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GST Return Filing

OVERVIEW

Goods and Services Tax (GST) is an indirect tax regime implemented in India in 2017. It has simplified the tax structure and brought all the previous indirect taxes such as VAT, Service Tax, and Excise Duty under one umbrella. GST return filing is a crucial compliance requirement for all businesses registered under GST in India. Here's an overview of GST return filing services in India.

GST return filing services refer to the process of preparing and filing various GST returns with the Goods and Services Tax Network (GSTN) portal.

Outsourcing the GST return filing process can be beneficial for businesses that find it challenging to manage their GST compliance or lack the necessary expertise and resources to handle the process in-house. Outsourcing GST return filing to a professional service provider can help businesses to streamline their compliance process, reduce errors, and ensure timely filing of returns.

The GST return filing services in India typically include the following:

  1. Types of Returns: Under GST, there are various types of returns that businesses need to file, including GSTR-1, GSTR-2, GSTR-3B, and others. The frequency of return filing depends on the type of business and turnover.
  2. GST Return Preparation: Startup Sampark can assist businesses in preparing and filing their GST returns. They can collect the necessary data and information required for the return filing process, prepare the returns, and file them online using the GSTN portal.
  3. Verification: Startup Sampark will also verify the GST returns to ensure accuracy and completeness. We will identify any discrepancies or errors in the returns and rectify them before filing.
  4. Payment of Taxes: Startup Sampark will also assist businesses in making payments of taxes, if any, to the government. We will calculate the tax liability and ensure that businesses pay the correct amount of tax.
  5. Compliance: Startup Sampark will help businesses stay compliant with GST laws and regulations. They can ensure that businesses file their returns on time and avoid penalties and fines.
  6. Customized Services: GST return filing services providers in India offer customized services to meet the specific needs of each client. They can provide services to businesses of all sizes, from small and medium-sized enterprises to large corporations.

The benefits of outsourcing GST return filing services to a service provider include:

  1. Timely and accurate filing of GST returns, which reduces the risk of errors and penalties.
  2. Reduced burden of compliance, which allows business owners to focus on their core operations.
  3. Expert assistance in complying with GST laws and regulations.
  4. Cost savings, as outsourcing GST return filing services can be more cost-effective than hiring an in-house team.
  5. Improved efficiency and productivity, as the business owner can access the latest technology and expertise provided by the service provider.

In conclusion, GST return filing services in India are an essential requirement for businesses registered under the GST regime. Outsourcing these services to a service provider can help businesses comply with GST laws and regulations and improve their overall efficiency and productivity.

 

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Benefits or advantages of outsourcing GST return filing services

Outsourcing of the GST return filing to Startup Sampark can offer several benefits to businesses, including:

  1. Expertise and Experience: GST return filing is a complex and ever-changing process, and outsourcing to a specialized service provider can ensure that the returns are filed accurately and timely. Professional service providers have the necessary expertise and experience to handle all aspects of GST return filing, including data collection, preparation, verification, and filing.

  2. Compliance with GST Laws: GST laws and regulations in India are constantly changing, and it can be challenging for businesses to stay updated with the latest requirements. Outsourcing GST return filing services to a service provider can ensure that the business is compliant with all the latest GST laws and regulations.

  3. Cost Savings: Outsourcing GST return filing can be cost-effective as it eliminates the need for businesses to hire an in-house team to handle GST return filing. It also saves businesses the cost of investing in the necessary infrastructure and technology required for GST return filing.

  4. Time Savings: Outsourcing GST return filing frees up the business’s time and resources, allowing them to focus on their core operations. Service providers handle the entire GST return filing process, including data collection, preparation, verification, and filing, which can be time-consuming for businesses.

  5. Reduced Risk of Errors and Penalties: GST return filing involves a considerable amount of data, and even minor errors can lead to penalties and fines. Professional service providers have the necessary expertise and experience to ensure that the returns are filed accurately, reducing the risk of errors and penalties.

In conclusion, outsourcing GST return filing services can offer several benefits to businesses, including expertise, compliance, cost savings, time savings, and reduced risk of errors and penalties. It is a smart and practical solution for businesses looking to streamline their GST compliance requirements and focus on their core operations.

