Expert GST Return Filing Services
Corp File simplifies your GST return filing. We take care of the paperwork so you don’t have to.
Simplify Your GST Return Filing Process with Corp File
In India, every organization registered under GST must file their GST returns at regular intervals—monthly, quarterly, or annually—depending on the nature of their business. While this process may seem complex, Corp File makes it easy for you to navigate through it.
It’s important to meet the deadlines for GST return filing, as these returns help the government assess the country’s tax obligations. With professional help from Corp File, you can streamline your filing process and ensure compliance without any hassle.
Take advantage of our easy-to-use platform to file your GST returns efficiently and stay on top of your business finances. Let Corp File help you stay compliant and keep your business moving forward smoothly.
Understanding GST Return Filing
A GST Return is an important document that records all financial transactions of a business registered under GST. It includes details of both income and expenses, helping the tax authorities determine the business’s tax liability accurately. Every business with a GSTIN must file these returns on time.
Key components of GST return filing include:
- Purchases: A record of all the purchases made by the business.
- Sales: A detailed account of all sales transactions conducted by the business.
- Output GST (On Sales): The GST charged on the sales made by the business.
- Input Tax Credit (GST Paid on Purchases): The GST paid on purchases, which can be deducted from the GST owed on sales.
For businesses looking for support with GST return filing or managing GST compliance, Corp File offers reliable services to make the process easier and more efficient.
Who Needs to File GST Returns?
Any business or individual registered under the GST system must file GST returns. This includes entities whose annual aggregate turnover exceeds the threshold limit set by the tax authorities. The threshold may vary depending on the type of taxpayer, including those who are under the standard tax regime or the composition scheme.
What Are the Different Types of GST Returns?
There are 13 types of GST returns, each catering to different aspects of a taxpayer’s financial activities. However, not every taxpayer is required to file all returns. The specific returns you need to file depend on your GST registration category.
Here’s an overview of the key GST returns:
- GSTR-1: Details of outward supplies (sales).
- GSTR-3B: Summary of both sales and purchases, along with tax payments.
- GSTR-4: For Composition Scheme taxpayers, summarizing turnover and tax.
- GSTR-5: For non-resident taxpayers doing taxable business in India.
- GSTR-5A: For suppliers of online database services.
- GSTR-6: For Input Service Distributors reporting input tax credit.
- GSTR-7: For entities that need to deduct TDS under GST.
- GSTR-8: Filed by e-commerce operators reporting platform transactions.
- GSTR-9: Annual return summarizing all periodical filings.
- GSTR-10: Filed upon cancellation or surrender of GST registration.
- GSTR-11: For UIN holders claiming refunds on their purchases.
- CMP-08: Quarterly statement for Composition Scheme taxpayers.
- ITC-04: For manufacturers reporting goods sent to or received from job workers.
There are also statements related to input tax credits:
- GSTR-2A: A dynamic real-time view of inward supplies.
- GSTR-2B: A static snapshot of inward supplies based on supplier reports.
For small taxpayers in the QRMP scheme, the Invoice Furnishing Facility (IFF) allows B2B sales declarations in the first two months of a quarter, but taxes are due monthly via Form PMT-06.
It’s important to know which returns apply to your business to ensure accurate and timely GST return filing.
Understanding GSTR-1 and Other GST Returns
GSTR-1 (Return for Outward Supplies)
GSTR-1 is a mandatory return that businesses must file to report their outward supplies of goods and services, including all sales invoices and adjustment notes for the specified period. This applies to all regular taxpayers under GST, including casual taxable persons.
Submission Deadlines:
- Monthly: Due by the 11th of the following month for businesses with an annual turnover above Rs. 5 crore or those not enrolled in the QRMP scheme.
- Quarterly: Due by the 13th of the month after the quarter ends for businesses in the QRMP scheme.
GSTR-2A (Dynamic Read-Only Return)
GSTR-2A is an automatically generated, read-only return that records all incoming supplies from registered GST vendors for the tax period. The details in GSTR-2A are pulled directly from the GSTR-1 returns filed by your suppliers and the Invoice Furnishing Facility (IFF) for QRMP participants.
GSTR-2B (Static Read-Only Return)
Introduced in August 2020, GSTR-2B is a static, read-only return that provides consistent input tax credit (ITC) details from previous month’s GSTR-1 filings. It helps purchasers match their ITC claims and provides guidance on necessary actions, such as reversals or ineligibility.
GSTR-2 (Deferred Return)
GSTR-2, an editable return, was intended for registered purchasers to declare their inward supplies of goods and services. However, its filing has been deferred since September 2017, and the return has not been required since then.
GSTR-3 (Deferred Return)
GSTR-3 was a monthly summary return that regular taxpayers had to file, showing details of outward and inward supplies, input tax credits, tax liabilities, and payments. However, it was automatically generated from GSTR-1 and GSTR-2 filings and was deferred from September 2017 onwards.
GSTR-3B (Consolidated Return)
GSTR-3B is a simplified monthly return for regular taxpayers. It includes summary information on outward supplies, input tax credits, and tax dues. Before submitting GSTR-3B, it’s important to reconcile sales and input tax credit (ITC) details with the GSTR-1 and GSTR-2B records.
Submission Deadlines
- Monthly: For taxpayers with an annual turnover above Rs. 5 crore, the due date is the 20th of the following month.
- Quarterly: For taxpayers with turnover up to Rs. 5 crore under the QRMP scheme, the due date is the 22nd of the month following the quarter for ‘X’ category states and the 24th for ‘Y’ category states.
