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ONLINE GST RETURN FILING

As per the GST law, every individual/Company/LLP registered under the GST Act has to furnish the details of sales, purchases and the tax paid by filing for GST returns with the administrative authorities.

As a business person/ firm, one of your first priorities will be to do is GST return filing. Hence, knowing the ropes can help you make the process smoother and simpler. While filing a GST return, you are supposed to provide all the particulars related to your business activities, like the tax liability declarations, tax payments and also any other related information as per instructions provided by the government.

The GST return mainly includes purchases, output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.

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GST Return Filing

A GST Return Filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used tax authorities to calculate the tax liability of a GST taxpayer. A GST Return Filing form has to include the following details.

  • Output GST (On sales)
  • Sales
  • Input tax credit (GST paid on purchases)
  • Purchases
GST Return late filing
  • Under the GST rules, the filing of returns is mandatory. You are expected to file a Nil return in case no transaction has been made.
  • • In case you have not yet filed the previous quarter/month return, then you will not be able to do the return filing process.
  • • The GSTR 1 late filing penalty will be added in the GSTR-3B ledger of liability as soon as a delay occurs

    • HIGHER THRESHOLD BENEFITS

    Before GST was introduced, VAT or value added tax was applicable for any business that had an annual turnover of 20 lakhs. Services that saw a turnover of less than 10 lakhs did not have to pay service taxes.

    Online GST Return Filing Procedures

    • DOCUMENTS AND MONTHLY
    • PREPARATION FOR GST
    • STEPS REQUIRED TO COMPLETE

    STEP 1: DOCUMENTS AND MONTHLY RETURNS INVOLVED IN THE GST RETURN FILING PROCESS

    • All registered taxpayers can follow the filing format and upload their annual return invoice on the GST portal. To do that, you will have to maintain electronically all the records of the invoice.
    • We help you with filing process in the GST portal by setting up simplified versions of excel templates.
    • It will aid you in maintaining the records with ease.

    STEP 2: PREPARATION FOR GST RETURN FILING PROCEDURE

    • We collect all the information and documents needed to start preparing for your GST returns first. SMITH TAX will maintain the invoice records of registered taxpayers and by month end, you can easily file the GST returns using our exclusive team of experts.
    • Once you do the online filing process in GST portal, from then on, our expert affiliate will remind you about the filing date so that you won’t forget the date and end up paying tax penalties.

    STEP 3: STEPS REQUIRED TO COMPLETE THE RETURNS FILING PROCESS

    • The first step before filing your GST will be to review the GST filing before submission. We, at SMITH TAX, give you an opportunity to do the same.
    • The second step is your approval.
    • After your approval, we will be filing your online returns
    • Once the process is completed successfully, we will mail you an acknowledgement about the same to the registered email id provided by you.

    An insight into the GST filing procedure in India

    Any business person who has taken the registration, but has not crossed the limit of exemption will have to comply with the step-by-step GST billing process.From 1st April, 2019, the GST Council has increased the threshold limits of annual aggregate turnover for GST registration.
    • • Return for purchases
    • • Return for supplies
    • • Annual returns
    • • Monthly returns