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3 Simple Steps for ITR FILING
Step 1
Fill the form and proceed for payment
Step 2
After Payment WhatsApp your documents and you will get a Call From The GST Expert
Step 3
File the the GST Return and provide the acknowledgement
It's easy to file GST Return for your business and it can be done by online with CA Sumit Yadav
GST RETURN FILING IN INDIA
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.
Documents Required
To fulfil IT filing in India, the following documents are necessary:
- 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
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).
GST Filing Returns - Types and Due Dates
| GST Filing Returns | Purpose |
|---|---|
| GSTR1 | Tax returns for outward supplies are made using this form. It contains the details of the interstate as well as intrastate B2B and B2C sales including purchases under reverse charge and inter-state stock transfers made during the tax period. If Form GSTR-1 is filed late, the late fee will be collected in the next open return in Form GSTR-3B. From 1 January 2022, taxpayers will not be permitted to file Form GSTR-1 if they have not filed Form GSTR-3B in the preceding month. |
| GSTR1A | It is an amendment form used to correct the GSTR-1 document including any mismatches between the GSTR-1 of a taxpayer and the GSTR-2 of their customers. This can be filed between 15 and 17 of the following month. |
| GSTR2 | Monthly GST return for the received inward supplies are filed using this form. It contains taxpayer info, period of return and final invoice-level purchase information related to the tax period listed separately for goods and services. |
| GSTR2A | An auto-generated tax return for purchases and inward supplies made by a taxpayer is automatically compiled by the GSTN based on the information present within the GSTR-1 of their suppliers. |
| GSTR2B | GSTR-2B is an auto-generated document that acts as an Input Tax Credit (ITC) statement for taxpayers. The GST Council states that GSTR-2B will help in cutting down the time taken to file returns, minimise errors, ease reconciliation and simplify compliance. |
| GSTR3 | It is used to file consolidated monthly tax returns. It contains The taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, and additional tax (+1% tax), details about your ITC, cash, and liability ledgers, details of other payments such as interests, penalties, and fees. |
| GSTR3A | It is a tax notice issued by the tax authority to a defaulter who has failed to file monthly GST returns on time. |
| GSTR3B | Temporary consolidated summary GST returns of inward and outward supplies that the Government of India has introduced as relaxation for businesses that have recently registered to GST. |
| GSTR4 | It is the quarterly GST returns filed by compounding vendors. This contains the total value of supply made during the period covered by the return, along with the details of the tax paid at the compounding rate (not more than 1% of aggregate turnover) for the period along with invoice details for inward supplies if they are either imports or purchased from normal taxpayers. |
| GSTR4A | It is the Quarterly purchase-related tax return filed by composition dealers. It’s automatically generated by the GSTN portal based on the information furnished in the GSTR-1, GSTR-5, and GSTR-7 of your suppliers. |
| GSTR5 | Variable return for Non-resident foreign taxpayers (It contains the details of the taxpayer, period of return and invoice details of all goods and services sold and purchased. It also includes imports by the taxpayer on Indian soil for the registered period/month. |
| GSTR6 | This is the monthly GST return for ISDs. It contains the details of the taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, invoice-level supply details from the GSTR-1 of counter-parties, invoice details, including the GSTIN of the taxpayer receiving the credit, separate ISD ledger containing the opening ITC balance for the period, credit for ITC services received, debit for ITC reversed or distributed, and closing balance |
| GSTR7 | It is filed as a monthly return for TDS transactions. It contains the taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, supplier’s GSTIN, invoices against which the tax has been deducted. It is categorised under the major tax heads – SGST, CGST, and IGST. Details of any other payments such as interests and penalties are also included in the form. |
| GSTR8 | It is the monthly return for e-commerce operators. It contains the taxpayer’s basic information (name, GSTIN, etc), the period to which the return pertains, details of supplies made to customers through the e-commerce portal by both registered taxable persons and unregistered persons, customers’ basic information (whether or not they are registered taxpayers), the amount of tax collected at source, tax payable, and tax paid). |
| GSTR9 | This is an annual consolidated tax return It contains the taxpayer’s income and expenditure in detail. These are then regrouped according to the monthly GST returns filed by the taxpayer. |
| GSTR9A | It is an annual composition return form that has to be filed by every taxpayer who is enrolled in the composition scheme |
| GSTR9B | It is an annual return form that has to be filed by e-commerce operators who collect tax at the source |
| GSTR9C | This Audit form has to be filed by every taxpayer who is liable to get their annual reports audited when their aggregate turnover exceeds ₹2 crores in a financial year. |
| GSTR10 | Filing GST returns before cancelling GST registration This final GST returns is to be filed when terminating business activities permanently/cancelling GST registration. It will contain the details of all supplies, liabilities, tax collected, tax payable. |
| GSTR11 | Variable tax return for taxpayers with UIN It contains the details of purchases made by foreign embassies and diplomatic missions for self-consumption during a particular month |
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.
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FAQs
Income tax returns or ITR are the tax forms used to declare the details of your income to the Income Tax Department to assess the amount you need to pay as income tax in a financial year.
Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR. This implies, individuals and Hindu Undivided Families (HUFs) with total annual income exceeding Rs. 2,50,000 are required to file the income tax returns. For senior citizens (individuals between 60 years and 80 years of age) the threshold is Rs 3,00,000, and that for very senior citizens (aged above 80 years) it is Rs 5.00,000.
No, it is not mandatory to file an income tax return if your annual income is below Rs 2,50,000.
There are many advantages of filing ITR online. Some of the benefits are as follows:
- Quick processing: You will get the acknowledgement of ITR promptly. Refunds, if any, are processed faster online than paper-filed returns.
- Accuracy: E-filing software minimizes errors
- Convenience: E-filing facility is available and can be done at your convenience
- Privacy: The data entered by you are safe as they cannot be accessed by anyone
- Record of past ITRs: It is easier to access previous data, should you need them at any time in future.
Yes, in case of Income Tax Return filing, it is mandatory for every source of income you have to maintain proof of earning as specified under the Income-tax Act 1961.
It is easy to file your income tax returns online using the Income Tax e-Filing system. You only need a few documents to file your income tax return online. If you search for "how to apply for ITR", you will find that e-filing is an easier process.
If you don't file your tax statements on time, you could be charged a penalty ranging from Rs. 10,000 to Rs. 1,00,000. In addition, there is a daily fee of Rs. 200 until you pay your taxes. This is under Section 234E.
- Anyone with a valid PAN can file an IT return.
- Companies and enterprises are required to file ITRs.
- Individuals whose taxable amount exceeds the maximum amount not subject to taxation must file an income tax return
Forms 15G and 15H are self-declaration forms that an individual sends to the bank to request that TDS on interest income not be deducted since their income falls below the basic exemption level.
Yes, it is necessary to attach documents while filing for ITR.