Scope of GST return filing services

The scope of GST return filing in India is vast and encompasses all businesses that are registered under the Goods and Services Tax (GST) regime. GST return filing is a critical compliance requirement that businesses need to fulfill to avoid penalties and fines. Here are the key aspects of the scope of GST return filing:

  1. Registration: All businesses that are engaged in the supply of goods or services with a turnover exceeding the threshold limit of Rs. 40 lakhs (Rs. 20 lakhs for certain special category states) are required to register for GST. Once registered, businesses need to file GST returns regularly.
  2. Types of Returns: There are various types of GST returns that businesses need to file, including GSTR-1, GSTR-2, GSTR-3B, and others. The frequency of GST return filing depends on the nature of the business and turnover. For instance, businesses with a turnover of less than Rs. 5 crores can file quarterly returns, while those with a turnover exceeding Rs. 5 crores need to file monthly returns.
  3. Input Tax Credit: GST return filing also involves claiming input tax credit on purchases made by businesses. Input tax credit is the tax paid on purchases, which can be set off against the tax liability on sales. To claim input tax credit, businesses need to ensure that their suppliers have filed their GST returns and reported the transactions accurately.
  4. Late Filing and Penalties: Late filing of GST returns can attract penalties and fines. Businesses that fail to file GST returns on time can be charged a penalty of Rs. 50 per day for each day of delay. The penalty can go up to a maximum of Rs. 10,000.
  5. Compliance: GST return filing is an essential compliance requirement that businesses need to fulfill to stay compliant with GST laws and regulations. Non-compliance can lead to penalties, fines, and legal action.

In conclusion, GST return filing is a critical compliance requirement for all businesses registered under the GST regime in India. It is essential to ensure accurate and timely filing of returns to avoid penalties and stay compliant with GST laws and regulations.

WHY STARTUP SAMPARK?

Startup Sampark is a professional services firm in India that provides a wide range of legal and financial services to businesses of all sizes. Here are some reasons why Startup Sampark is a good choice for GST Return Filing Services:

  1. Expertise: Startup Sampark has a team of highly qualified and experienced professionals who specialize in GST return filing. Our team stays up to date with the latest GST laws and regulations, ensuring that our clients remain compliant at all times.
  2. Technology: We leverage advanced technology and software to streamline the GST return filing process, making it efficient and accurate. Our technology-driven approach helps clients save time and money while ensuring compliance.
  3. Customized Solutions: At Startup Sampark, we provide personalized attention to each of our clients and offer customized solutions that meet their unique needs. We take the time to understand our clients’ business operations, which enables us to provide tailored solutions.
  4. Cost-effective: Our GST return filing services are cost-effective, and we offer competitive pricing that allows our clients to save money without compromising on quality.
  5. Timely Filing: Startup Sampark understands the importance of timely filing of GST returns to avoid penalties and fines. Our team works diligently to ensure that our clients’ returns are filed on time, reducing the risk of penalties and late fees.
  6. Transparent Communication: We believe in transparent communication with our clients and keep them informed at every stage of the GST return filing process. Our team is responsive and readily available to answer any questions or concerns that our clients may have.
  7. Personalized Attention: At Startup Sampark, we understand that every business is unique, and we provide personalized attention to every client. We work closely with our clients to understand their business and customize our services to meet their specific needs.

In conclusion, clients should refer Startup Sampark for GST return filing services because we offer expertise, advanced technology, customized solutions, cost-effectiveness, timely filing, and transparent communication. We strive to provide our clients with exceptional services that meet their needs and exceed their expectations.

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FAQs

What is GST return filing?

GST return filing is the process of submitting periodic tax returns to the government to report the sales, purchases, and tax paid or collected during a particular period.

GST return filing is important for several reasons, including:

  1. Compliance with the law: Under the GST system, it is mandatory for businesses to file monthly, quarterly, or annual returns, depending on their turnover and the type of registration. Failure to comply with these regulations can attract penalties and legal action.
  1. Input Tax Credit (ITC) reconciliation: GST returns contain details of the business’s purchases and input tax credit availed. These details are used to reconcile the ITC claimed by the business with the taxes paid by its suppliers. Accurate and timely filing of GST returns ensures that businesses can claim the correct amount of ITC.
  1. Avoidance of penalties: Late filing of GST returns can attract penalties and interest charges. These charges can accumulate and result in a significant financial burden on the business.
  1. Maintaining business reputation: Timely and accurate filing of GST returns is a sign of good governance and compliance. It helps to maintain the business’s reputation and credibility in the eyes of stakeholders, including customers, suppliers, and investors. 
  1. Facilitation of GST refunds: GST returns are necessary for claiming refunds of excess taxes paid by businesses. Filing returns accurately and on time can expedite the process of claiming refunds.

