as well as invoice details for inward supplies if they are either imports or purchased from regular taxpayers.

GSTR4A: 

It is the composition dealers' quarterly purchase-related tax return. The GSTN portal generates it automatically based on the information provided in your suppliers' GSTR-1, GSTR-5, and GSTR-7 forms.

GSTR5: 

Non-resident foreign taxpayers with variable returns (It includes the taxpayer's information, the period of return, and the invoice data for all goods and services sold and purchased. It also includes the taxpayer's imports on Indian soil during the registered period/month. 

GSTR6:

This is the ISD's monthly GST return. It includes the taxpayer's basic information (name, GSTIN, etc.), the period to which the return applies, invoice-level supply details from the GSTR-1 of counter-parties, invoice details, including the GSTIN of the taxpayer receiving the credit, a separate ISD ledger with the opening ITC balance for the period, credit for ITC services received, debit for ITC reversed or distributed, and closing balance.

GSTR7: 

For TDS transactions, it is filed as a monthly return. It includes the taxpayer's fundamental information (name, GSTIN, etc.), the period to which the return applies, the supplier's GSTIN, and the invoices from which the tax was deducted. It is classified into three major tax heads: SGST, CGST, and IGST. The form also includes information on any extra payments, such as interest and penalties.

GSTR8: 

It is the monthly revenue generated by e-commerce operators.
It includes the taxpayer's basic information (name, GSTIN, etc.), the period to which the return applies, details of supplies made to customers via the e-commerce portal by both registered taxable persons and unregistered persons, customers' basic information (whether or not they are registered taxpayers), and the amount of tax collected at source, tax payable, and tax paid. 

GSTR9: 

This is a combined annual tax return.
It offers detailed information on the taxpayer's income and expenses. These are then regrouped based on the taxpayer's monthly GST returns.  

GSTR9A: 

Every taxpayer who is registered in the composition program must file an annual composition return form.

GSTR9B: 

It is an annual return form required of e-commerce businesses who collect tax at the point of sale.

GSTR9C: 

Every taxpayer who is required to have their annual reports audited because their aggregate turnover exceeds 2 crores in a fiscal year must file this Audit form.

GSTR10: 

Before canceling GST registration, you must file GST returns.
When permanently discontinuing business activities/cancelling GST registration, this final GST return must be filed. It will include information on all supply, liabilities, tax collected, and tax due. 

GSTR11: 

Variable tax return for UIN taxpayers
It offers information on purchases made for self-consumption by foreign embassies and diplomatic missions within a specific month.

 

In addition to the GST returns that must be filed, taxpayers can obtain statements of input tax credit, known as GSTR-2A (dynamic) and GSTR-2B (static). Small taxpayers registered under the QRMP system can also use the Invoice Furnishing Facility (IFF) to provide their Business to Business (B2B) sales for the first two months of the quarter. These small taxpayers will still be required to file monthly returns on Form PMT-06.   

The Key Benefits of Filing a GST Return: 

GST Removes the Cascading Effect: 

Previously, numerous instances of tax on tax were paid for a single transaction. You no longer have to pay tax on tax because GST eliminated various other taxes such as central excise duty, service tax, customs duty, and state-level value-added tax. This will save you money.  

Higher Threshold: 

The GST threshold is aggregate revenue in excess of 40 lakhs for sales of commodities and aggregate turnover in excess of 20 lakhs for sales of services. This means that small enterprises that fall below this threshold are exempt from GST filing. 

Startups and E-commerce Businesses will find it easier: 

The GST system has simplified tax management for startups and e-commerce businesses. Different tax rules across different states, which are now eliminated by GST, harmed e-commerce in particular.

System that is more organized: 

Prior to the implementation of the GST tax return filing system, the system was disorganized. All taxes are now paid online, and most obstacles associated with tax filing have been eliminated as part of the GST implementation process.   

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Documents Required for GST Return Filing:

  • Invoices issued to GSTIN holders or B2B invoices

  • Invoices issued to individuals who do not have a GSTIN or B2C invoices

  • This must be filed only if the total value exceeds 2.5 lakhs.

  • Any additional debit or credit notes or advance receipts

  • Any other interstate sales consolidation 

  • HSN-wise summary of all products sold 

Filing of GST Returns Under the Composition Scheme 

Composition Scheme taxpayers must pay taxes using CMP-08 every quarter and file GSTR-4 annually through the GST Common Portal or a GST Facilitation Centre. The GST return for Composition Scheme registrants is due on the 18th of the month after each quarter, namely the 18th of April, 18th of July, 18th of October, and 18th of January.  

The GST return must include the following information:

  • Details on supplies obtained from registered and unregistered individuals, both intra-state and inter-state, should be submitted invoice by invoice.

  • The GST return filed by a Composition Scheme supplier must also contain a summary of the supplies they have made to their customers.

  • A Composition Scheme supplier's GST return must additionally provide a summary of the supplies they made to their customers.

  •  If a person registered under GST chooses to pay taxes under the Composition Scheme from the beginning of a fiscal year, they must file monthly GST returns on the 10th, 15th, and 20th of each month, and continue to file monthly returns until the due date of furnishing the return for September of the following fiscal year or the annual return of the preceding fiscal year, whichever comes first. As a result, even if a taxpayer chooses the Composition Scheme beginning in April, they must continue to file monthly GST returns until September. 

Get our GST return filing plan and enjoy our preminum services 

The Accubucks solution provides a user-friendly platform for entering information and tracking your progress throughout the filing process. Furthermore, we offer support and coaching throughout the process, ensuring that you have all of the information you need to complete your return correctly and on time. 

  • You don't have to worry about remembering due dates because we will remind you

  • Simplified method to keep your invoices and other paperwork in order and organized

  • Experts file your taxes, ensuring you receive the correct input tax credit and save money.

  • No more attempting to understand changes in GST regulations and processes; instead, our specialists file returns for many other businesses like yours and are always up to speed with it.

  • Your file will be error-free, and you will save a lot of time and work. We will pay any penalties incurred as a result of any erroneous delay on our part.
Frequently-asked-question

FAQs on GST Filing Returns

Question: Who can file a GST return? 
Answer: GST returns must be filed by any individual, business, or entity registered under GST. Regular taxpayers, composition scheme taxpayers, Input Service Distributors (ISD), Non-Resident Taxable Persons (NRTP), and others who must pay GST are included. 

Question: What is the benefit of GST return? 

Answer: GST returns are used to provide information about sales, purchases, and taxes paid. Filing GST returns ensures that tax regulations are followed, makes it easier to obtain input tax credits, and allows the government to track taxable activities, resulting in a more transparent and efficient tax system.  

Question: What is the GST filing deadline?  

Answer: GST returns are typically filed on a monthly basis. However, some filings, such as GSTR-4 (composition scheme) and GSTR-9 (annual return), have various filing periods. 

Question: Is GST paid on a profit basis?  

Answer: No, GST is not a profit-based tax. It is a consumption tax placed on the provision of goods and services.  

Question: What is the cost of the GST return form? 

Answer: There is no charge for submitting the GST return form. Fees for filing additional connected papers, such as TDS returns or income tax returns, may apply. To determine any additional expenses that may apply to you, you should see a tax specialist.

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