GST RETURN PREPARATION & FILLING

With the introduction of Goods & Service Tax, taxpayers are now required to fulfill a set of compliances which mandates them to file multiple returns for each Financial Year. Some of these are monthly requirements where details regarding invoices raised as well as received has to be filed with the GSTN. And as an repository of data for the taxpayers GSTN will make sure that all these information could be accessed whenever required in future.The return has to be e-filed and no paper returns will be acceptable in the GST regime. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

The basic features of the return mechanism in GST includes
  1. Electronic filing of returns,
  2. Uploading of invoice level information,
  3. Auto-population of information relating to input tax credit from returns of supplier to that of recipient,
  4. Invoice level information matching &
  5. Auto-reversal of input tax credit in case of mismatch.

There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS), a person granted Unique Identification Number.


Frequency of Return

GSTR3B   All taxpayers are required to file return FORM GSTR-3B & pay tax on monthly basis

GSTR-1
Quarterly
–  Registered persons having aggregate turnover of up to 1.5 Crore rupees in the preceding financial year or the current financial year shall furnish GSTR-1 on a quarterly basis.

Monthly – Other Registered persons having aggregate turnover of more than 1.5 Crore rupees shall furnish FORM GSTR-1 on a monthly basis

GSTR-2 & GSTR-3
Time period for filing FORM GSTR-2 and FORM GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers.


Basic information that needs to be furnished in Form GSTR-1

The details to be entered in the return of outward supplies Form GSTR-1, made by the
trader depends upon the nature of supplies made.

The provisions are as follows:
i) intra-State supplies to consumers (B2C supplies) – tax-rate wise summary;
ii) inter-State supplies to consumers (B2C supplies) of value up to Rs. 2.5 lakhs – State-wise and tax-rate wise summary;
iii) inter-State supplies to consumers (B2C supplies) of value above Rs. 2.5 lakhs – specified invoice wise details;
iv) supplies to resellers (B2B) – specified invoice wise details.

Requirements for GST Return Filling

  • Documents Required for GST Registration

    For Offline Traders / Retail Traders maintaining Accounts

    • GST Portal Login Id & Password
    • Invoice wise Details of Sales & Purchases imported in Excel from Tally/ Busy or any other accounting software used
    • Details of Consignment Notes/ Payment to transporters for the purpose of reverse charge
    • Any other documents or information like HSN Summary, Documents issued, E-way bills issued , etc. required as per discussion with our expert
  • For startups and micro business who want to outsource only GST compliance as Accounting is not required for them

    • GST Portal Login Id & Password
    • Purchase & Sales Invoices as per GST law
    • Other Expenses Bills on which reverse charge is applicable
    Documents Required for GST Registration
  • Documents Required for GST Registration

    For E-Commerce Vendors

    • GST Portal Login Id & Password
    • Sales Reports & GST Reports downloaded in Excel format from the Ecommerce Seller Panels
    • Commission Invoices issued by the Ecommerce Portals
    • Purchase Invoices as per GST Law
    • Other Expenses Bills
    • Any other Invoices eligible for Input Tax Credit
  • For Service Providers maintaining Accounts

    • GST Portal Login Id & Password
    • Invoice wise Details of Tax Invoices on Outward Supply of Services, imported in Excel from Tally/ Busy or any other accounting software used
    • Invoice wise Details of Tax Invoices on Inward Supply of goods or Services, imported in Excel from Tally/ Busy or any other accounting software used.
    • Any other documents or information like HSN Summary, Documents issued, etc. required as per discussion with our expert
    Documents Required for GST Registration

Return Filling Procedure

  • Step 1

    Assignment of expert & Collection of Information by mail

  • Step 2

    Preparation & Review of the data for return

  • Step 3

    Approval from the client for final submission of return

  • Step 4

    Submission & Filling of GST Return

Our Prices

GSTR-1, GSTR-3B (On Quarterly Basis)

For persons having Turnover Less than 1.5 Crores ( Bookkeeping /Accounting not included)

3999 .

Inclusive of all taxes

GSTR-1, GSTR-3B (On Monthly Basis)

For persons having Turnover More than 1.5 Crores ( Bookkeeping /Accounting not included)

2999 .

Inclusive of all taxes

GSTR-4 OR GSTR-6 (On Quarterly Basis)

GSTR-4(For Composition Dealers) or GSTR-6( For Input Service Distributors

999 .

Inclusive of all taxes

Frequently Asked Questions

Yes, Every person who is registered under GST has to file the return even if there are no transactions or no business has been done for that period

 

No scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.

No. It depends on whether B2B or B2C plus whether 

Intra-state or Inter-state supplies.
For B2B supplies, all invoices, whether Intra-state or Inter- state supplies, will have to be uploaded.

In B2C supplies, invoices of value more than Rs.2.5 lacs in inter-state B2C supplies will have to be uploaded. For inter-state invoices below Rs. 2.5

lacs and all intra-state invoices, state wise summary will be sufficient.

No, In GST once the return has been filled cannot be revised

In GST Instead of revising the return already submitted, the system will allow changing the details of those transactions (invoices or debit/credit notes) that are required to be amended. They can be amended in any of the future GSTR- 1/2 in the tables specifically provided for the purposes of amending previously declared details.

For the time being both GSTIN and IEC have to be declared. But over a period of time,
traders need to declare only their GSTIN instead of IEC at the time of imports and exports.