GST Return Filing
GST Filing
GST Returns Filing
Ensuring a timely GST return filing will help you avoid penalties and stay compliant
Guaranteed GST filing at the government portal under 24 hrs by top CA’sGet MSME Registration and your annual returns filed before the deadline
GST Return Filing
A GST return is a document where a taxpayer reports income, expenses, sales, purchases, and tax liability to tax authorities using their GSTIN. It provides essential details for tax administrative authorities.
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Our GST return filing service helps taxpayers to get it done easily. Our professionals will take care of the filings so you don’t have to worry about keeping up with the due dates and staying GST compliant.
Benefits of GST Return Filing
- GST Eliminates Cascading Effect
Earlier there were many instances where tax on tax was paid for a single transaction. As GST did away with several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax. This saves you money.
- Higher Threshold
The threshold for GST is aggregate turnover exceeding 40 lakhs for sale of goods and aggregate turnover exceeding 20 lakhs for sale of services. This means small businesses falling below this threshold limit are not subject to GST Filing.
- Easier for Startups and E-commerce Businesses
The GST system has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly suffered from different tax laws across different states which are now eradicated by GST.
- More Organised System
Before the GST tax return filing system was disorganised. Now, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.
- Invoices issued to persons with GSTIN or B2B invoices
- Invoices issued to persons without GSTIN or B2C invoices
- This needs to be submitted only when its total value is above ₹2.5 lakhs
- A consolidation of inter-state sales
- HSN-wise summary of all goods sold
- Any other debit or credit notes or advance receipts
Upcoming Due Dates to File GST Returns
It is crucial to complete the filing within the due date to file GST. This will help in avoiding late payment charges and interests. The due dates for filing GST returns can be extended as per the issuing order or through notifications. Vakilsearch has gathered a list of due dates to file GST for the financial year 2021- 2022 and 2022 – 2023.
Who Is Eligible for GST Return?
- Regular enterprises with an annual aggregate revenue of more than ₹5 crore
- Taxpayers who did not choose the QRMP plan are required to file two monthly returns and one yearly return under the GST system
- QRMP filers must submit nine GSTR files annually, which include four GSTR-1 and three GSTR-3B forms as well as an annual return. It should be noted that even if QRMP filers submit their returns on a quarterly basis, they must pay tax on a monthly basis
- Additionally, separate statements and returns must be filed in other circumstances, such as in the case of composition dealers, who must submit five GSTR files annually (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).
Steps for Online GST Payment
To make the GST payment post-login to the GST Portal once the challan is generated, perform the following steps:
- Access the https://www.gst.gov.in/URL. The GST Home page is displayed
- Login to the GST Portal with valid credentials
- Access the generated challan. Click the Services > Payments > Challan History command
- Select the CPIN link for which you want to make the payment
Note: In case you don’t know the CPIN number, you can select the Search By Date option to search the CPIN number by the date on which it was generated.
- Select the Mode of E-Payment
- In the case of Net Banking
- Select the bank through which you want to make the payment
- Select the checkbox for terms and conditions to apply
- Click the make payment button
- In the case of Credit/ Debit Cards
- Please select a payment gateway, select the payment gateway option
- Select the checkbox for terms and conditions apply
- Click the make payment button
Steps for Offline GST Payment
In the case of Over the Counter
- In the payment modes option, select the over the counter as a payment mode
- Select the name of the bank where cash or instrument is proposed to be deposited
- Select the type of instrument as cash/cheque/demand draft
- Click the generate challan button
- Take a printout of the challan and visit the selected Bank
- Pay using cash/cheque/demand draft within the challan’s validity period
- The status of the payment will be updated on the GST Portal after confirmation from the bank.
