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GST Returns Filing

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A GST return is a document where a taxpayer reports income, expenses, sales, purchases, and tax liability to tax authorities using their GSTIN. It provides essential details for tax administrative authorities.

Here’s How It Works

Here’s What You’ll Need

Documents Required for GST Return Filing

  • Invoices issued to persons with GSTIN or B2B invoices

  • Invoices issued to persons without GSTIN or B2C invoices

  • This needs to be submitted only when its total value is above ₹2.5 lakhs

  • A consolidation of inter-state sales

  • HSN-wise summary of all goods sold

  • Any other debit or credit notes or advance receipts

    FinnacBiz has a fleet of GST experts to support you in all spheres. We help more than 1000 companies with GST related compliances on an every month basis.

    FAQ's

    Any individual, business, or entity registered under GST is required to file GST returns. This includes regular taxpayers, composition scheme taxpayers, Input Service Distributors (ISD), Non-Resident Taxable Persons (NRTP), and others who are liable to pay GST.

    There are various types of returns under GST, some of the common ones are:
    • GSTR-1: Monthly statement of outward supplies.
    • GSTR-3B: Monthly summary return to declare GST liability and pay taxes.
    • GSTR-4: Quarterly return for composition scheme taxpayers.
    • GSTR-9: Annual return providing a summary of transactions during the financial year.

    GST returns serve as a mechanism to report the details of sales, purchases, and taxes paid. Filing GST returns ensures compliance with tax laws, facilitates claiming input tax credit, and enables the government to track taxable transactions, leading to a more transparent and efficient tax system.

    GSTR-1 and GSTR-3B are the two primary monthly returns under GST. GSTR-1 is used to report outward supplies, while GSTR-3B is a summary return used to declare the tax liability and make payments.

    Hiring a Chartered Accountant (CA) for GST filing is not mandatory, but it can be beneficial for businesses with complex transactions or those seeking professional guidance to ensure accurate and compliant GST filings.

    Generally, GST returns are filed on a monthly basis. However, there are specific returns like GSTR-4 (composition scheme) and GSTR-9 (annual return) that have different filing periods.

    For most taxpayers, GST filing is done on a monthly basis. However, certain taxpayers, such as those under the composition scheme, file returns on a quarterly basis.

    Yes, monthly GST return filing is mandatory for most regular taxpayers. They need to file GSTR-1 and GSTR-3B on a monthly basis.

    The due date for GSTR-1 is the 11th of the following month, while the due date for GSTR-3B is the 20th of the following month.

    No, GST is not based on profit. It is a consumption-based tax levied on the supply of goods and services.