Under the GST system, the following entities are required to file GST returns:

  1. Regular taxpayers: All businesses registered under GST as regular taxpayers are required to file monthly or quarterly returns, depending on their turnover.
  1. Composition scheme taxpayers: Businesses registered under the composition scheme are required to file quarterly returns.
  1. Non-resident taxpayers: Non-resident taxpayers who supply goods or services in India are required to file monthly returns.
  1. Input Service Distributors (ISDs): ISDs are required to file monthly returns to distribute the input tax credit to their branches.
  1. E-commerce operators: E-commerce operators such as Amazon and Flipkart are required to file monthly returns to report the supplies made through their platforms and the tax collected.

It is important to note that even if a business has not made any taxable supplies during the relevant tax period, it is still required to file a nil return. Failure to file returns can attract penalties and legal action.

There are several types of GST returns that taxpayers need to file under the GST regime. The major types of GST returns are as follows: 

  1. GSTR-1: This return is used to furnish details of all outward supplies of goods or services. This return needs to be filed monthly, except for taxpayers with a turnover of up to Rs. 1.5 crore who have the option to file it quarterly. 
  1. GSTR-2A: This return is an auto-populated return that contains details of all inward supplies of goods or services that are received by the recipient taxpayer based on the GSTR-1 filed by the supplier. 
  1. GSTR-3B: This return is a summary return that needs to be filed monthly by regular taxpayers. It contains details of all outward supplies, inward supplies, and input tax credit. 
  1. GSTR-4: This return needs to be filed by taxpayers registered under the composition scheme. It is a quarterly return that contains details of all outward supplies made during the quarter and tax payable. 
  1. GSTR-5: This return is used by non-resident taxpayers to furnish details of all inward and outward supplies and tax liability. 
  1. GSTR-6: This return is used by Input Service Distributors (ISDs) to furnish details of all invoices on which the credit is received, credit distributed, and any other additional details.
  1. GSTR-7: This return is used by businesses to furnish details of all tax deducted at source (TDS) and the TDS liability for the month.
  1. GSTR-8: This return is used by e-commerce operators to furnish details of all supplies made through their platform, tax collected, and tax liability.
  1. GSTR-9: This return is an annual return that needs to be filed by all taxpayers. It contains details of all inward and outward supplies made during the year, along with details of input tax credit claimed and tax paid.

In summary, the major types of GST returns are GSTR-1, GSTR-2A, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, and GSTR-9.

Yes, you can file GST returns on your own if you have a good understanding of the GST laws, rules, and regulations. The government has made it relatively easy for businesses to file their GST returns online through the GST portal. To file GST returns on your own, you need to have the following:

  1. GST registration: You need to have a valid GST registration to file GST returns.
  1. GST software: You can use a GST software or an offline utility tool provided by the GST portal to prepare and file your returns.
  1. Relevant documents: You need to have all the relevant documents such as invoices, receipts, debit notes, and credit notes for the relevant tax period.
  1. Username and password: You need to have a username and password to access the GST portal and file your returns.

However, it is important to note that GST return filing can be a complex process, especially for businesses with a large turnover or multiple locations. Any errors or omissions in the returns can attract penalties and legal action. Therefore, it is recommended that businesses seek the assistance of a professional GST return filing service provider to ensure accurate and timely filing of returns.

There are several consequences of not filing GST returns. Some of the major consequences are as follows:

 

  1. Penalty: Non-filing or late filing of GST returns attracts a penalty of Rs. 50 per day for each return that is not filed. The maximum penalty that can be charged is Rs. 10,000.
  1. Interest: Late payment of GST attracts an interest of 18% per annum. This interest is calculated from the due date of filing the return until the actual date of payment.
  1. Loss of input tax credit: If GST returns are not filed on time, the taxpayer may lose the input tax credit that is available on purchases made. This can result in a higher tax liability and lower profitability.
  1. Legal action: Non-filing of GST returns can lead to legal action by the tax authorities, which may include the imposition of fines and even imprisonment. It can also lead to the suspension of GST registration and even legal action against the business. In some cases, non-filing of GST returns can also lead to the cancellation of the taxpayer’s GST registration.

