+91 98406 54574 +91 96771 74743 info@psdfilings.com

GST Return Filing

GST Return Filing Made Simple

PSD Filings helps to streamline your GST return filing with simplicity and ease. Here are few tips for you

  • Return Filing Process : Businesses submit sales, purchase, and tax details to tax authorities. Frequency: Monthly, quarterly, or annually.
  • GST for Individual Taxpayers : Submit four forms for supplies, purchases, monthly, and annual returns
  • Mandatory Filing : Valid GST registration necessitates filing, regardless of activity or profitability
  • Dormant Businesses : Dormant businesses with valid GST registration must submit returns
  • Eligibility Criteria for Filing : Requires valid GSTIN. Annual turnover exceeding Rs. 20 lakhs mandates GST registration and filing
  • Electronic Filing in India : GST return filing done electronically on the GST portal. New system emphasizes GST-compliant invoices for sales and purchases

GET STARTED

GST Return Filing Overview

GST return filing by registered businesses submits sales, purchase, and tax details monthly, quarterly, or annually. PSD Filings provides 100% online services for all entities with valid GST registration

  • Eligibility :
    A valid GSTIN is necessary to file the GST Returns. Individuals with an annual turnover exceeding Rs. 20 lakhs must register and file returns
  • How to file :
    GST return filing in India is primarily electronic via the GST portal, but manual filing is possible. The new system emphasizes GST-compliant sales and purchase invoices for accurate reporting
  • Penalty :
    Delayed GST return filing in India leads to penalties, including fines and interest. Late filing incurs a daily fee of Rs. 200 (Rs. 100 CGST and Rs. 100 SGST), totaling Rs. 5000
  • New GST Filing in India :
    The 31st GST Council Meet introduces a simplified return system. It comprises GST RET-1 and two annexures, GST ANX-1 and GST ANX-2, to be filed monthly.

    • Who should file GST Return?

    In India, as per the Goods and Services Tax (GST) framework, all individuals or entities registered under GST must adhere to the filing of GST returns. This encompasses individuals, businesses, partnerships, companies, and any entity involved in the provision of goods or services

    Regular taxpayers

    Businesses exceeding state-specific thresholds must regularly file GST returns. The filing frequency (monthly or quarterly) depends on their annual turnover

    Composition scheme taxpayers

    Small businesses under the threshold can opt for the composition scheme, filing quarterly returns as mandated for taxpayers registered under this simplified scheme.

    Input Service Distributors

    ISDs must file monthly returns, detailing input services received and redistributed within the organization to other branches or units

    Non-Resident taxpayers

    Non-resident entities in India must file GST returns for the period of taxable supplies, with monthly filings required irrespective of turnover

    E-commerce operators

    E-commerce operators file returns for registered sellers, detailing supplies made through their platform, ensuring compliance with Indian GST regulations

    Tax Deducted at Source (TDS)

    Mandated entities, like government departments, must deduct TDS on supplier payments. TDS deductors file monthly returns, detailing deducted and deposited TDS amounts.

    Procedure for Online GST Return Filing

    To facilitate online GST return filing, the government has implemented the Goods and Service Tax Network (GSTN) on the GST portal at www.gst.gov.in. For seamless GST return filing services, we provide a user-friendly online platform. Their committed representatives guide you through the process, ensuring all necessary documents are collected. The following steps outline the process:

    Step 1 :

    • Visit the GST portal for seamless navigation and access to a range of services, facilitating efficient management and compliance with Goods and Services Tax regulations.

    Step 2 :

    • Combine your state code and PAN to obtain a 15-digit GST Identification Number (GSTIN) for seamless compliance with Goods and Services Tax regulations

    Step 3 :

    • Upload relevant invoices on the portal and receive a unique reference number for each transaction, ensuring efficient and organized record-keeping

    Step 4 :

    • After uploading all invoices, inward and outward returns, and monthly GST returns, thoroughly review and verify the data before submission.

    Invoices Types in the New GST Return Filing System

    The existing return system incorporates several terms related to the transfer of invoices, encompassing aspects such as invoice details, format, and compliance standards within the current GST framework in India.

    Undetected Invoices

    Supplier claiming ITC without invoices is termed undisclosed in GST

    Invoice Locking

    Verify details in receipts for recipient assurance

    Invoice Unlocking

    Locked invoices can't be altered; changes need charge/credit note

    Invoice Pending

    Recipient lacks flexibility; beneficiary perceives invoice improvement need

    Rejected Invoices

    Incorrect GSTIN on invoice disqualifies it for other taxpayers' claims