Understanding GST Returns:

Under the new GST law, a business is required to file one monthly, one quarterly, as well as one annual return. This makes 17 returns for one year.

A company registered under the GST act has to tell the details of purchase, sale, and tax paid by filing the GST returns. One of the priorities that businessmen have is to file GST on time. But filing the GST return is not easy as a businessman needs to provide all the details regarding his business including details such as tax liability declarations, reports, stock codes and tax payments.

There is an exhaustive list of the different types of GST returns including GSTR-1, GSTR -9, GSTR 2A, GSTR 4 AND GSTR-3B. A business only needs to fill the GSTR-1 manually after which GSTR-3B is an automatic one, which auto-populates itself, deriving information from GSTR-1.

Companies registered under theGoodsand Services Tax must submit monthly,quarterly and annual declarationsaccording to thecompany category. GST returns has to be filed by all the business entities who are registered under the GST system. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of GST returns will be done online.

GST filing services includes online filing of GST return and its annual auditing.

GST returns can be filed using different forms depending on the type of transaction and registration of the taxpayer. So, the GST filing services also include helping the clients to identify the right form that is needed to be filed by them .

GST returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR forms. Following some simple steps one can file their GST return online according to nature of their business.

ASA provides assistance in filing GST return online. With everything going online it sometimes becomes a little confusing which form to fill according to the requirements of the business, but ASA will consult you on every part of it. We, help you in the entire process of GST registration with assurance of hassle-free proceedings.

Advantages of GST Regular Return Filling:

Upload invoices:

A taxpayer registered under the law is able to access the GST portal and upload invoices at any time during the day.

Acknowledging/Rejecting invoice:

A taxpayer is given the choice to acknowledge, accept and reject a particular invoice on a real time basis.

Nil returns via SMS:

Even in case of no sales or purchases, a taxpayer can file nil returns, that too via a simple SMS.

Auto-population of details:

Once you fill in the information on GSTR-1 manually, all the other rows would be auto populated deriving information from the data you stored in GSTR-1.

Drawbacks of a GST Regular Return Filling:

Locked invoice:

If an invoice has been kept pending by either the supplier or the recipient, it gets locked, meaning it cannot be amended. In case of amendment, the supplier would have to issue a credit/debit note.

Why you should choose GST Regular Return Filling:

  • If an individual is not completely acquainted with the online portal yet, they offer an Offline IT tool as well, where you can filter the invoices downloaded based on the invoice dates, the date on which the taxpayer uploaded the invoice on the portal, and the GSTIN of the taxpayer.
  • A taxpayer is also allowed to create a profile, therefore eligible for profile-based returns, on the basis of the supplies initiated and received by them.
  • The portal also allows the recipient to view the supplier’s return filing status on the portal.
  • If a taxpayer accidentally fills a wrong entry, he is entitled to file upto two amendment returns for each tax period.

Documents Required for GST Regular Return Filling:

  • List of all invoices issued to persons having GSTIN – B2B Invoices
  • List of all invoices issued to persons not having GSTIN (B2C invoices), wherein the invoice value is more than Rs.2.5 lakhs
  • Consolidated intra-state sales, categories by GST rates
  • Consolidated intra-state sales made through an e-commerce operator, categories by GST rates
  • Consolidated inter-state sales, categories by state and GST rates
  • Consolidated intra-state sales made through an e-commerce operator, categories by state and GST rates
  • Details of all export bills
  • HSN wise summary of all goods sold during the month
  • Summary of documents issued during the tax period
  • Summary of debit note, credit note, advance receipt and amendments

What does GST mean?

If a company or an individual is registered with GST then one needs to make GST return filing. This GST return is just a document used by the income tax authorities to calculate the tax liability.

Various types of GST returns are available and the kind of business an individual run dictates the type of GST return filing. If an individual gets late to submit GST returns then he/she need to pay Rs. 100 per day as penalty charges till the one submits it.

What do we do?

Step 1: Preparation of several documents and monthly returns are included in the process
To file the GST Tax returns, an individual needs to maintain all the records of invoices electronically. We help you in the GST filing process because our professionals are well aware of all the types of GST returns. With the help of the simplified excel templates prepared by our professionals, it becomes easier to maintain a record on the GST portal.

Step no. 2: Preparation for GST return
We will collect all the information and documents on your behalf. We do not only maintain the invoices but as well as help you to file the GST return on time.

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