Steps for GST Payment Through NEFT/RTGS
In the case of NEFT/ RTGS
- In the payment modes option, select the NEFT/RTGS as a payment mode
- In the remitting bank drop-down list, select the name of the remitting bank
- Click the generate challan button
- Take a printout of the challan and visit the selected Bank. Mandate forms will also be generated simultaneously
- Pay using Cheque through your account with the selected bank/branch. You can also pay using the account debit facility
- The transaction will be processed by the bank and RBI shall confirm the same within <2 hours>
- Once you receive the Unique Transaction Number (UTR) on your registered e-mail or mobile number, you can link the UTR with the NEFT/RTGS CPIN on the GST Portal. Go to challan history and click the CPIN link. Enter the UTR and link it with the NEFT/RTGS payment
- The status of the payment will be updated on the GST portal after confirmation from the bank
- The payment will be updated in the electronic cash ledger in respective minor/major heads.
GST Return Filing Process
The government has been making strides towards innovation and automation and has instituted facilities for the online filing of returns under GST on the government’s GST portal, through the Goods and Service Tax Network (GSTN).
- Step 1: Go to the GST portal – www.gst.gov.in
- Step 2: Obtain a 15-digit GST Identification Number (GSTIN), which is issued based on your state code and PAN
- Step 3: Upload the relevant invoices on the GST portal. An invoice reference number against each invoice will be allotted
- Step 4: Once all the invoices, inward returns, outward returns, and cumulative monthly GST filing returns are uploaded, verify all the data you have inputted and file your returns.
Vakilsearch is well-known for its user-friendly online platform with which you can avail of GST filing services from the comfort of your home. The dedicated representatives of Vakilsearch will be in constant touch with you right from the start. They will collect all the required documents and do the needful.
GST Return Late Fee & Interest
The status of the Filing GST return application depends upon the performance of the obligation, and the status available would make the taxpayer aware of their filing.. Basically there are four statuses and they are explained below.
Penalty for Late GST Return Filing
The penalty for late filing of GST return in India is as follows:
- Late fee: A late fee of₹ 50 per day of delay is charged for late filing of GSTR-3B. The maximum late fee for GSTR-3B is ₹5,000.
- Interest: Interest is charged on the outstanding tax liability from the due date of filing the return until the date of payment. The interest rate is 18% per annum.
In addition to the late fee and interest, the GST department may also impose other penalties for late filing of GST returns, such as:
- Suspension of GST registration: The GST department may suspend the GST registration of a business that fails to file GST returns for three consecutive months.
- Cancellation of GST registration: The GST department may cancel the GST registration of a business that fails to file GST returns for six consecutive months.
Businesses should therefore ensure that they file their GST returns on time to avoid penalties and other consequences.
How to Check GST Return Status?
There are three easy ways to track GST returns status online
Tracking Through ARN
When submitting the tax return, taxpayers are allotted a unique number called an ARN which helps in tracking the status of the tax return which is to be done every month. Steps to view the status through ARN are explained below:
- Step 1: Visit the official GST portal and log in to your user portal by filing down the required credentials or entering the valid details
- Step 2: Click of the Services > Returns > Track Return status
- Step 3: Enter the ARN number which has been sent to the registered email address of the taxpayer and click on the search key.
On clicking on the search option, there would be a full display of the return application status which will be having all the relevant details.
Tracking through GST Returns Filing Period
- Step 1: Visit the official GST portal and log in to your user portal by filing down the required credentials or entering the valid details
- Step 2: Click of the Services > Returns > Track Return status
- Step 3: Click on the GST Return Filing period and enter the dates with the help of the calendar available
- Step 4:On clicking on the search option all the relevant details would be displayed on the screen.
When Tracking Through the Status
- Step 1: Visit the official GST portal and select the search taxpayer option
- Step 2: You will see the GSTIN/UIN option, enter your GSTIN ID and fill in the exact captcha code and then click on the search command. Captcha Code will appear only when you enter your GSTIN ID
Steps to Download GST Returns Online
Here is a step by step guide on how to download the GST returns online:
- Step 1: Enter your login details and click on ‘Login’
- Step 2: Click on ‘File GST Returns’
- Step 3: Select year and month, then click on ‘Search’
- Step 4: Click on ‘View GSTR 1’
- Step 5: Next click on ‘Preview’
- Step 6: Save in folder and right-click to show in folder.