GSTR-4 (Return for Composition Scheme Taxpayers)
GSTR-4 is the annual return for businesses under the Composition Scheme. The due date for GSTR-4 is April 30th of the following financial year. It replaces the previous quarterly filings, with taxpayers now submitting a simplified challan via Form CMP-08 by the 18th of the month after each quarter’s end.
Under the Composition Scheme, businesses with goods turnover up to Rs. 1.5 crore can pay tax at a fixed rate on their turnover. Service providers with turnover up to Rs. 50 lakh can also opt for similar benefits.
GSTR-5 (Return for Non-Resident Foreign Taxpayers)
GSTR-5 is for non-resident foreign taxpayers doing business in India. This return covers their outward and inward transactions, tax liabilities, payments, and adjustments. It must be filed by the 20th of each month.
GSTR-5A (Return for OIDAR Service Providers)
Service providers offering Online Information and Database Access or Retrieval Services (OIDAR) must file GSTR-5A monthly. This summary return, due by the 20th of each month, tracks the services provided and taxes collected.
GSTR-6 (Return for Input Service Distributors)
Input Service Distributors must file GSTR-6 monthly. This return reports the Input Tax Credit (ITC) received and distributed, along with supporting documentation. It must be filed by the 13th of each month.
GSTR-7 (TDS Return)
Entities required to deduct TDS under GST must file GSTR-7 monthly. This return reports the TDS deducted, paid amounts, and any refunds, with filings due by the 10th of the next month.
GSTR-8 (Return for E-commerce Operators)
E-commerce operators under GST must file GSTR-8 monthly, reporting supplies made and tax collected at source. This return is due by the 10th of the following month.
GSTR-9 (Annual Return)
All GST-registered taxpayers are required to file GSTR-9 annually. This return summarizes the outward and inward supplies, taxes paid, and due. The filing deadline is December 31st of the following year.
Due dates for various types of GST returns
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Penalty of Late Filing Your GST Returns
Late submission of your GST returns can lead to serious consequences, including penalties and interest charges. It’s important to file on time to avoid these extra costs. Here’s what you need to know about late GST return filing:
- Filing Returns is Mandatory: Every business registered under GST must file returns, even if there’s no business activity during the period.
- Delays Accumulate: Missing a filing deadline means you can’t file for the next period until the previous one is submitted. This can lead to a backlog of late returns.
- Penalties for Late Filing: For example, a delay in filing GSTR-1 can result in penalties that will show up when you file your GSTR-3B.
- Interest on Late Tax Payments: If you owe taxes and file late, you’ll be charged 18% interest per year on the outstanding amount, starting from the day after the due date.
- Late Filing Fees: The fee for late filing is Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
- Annual Return Late Fees: For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in the state or UT, unless the government announces any relief.
Stay on top of your GST return filing to avoid penalties and keep your business compliant.
How to File Your GST Returns with Corp File
Filing your GST returns can be a complex task, but Corp File makes it easier for you. As a trusted platform, we provide complete end-to-end GST return filing services, helping thousands of businesses stay compliant and up-to-date with their tax obligations.
Outsource GST Compliance to Corp File
Let Corp File handle your GST compliance so you can focus on growing your business. By outsourcing your GST return filing, you’ll get access to real-time business data through our user-friendly platform. It works seamlessly with the tools you already use, making the process simple and hassle-free.
When you choose to outsource your GST return filing, we assign a dedicated GST advisor to your business. This expert will reach out each month, gather the necessary details, prepare the GST returns, and ensure timely filing, keeping you fully compliant every step of the way.
Why Choose Corp File for Your GST Return Filing
Dedicated GST Advisor
When you choose Corp File for your GST return filing, you get a dedicated GST advisor who understands your industry. They will guide you step-by-step through the GST registration and filing process, help with tasks like uploading invoices, and ensure your filings are completed on time.
Timely GST Return Reminders
We make sure you never miss a deadline. Our platform sends you timely reminders in advance of the due dates, and your GST advisor will also notify you periodically, so you’re always prepared and avoid penalties for late submissions.
Monthly GST Status Reports
Stay updated with monthly reports from your dedicated GST advisor. These reports will keep you informed about the status of your GST returns, including GSTR-3B, and outline the next steps, ensuring your filing process is smooth and stress-free.
Error-Free GST Returns with LEDGERS
Your GST returns will be prepared using LEDGERS GST Software, ensuring error-free filing and timely submissions. LEDGERS simplifies the process, making sure everything is taken care of without any hassle.
Seamless Accounting & Cloud Records
With LEDGERS, all your financial transactions and invoices are recorded by accountants, streamlining your GST return filing and other filings like ITR and TDS. This ensures everything is cost-effective and handled efficiently.
LEDGERS GST Software Features
In addition to expert guidance, Corp File provides access to LEDGERS GST Software for seamless GST invoicing, payments, return filing, and accounting. Some key features of LEDGERS include:
- Customer & Supplier Management
- GST Invoicing
- Estimate Issuance & Tracking
- Accounts Receivables & Payables Management
- Automated GST Return Filing (GSTR-1, GSTR-3B)
- Input Tax Credit Reconciliation
- GST E-way Bill Generation & Management
- ICICI Bank Integration
Ensure your business stays compliant and avoids penalties by filing your GST returns on time with Corp File. Contact our experts today and experience hassle-free filing with professional support every step of the way.