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GST RETURN FILING

What is a GST return?

All persons or companies obtaining GST registration have to file GST returns every month. GST return is a document that contains details of the income that a taxpayer is required to file so that the government can compute the tax liability of each entity. The filing of GST returns helps us to maintain financial accounts per year. This document has to be filed with the tax authorities.

Returns are to be filed irrespective of business activity, sales, profitability, and other criteria. A dormant business that has not issued any invoice also has to file its GST returns.

Types of GST Return

GSTR-1: It is used to file details of outward supplies of goods and services. It has to be filed monthly.
GSTR-2: It is used to file details of inward supplies of goods and services affected. It has to be filed monthly.
GSTR-3: It is used to file monthly returns, in case of finalization of details of outward supplies, and also inward supplies with payment of tax.
GSTR-3B: It is used to file monthly returns in which the summary of outward supplies with Input Tax Credit is declared and payment of tax is affected.
GSTR-4: It is used to file returns for all the taxable persons registered under the composition levy. It has to be filed quarterly.
GSTR-5: These Returns are for a non-resident foreign taxable person. This has to be filled monthly.
GSTR-6: It is used to file returns for input service distributors. This has to be filled monthly.
GSTR-7: It is used to file returns for authorities deducting TDS. This has to be filled monthly.
GSTR-8: It is used to file returns for supplies affected through the e-commerce operator and the amount of tax collected. This has to be filled monthly.
GSTR-9: Annual return for a normal taxpayer. It has to be filled annually.
GSTR-9A: It is used to file annual returns for a taxpayer registered under the composition levy anytime during the year. It has to be filed annually.
GSTR-10: This has to be filed only once your GST registration is canceled or surrendered. This is also called Final return.
GSTR-11: Details of inward supplies that have to be furnished by a person having UIN and claiming a refund.

What are the penalties for filing GST return late?

You will be imposed with penalties and may even result in the cancellation of your GST if you fail to file GST return before the due date. If the entity fails to comply with the compliance then there is a great chance that they won't be able to obtain another registration once their registration is canceled. They can obtain another registration only after paying back all penalties.

The penalties for entities having no turnover are different when compared to entities having a certain turnover. NIL returns must be filed in case there is no turnover and failure to do so will result in a penalty of Rs. 20 per day.

Established businesses will be levied with a penalty of Rs. 50 per day for the period of late-filing. A penalty of Rs. 50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return. In total, a penalty of more than Rs.3000 per month would be incurred. In addition to the above late filing fees, the entity would also have to pay interest at the rate of 18% on GST payment remitted late.


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Pricings

STARTUP

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  • INPUT TAX CREDIT RECONCILLIATION
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  • GST PAYMENT SUPPORT BY TAXCELLENT
  • 3 MONTHS


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Executive

4989

  • GST ACCOUNTING SOFTWARE
  • TAXCELLENT SUPPORT
  • UNLIMITED SALE INVOICE
  • UNLIMITED PURCHASE INVOICE
  • GSTR -3 B RETURN FILING
  • GSTR -1 RETURN FILING
  • INPUT TAX CREDIT RECONCILLIATION
  • IMPORT OR EXPORT FACILITY
  • GST PAYMENT SUPPORT BY TAXCELLENT
  • 6 MONTHS

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PREMIUM

9989

  • GST ACCOUNTING SOFTWARE
  • TAXCELLENT SUPPORT
  • UNLIMITED SALE INVOICE
  • UNLIMITED PURCHASE INVOICE
  • GSTR -3 B RETURN FILING
  • GSTR -1 RETURN FILING
  • INPUT TAX CREDIT RECONCILLIATION
  • IMPORT OR EXPORT FACILITY
  • GST PAYMENT SUPPORT BY TAXCELLENT
  • 12 MONTHS


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Advantages

    Proper compliance with filing returns on time increases your credibility among your customers regarding the transparency of your transactions.
    An important condition for claiming a refund and ITC is that the return must be filed by the assessee.
    GST will work on value addition concepts and it is expected that new registrations will come into existence to take on the benefit of the Input Tax in the Transaction chain. GST allows a seamless flow of input tax credit
    GST subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax.

Disadvantages

In-case non-compliance for more than six months consecutively, the entity would be unable to obtain another registration in addition to cancellation- until all the penalties are paid back in full.
Penalties for entities having no turnover are different when compared to entities having a certain turnover. NIL returns must be filed in case there is no turnover and failure to do so will result in a penalty of Rs. 20 per day.
Established businesses will be levied with a penalty of Rs. 50 per day for the period of late-filing. A penalty of Rs. 50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return.

FAQs Section

    All non-filers of GST Return will be tracked by GST Department and a list of GST return defaulters will be provided to the GST authorities for follow-up and enforcement action.
    Every person or entity registered under GST should file a GST return for the prescribed period.
    “Details of outward supplies” means information regarding sales transactions like invoices issued, debit notes, credit notes, and revised invoices.
    GST return can be rectified before the month of September following the end of the financial year to which the details pertain or furnishing of the relevant annual return, whichever is earlier.
    GST return is a document that contains details of income of the individual registered under GST. This document has to be filed with the tax authorities.
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