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GST Return Filing

GST Return Filing

A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the authorities will calculate the amount of tax to be paid by the business.

Business owners can file GST online on the official portal provided by GSTN.

While filing GST returns, the registered dealer requires the following details for the concerned period.

  • Total sales.

  • Total purchases.

  • Output GST (GST paid by customers.)

  • ITC or Input Tax Credit (GST paid by the business for purchases.
  • Once filed, a registered dealer can check GST Return filing status online and comply with necessary requirements accordingly.

    GSTR 4 ( For Taxpayers under Composition scheme)

    Registered taxpayers who have signed up for the composition scheme ( ie. Compounding Taxpayers), has to file the GSTR 4 once every 3 months. They would be required to pay taxes at a fixed rate without any input tax credit facilities.

    They have only required to indicate the total consolidated value of supplies made during the period and the tax paid at the composition rate.

    They will also need to declare invoice-level purchase information for the purchases from normal taxpayers, which will be auto-drafted in Form GSTR 4A from the supply invoice uploaded by counter-party taxpayers in GSTR 1.

    When to file GSTR-4?

    The last day to file the GSTR-4 is the 18th of the month following the end of the quarter. For example, if you are filing the GSTR-4 for the July-September quarter, you have to file it before the 24th of December, 2017.

    Who should file the GSTR-4 form?

    All the taxpayers who have registered under the composition scheme are required to file the tax return. The following persons are not eligible to file GSTR-4 are
  • Non-resident Taxable Persons

  • Taxpayers who are liable to collect TCS

  • Input Service Distributors(ISD)

  • The Taxpayers who are liable to deduct TDS

  • Composition Dealers

  • Compounding taxable person

  • Suppliers of OIDARPrerequisites for filing GSTR-4
  • A registered taxpayer under composition scheme.

  • The aggregate turnover of your business must be less than Rs. 75 lakh per annum

  • You should be involved in intrastate trade only.

  • You need to keep track of all the purchases and imports you have made during this quarter.
  • GSTR-4 late fees and Penalty

    If GSTR-4 is not filed, the penalty of Rs 200 per day is levied. The maximum penalty limit is Rs. 5000

    Also, the taxpayer cannot file the current quarterly returns unless they have filed the previous quarter returns.

    As per Notification No. 73/2017 – Central Tax late fees for GSTR-4 is brought down to Rs. 50 per day in case of default. Also, the late fee for the filing of NIL GSTR-4 is brought down to Rs. 20 per day in case of delay.

    GST Return Filing Regular (GSTR 1 & GSTR 3B)

    GSTR-1 is required to file monthly by every registered person ( other than compounding taxpayers) irrespective of whether there are any transactions during the month or not within 11th of the subsequent month.

    GSTR 1 is the details of all taxable outward supplies of goods and services, details of goods & services received under Reverse Charge mechanism during a month.

    The following registered persons are exempt from filing the return:
  • Input Service Distributors

  • Composition Dealers

  • Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)

  • Non-resident taxable person

  • Taxpayer liable to collect TCS

  • Taxpayer liable to deduct TDS
  • How to revise GSTR-1?

    After filing of GSTR 1 return, it cannot be revised. You can rectify any mistake made in the return in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1.

Required Documents

  • Sale & Purchase Data
  • GST User ID and Password
  • Our Price

    Service Price GST Total
    GSTR-3B(GST NIL return)(Monthly)300.0054.00354.00
    GSTR-3B(GST return)(Monthly)400.0072.00472.00
    GSTR 1 Filing Monthly ( Invoices up to 10)400.0072.00472.00
    GSTR 1 Filing Monthly ( Invoices upto 15)425.0077.00502.00
    GSTR 1 Filing Monthly ( Invoices Upto 20)450.0081.00531.00
    GSTR 1 Filing Monthly ( Invoices upto 30)500.0090.00590.00
    GSTR 1 Filing Monthly ( Invoices upto 40)550.0099.00649.00
    GSTR 1 Filing Monthly ( Invoices up to 150)1500.00270.001770.00
    GSTR 1 Filing Monthly ( Invoices up to 50)600.00108.00708.00
    GSTR 1 Filing Monthly ( Invoices more than 150)2000.00360.002360.00
    All GST Return Filing Yearly ( Unlimited Invoice) ( Sale & Purchase should be provided in soft copy by client)10000.001800.0011800.00

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