GST Return Filing Made Easy by EzyBiz India
As everybody knows GST have become a reality in India and from August onwards, every registered person who has taken GST registration would be required to file GST return. Every month 3 GST returns is required to be filed i.e first for outward supply by 10th of next month in form GSTR1 , second for inward supply by 15th of next month in form GSTR2 and third for combined return by 20th of next month in form GSTR3 ( monthly GST return Filing ). Also, an annual return is required to be filed on or before 31st December.
However, some relaxation in return filing has been provided for month of July and August 2017 wherein GSTR1 and GSTR2 filing date has been postponed to September for both month of July and August and a simple return in form of GSTR3B needs to be filed for month of July before 20th August.
It may be noted that there is threshold limit for taking GST registration like Rs 20 lac in case of local inward and outward supplies (intrastate) and Rs 10 lac for states in North east and Hilly states, however, once you have taken GST registration either voluntary or due to mandatory requirement, you have to file GST return even if there is NIL or no transactions. Noncompliance will lead to interest and penalty.
Normally, 2 to 3 working days are taken in analysis of documents and preparation and filing of GST return.
It is very important to maintain your books and invoices on real time basis instead of postponing to month end or yearend as this will be very fatal exercise and will not help in correct and timely filing of GST return.
Different types of GST Returns and its Due Dates
|Return Form||Description||Due Date of filing|
|GSTR-1||Details of outward supplies of taxable goods or services or both effected||10th of Next Month|
|GSTR-2||Details of inward supplies of taxable goods or services or both claiming input tax credit||After the 10th but before 15th of Next Month|
|GSTR -3||Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax||20th of Next Month|
|GSTR-4||Quarterly Return for compounding taxable persons||18th from end of the Quarter|
|GSTR-5||Return for Non-Resident foreign taxable persons||20th from end of the month or within 7 days after the last day of validity of registration whichever is earlier|
|GSTR-6||Input Service Distributor return||13th of Next Month|
|GSTR-7||Return for authorities deducting tax at source||10th of Next Month|
|GSTR-8||Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52)||10th of Next Month|
|GSTR-9||Annual Return||31st December of Next Financial Year|
|GSTR-9A||Simplified Annual return by Compounding taxable persons registered under section 10||31st December of Next Financial Year|
List of Information Required for Filing GST Returns
- Copy of invoices raised during the month
- GST Registration no.
- User id and password for login
- Name and address of registered person
- Detail of Outward Supplies and Inward supplies liable to reverse charges
- details of inter-State supplies made to unregistered persons
- Supplies made to Composition Taxable Persons
- Supplies made to UIN Holders
- Details of Eligible ITC
- Values of exempt, nil-rated and non-GST inward supplies
- Copy/receipt of GST deposited
- Copy of TDS/TCS certificate
Steps Involved in GST Return Filing
Step1 Collation of Information– Clients send us data in prescribed format. We analyze data and ask for further information/ documents. On basis of information, do tax computation and send to client for deposit of taxes Step 2 Preparation of GST return – GST return is prepared by staff and review by expert before sending to client for his approval Step 3 Filing of GST return – Once client approves the return, we upload the same on portal. At EzyBiz India we would be happy to assist in preparation and filing of GST return. For any query relating to GST advisory and compliance or free consultation, kindly call us for fixing an appointment. We would be happy to serve you.