The frequency of filing GST returns depends on the type of registration and the turnover of the business. Here are the details:

  1. Regular taxpayers: Regular taxpayers need to file three monthly returns (GSTR-1, GSTR-2, and GSTR-3) and one annual return (GSTR-9) for each financial year. However, the government has now replaced GSTR-2 and GSTR-3 with a single return called GSTR-3B, which is filed monthly.
  1. Composition scheme taxpayers: Businesses registered under the composition scheme need to file one quarterly return (GSTR-4) and one annual return (GSTR-9A) for each financial year.
  1. Non-Resident Taxpayers: Non-Resident Taxpayers need to file one monthly return (GSTR-5) for each month of their registration.
  1. Input Service Distributors (ISDs): ISDs need to file one monthly return (GSTR-6) for each month of their registration.

The deadline for filing GST returns depends on the type of GST return and the turnover of the registered person. Here are some of the important deadlines for GST return filing:

  1. GSTR-1: This return contains details of all outward supplies made by the registered person. The due date for GSTR-1 filing is the 11th day of the following month for taxpayers with an annual turnover of up to Rs. 1.5 crore. For taxpayers with an annual turnover of more than Rs. 1.5 crore, the due date is the 11th day of the next month.
  1. GSTR-3B: This return is a summary return that contains details of both outward and inward supplies made during the month, along with tax payments. The due date for GSTR-3B is the 20th day of the following month.
  1. GSTR-4: This return is filed by taxpayers who have opted for the Composition Scheme. The due date for GSTR-4 is the 18th day of the month following the quarter for which the return is filed.
  1. GSTR-5: This return is filed by Non-Resident Taxpayers. The due date for GSTR-5 is the 20th day of the following month.
  1. GSTR-6: This return is filed by Input Service Distributors (ISDs). The due date for GSTR-6 is the 13th day of the following month.

It is important to note that late filing of GST returns may attract penalties and interest charges. Therefore, it is advisable to file the GST returns within the due date to avoid any penalties or interest charges.

Yes, businesses can revise their GST return after filing if they have made any mistakes or omitted any information in the original return. GST returns can be revised within a certain period of the due date of filing of the original return or the actual date of filing of the original return, whichever is earlier. The time limit for revising the return is generally allowed up to 2 years from the due date of filing the original return.

 

However, it is important to note that not all GST returns can be revised. For instance, GSTR-3B cannot be revised once filed, and any corrections or adjustments need to be made in the subsequent month’s return. Additionally, any revision made in the return after the due date may attract penalties and interest charges. Therefore, it is advisable to ensure that the GST returns are filed accurately and carefully the first time to avoid any errors or omissions.

Yes, businesses can outsource their GST return filing to a third-party service provider like Startup Sampark, which can handle all aspects of GST return filing on their behalf. Outsourcing GST return filing to a professional firm like Startup Sampark can save time and money, ensure compliance, and reduce the risk of errors and penalties.

 

The documents required for GST return filing may vary based on the type of return and the nature of the business. However, some of the common documents required for GST return filing include:

  1. Invoices issued for the supply of goods or services
  2. Invoices received for the purchase of goods or services
  3. Credit notes and debit notes issued and received
  4. Bill of supply for exempt supplies
  5. Details of exports and imports
  6. Input tax credit (ITC) register
  7. Payment challans for GST paid
  8. Tax deducted/Collected at source (TDS/TCS) certificate, if any
  9. HSN/SAC codes for goods and services supplied

It is important to maintain proper records and documentation of all transactions as this can help in accurate and timely filing of GST returns.

The cost of outsourcing GST return filing services depends on the complexity of the business operations and the number of returns to be filed. Startup Sampark offers competitive pricing for its GST return filing services.

To get a quote for outsourcing GST return filing services to Startup Sampark, you can contact Startup Sampark through their website or by email/phone. Our team will understand your requirements and provide you with a customized quote based on your business needs.

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