GST Return Filing

If you have a GST registration, you are required to e-file your GST return in order to comply with the tax rules. GarudaMudra streamlines through the process so you never have to worry about getting deadlines late.

GST Return Filing Online

If your business is covered under the GST Act, then you need to provide information about sale, purchase, tax paid and collected via filing of GST return.

Here’s how it works:

1. Log in to the GST portal.
2. You need to fill the form significant for filing GST return.
3. Fill in information of outward (sales) and inward (purchases) supplies.
4. Work on the GSTR-2 for the supply information.

Components of an online GST return An online GST return is comprised of:

1. Income
2. Sales
3. Expenses
4. Purchases

The tax collection body applies this information to work out how much net tax you owe. Returns shall be made by all taxpayers for: 

1. Purchases
2. Sales
3. GST on sales
4. Input Tax Credit on purchases

Benefits of GST Return Filing

1. Stay clear of penalties – Filing on time frees you from late fee of ₹100 per day (up to ₹5,000).
2. Transparency In Business: It leaves a footprint of your financial history with the government.
3. Less Legal Issues: If your submission is correct, then no notices will be received or any interference by the GST department.
4. Improved Loan Approval: You’re business credibility with banks and other financial institutions get enhanced on regular and accurate GST filings.

GST Returns Filing is Mandatory for…

Those with annual turnover above ₹5 crore can file as many as two monthly returns and one annual return (around 25 returns in a year). This is also for QRMP taxpayers.

Businesses having turnover upto ₹5 crore can take benefit of the QRMP scheme and file 9 returns in a year (4 GSTR-1, 4 GSTR-3B & 1 annual return).

Note: GST tax should be paid monthly, even if you are filing QRMP quarterly.

Who can file a GST Return in India?

If you want to file GST returns online, then you need to have your company registered under GST. You are eligible if:

1. You were previously registered under the tax laws that hopelessly outdated, pre-GST.
2. Your business turnover is in excess of ₹40 lakh per annum.
3. You are an agent of the supplier or input service distributor.
4. You operate an e-commerce aggregator platform on which third-party suppliers offer their products for sale.
5. You offer online database access or retrieval or information retrieval services to users in India.

Documents Needed for Filing a GST Return

You’ll need:

1. ID proof of directors/partners/owners.
2. PAN card of the company/firm and its key members.
3. GST Registration Number.
4. Required financial statements.

Procedure of Filing GST Return in India

1. File Form GSTR-1 for monthly inward supplies on 10th of next month.
2. File Form GSTR-2 on a monthly basis for outward suppliers on the 15th of the following month.
3. File Form GSTR-3 for a monthly statement by the 20th of the following month.

c) Annual returns (File Form GSTR-8 may be furnished annually): on once-a-year basis till 31st December of the following financial year.

Our Help in GST Return Filing

At GarudaMudra, we offer an end to end assistance for GST return filing:

1. Collecting and verifying your information.
2. Preparing the first compliance draft.
3. Review and revision as necessary.
4. Filing your GST return online.
5. Adding official confirmation receipt.

GarudaMudra_NoFrillsPay is a reliable consulting company specialized in GST help. Get in touch if you are yet to lodge your GST return!