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GST Return Filing
A team of experts at Licit 360 is dedicated to filing GST returns. Service plans for filing GST returns depend on the type of professional customs, trade, import, charge deductor, and the quantity of requests, charges, and exchanges that occur in your company each month. Our goal is to prevent you from missing deadlines and incurring heavy fines. Employ genuinely committed experts who will always err on the side of caution.
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Types of forms
GST-1
Businesses complete a monthly return form called the GSTR-1 on which they document all outward supplies of goods and services. With the exception of input service providers and composition taxpayers, all GST-registered entities are required to file GSTR-1. If there is no business activity, it still needs to be filed. Every month on the tenth, is the deadline for filing GSTR-1.
Every other form that is submitted for the month is based on GSTR 1.
Advantages of Using Licit 360 for GST Return Filing
Time-efficient Method
Correctness of Filing
Group of Specialists
Guaranteed Total Adherence
Cost-effective Simplifying of GST Return Submission: No Unexpected Fees
Round-the-clock Client Assistance
Importance of Timely GST Return Filing
For firms that are GST-registered and must abide by government tax requirements, completing a GST return is an essential procedure. It is essential that you file your GST return on time in order to save fines, claim input tax credit, and improve your credit standing. Frequent GST return filing might also reduce the chance of an audit and help your company grow.
Here are some reasons why it’s crucial to file GST returns on time:
- Observance of Legal Mandates
- Take-Out Tax Credit Accessibility
- Preventing Late Fees and Penalties
- Keeping Up a Positive Corporate Image
- Preventing Commercial Interruptions
- helps the government collect revenue
Typical Errors to Avoid When Filing Your GST Return
- Absence of records
- incorrect invoice information
- Any variations between GSTR-3B and GSTR-2A
- Steer clear of Inaccurate or lacking data entry
- failing to submit your GST return by the deadline
- Not confirming the GSTIN of vendors
- erroneous tax classification
- Failure to adhere to the latest GST regulations
GST Return Filing for Small Businesses
Small businesses may find it challenging to file their GST returns. But with the right understanding of the cycle, accurate record-keeping, and the use of accounting software, small business owners may manage it successfully. In addition to being a legal requirement, accurate and appropriate GST return documentation ensures the continuity of your firm. It can help our nation’s expense system become clearer and more efficient while also avoiding penalties.
FAQs on GST Return Filing
In essence, filing GST returns means filing all applicable taxes. All persons covered by the GST Act are required to submit their income to the Indian Tax Department. This is referred to as a return and contains information on each sale and acquisition.
All of your papers may be uploaded with ease using our web dashboard or app, and you can share and review them at a later time.
No, a person who is not registered for GST is unable to collect GST from his clients or obtain an input tax credit for the GST he has paid.
Threshold Limit: A cash payment to an individual in a single day of more than Rs 10,000. The cap is raised to Rs. 35,000 if payments are made in a single day for the plying, hiring, or leasing of goods carriage to an individual.
Dealers in composition must pay nominal tax rates that vary according to the kind of business (up to 2% for manufacturers, 5% for the restaurant service industry, and 1% for other suppliers).Small enterprises may choose to use the Composition plan if their yearly revenue is less than Rs. 1.5 crore (or Rs. 75 lakh for Special Category States).
There is a penalty known as a late fee for late filing. As per each Act, the late fine is Rs. 100 every day. It is therefore 100 under SGST and 100 under CGST. The total will be* Rs. 200 per day. There is a 5,000 rupee cap. In the event of a delayed filing, there is no late fee for IGST.
Interest at the rate of 18% annually is due in addition to the late fee. The taxpayer must compute it based on the amount of tax that must be paid. The time frame will run from the filing date the following day until the payment date.
Even if your company's yearly income is less than Rs 20 lakh, which is the threshold for firms that need to be registered under GST, you will still need to register.
The GST replaces numerous different indirect taxes such as:
Central Excise Duty
Service Tax
Countervailing Duty
Special Countervailing Duty
Value Added Tax (VAT)
Central Sales Tax (CST)
Octroi
Entertainment Tax
Entry Tax
Purchase Tax
Luxury Tax
Advertisement taxes
Taxes applicable on lotteries.
SGST, CGST, and IGST returns can all be filed using the same return form. Each of them will have an own column, and it must be filled out based on supplies that are made within or between states.
If you fail to file the return on time, you will be charged a late fee of Rs. 100 each day. There will be a maximum late fee of Rs. 5,000.