GST Payment for Different Taxpayers
The GST payment process is largely the same for all taxpayers. Payment is not required if the electronic cash ledger has a sufficient cash balance. In other words, if the cash balance is insufficient, the taxpayer must utilise a challan to deposit money into the cash ledger using prescribed payment methods. The following is an overview of the payment process for various taxpayer types
Taxpayers Filing Nil GST Returns
For the relevant tax period, whether for the month or quarter, these taxpayers have no sales or purchases, and no tax is due. They don’t have to use the challan or pay anything.
Composition Taxable Persons
These taxpayers must total up their sales/turnover information for the quarter in challan CMP-08 and pay the tax.
Penalty for Late Filing
| Type of Offence | Penalty | Type of Offence | Penalty |
|---|---|---|---|
| Late Filing: | – ₹100 per day during which the failure continues, up to a maximum of ₹5,000 | Late Filing: | – ₹100 per day during which the failure continues, up to a maximum of ₹5,000 |
| – ₹100 per day during which the failure continues, subject to a maximum of quarter percent of the person’s turnover in the state where he is registered for annual return | – ₹100 per day during which the failure continues, subject to a maximum of quarter percent of the person’s turnover in the state where he is registered for annual return | ||
| Late Payment of Tax: | Interest on the tax due calculated from the first day the tax was due to be paid | Late Payment of Tax: | Interest on the tax due calculated from the first day the tax was due to be paid |
| Excess Claim of Input Tax Credit or Reduction: | Interest on the undue excess claim or undue reduction in output tax liability | Excess Claim of Input Tax Credit or Reduction: | Interest on the undue excess claim or undue reduction in output tax liability |
| Delayed Payment to Supplier: | Interest on the amount due added to the recipient’s liability | Delayed Payment to Supplier: | Interest on the amount due added to the recipient’s liability |
| Cancellation of Registration: | Registration may be canceled if: | Cancellation of Registration: | Registration may be canceled if: |
| – Regular dealer hasn’t furnished returns for 6 continuous months | – Regular dealer hasn’t furnished returns for 6 continuous months | ||
| – Composition dealer hasn’t furnished returns for 3 quarters | – Composition dealer hasn’t furnished returns for 3 quarters | ||
| – Voluntary registered person hasn’t commenced business within 6 months of registration | – Voluntary registered person hasn’t commenced business within 6 months of registration | ||
| – Registration obtained by fraud, wilful misstatement, or suppression of facts | – Registration obtained by fraud, wilful misstatement, or suppression of facts | ||
| Confiscation of Goods and/or Conveyances: | Confiscation of goods and/or conveyances and fine of ₹10,000 or an amount equal to the tax evaded | Confiscation of Goods and/or Conveyances: | Confiscation of goods and/or conveyances and fine of ₹10,000 or an amount equal to the tax evaded |
| Imprisonment and Fine: | Imprisonment and fine applicable for specific offenses | Imprisonment and Fine: | Imprisonment and fine applicable for specific offenses |
| Other Penalties: | – ₹10,000 or amount equivalent to the tax evaded for specified offenses | Other Penalties: | – ₹10,000 or amount equivalent to the tax evaded for specified offenses |
| – Penalty of up to ₹25,000 for aiding or abetting offenses listed above | – Penalty of up to ₹25,000 for aiding or abetting offenses listed above |
Why StartupSaarthi?
One-stop solution: From idea to incorporation, funding, legal, accounting, and marketing – we handle it all.
Expert network: Get qualified guidance from lawyers, accountants, and marketing specialists.
Hassle-free & affordable: Streamlined process, competitive pricing, and personalized support.
Proven success: We help businesses of all sizes achieve their goals.
Choosing StartupSaarthi means choosing a partner who is dedicated to your success. We are here to help you every step of the way, from ideation to incorporation and beyond.
Join thousands of successful entrepreneurs
Get My Weekly tips on how to get ahead
At Startup Saarthi, we’re more than just consultants; we’re your ultimate business companion. Our seasoned team of experts is here to guide you through every stage of growth, from ideation to scale.
Useful Links
Subscribe Now
Don’t miss our future updates! Get Subscribed Today!
