1 / 6

Power Up Your Business Compliance with GST Return Filing

GST Returns<br>Hey there! So, letu2019s break down this whole returns thing in a way thatu2019s as chill as chatting over coffee. When it comes to GSR and GST returns, itu2019s basically about keeping things in check with taxes especially if you run a business or are involved in any transactions that involve goods and services. GSR, or Goods and Services Returns, typically involves reporting all your income related to the sales or services provided. This helps in ensuring everythingu2019s transparent and on the books in case tax guys come knocking.<br><br>Now, GST Returns, which stands for Goods and Services Tax Retur

Advise1
Download Presentation

Power Up Your Business Compliance with GST Return Filing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PowerUpYourBusiness CompliancewithGSTReturn Filing Makeyourbusinesscompliant,trusted,andgrowth-ready!GSTReturnFilinginjusta fewclicks. Fileyourreturnstodayandunlocksmoothoperationswhilebuildingtrustwithauthorities, clients,andpartners! RegisterNow GSTReturns Heythere!So,let’sbreakdownthiswholereturnsthinginawaythat’saschillaschattingover coffee.WhenitcomestoGSRandGSTreturns,it’sbasicallyaboutkeepingthingsincheckwith taxesespeciallyifyourunabusinessorareinvolvedinanytransactionsthatinvolvegoodsand

  2. services.GSR,orGoodsandServicesReturns,typicallyinvolvesreportingallyourincomerelated tothesalesorservicesprovided.Thishelpsinensuringeverything’stransparentandonthebooksin casetaxguyscomeknocking. Now,GSTReturns,whichstandsforGoodsandServicesTaxReturns,ispartofthebroadertax setupinplaceslikeIndia,Canada,Malaysia,andotherswheresuchtaxesareapplied.Filingthese returnsissuperimportantbecauseitkeepsyoucompliantwiththelaws,helpsyouclaiminputtax credits,andavoidsanyunpleasantsurpriseslikepenaltieslateronfornon-compliance.Plus,it’skind ofliketakingcareofhygiene–abitofworkupfrontsavesyouawholelotoftroubledowntheroad! So,makingsureyou’reuptodatewithyourreturnsalsohelpsyoukeepyourfinancialgamestrong andsmooth-sailing. TypesofGSTReturnsandDueDatesforFilingGSTReturns GSTR-1 QuarterlyfilingofGSTR-1 (IfyourannualturnoverisuptoRs.5crore,youcanchoosetofilequarterly) Duedate–13thofthemonthsucceedingthequarter Note:IfyourannualturnoverislessthanRs.5crore,youcanusetheInvoiceFileFacility(IFF)to reportyourB2Bsalesinthefirsttwomonthsofeachquarter,makingyourVATreturnsmoreflexible andmanageable.Thedeadlineforthiswillbethe13thofthefollowingmonth.However,GSTR-1 muststillbefiledquarterly,andinvoicesalreadyreportedintheIFFdonotneedtobereported again. Monthly Filing of GSTR-1: (IfyourannualturnoverexceedsRs.5crore,youarerequiredtofilemonthly) DueDate–11thofthenextmonth. GSTR-3B Isamonthlysummaryreturnthatalltaxpayersmustfile,withtheexceptionofthoseregisteredunder thecompositionscheme. Quarterlyfilingof GSTR-3B: (Businesseswithanannualturnoverof₹5croreorlesshavetheoptiontoeasetheircompliance burdenbychoosingquarterlyreturnfilinginsteadofmonthlysubmissions.)

  3. Thereturnmustbefiledbyeitherthe22ndor24thofthemonthfollowingthequarter’send,based onthetaxpayer’sstateof registration. MonthlyfilingofGSTR-3B: (IfyourannualturnoverexceedsRs.5crore,youarerequiredtofilemonthly) DueDate–20thofthenextmonth. CMP-08 AquarterlytaxsummaryandpaymentformforbusinessesenrolledundertheGSTcomposition scheme,asoutlinedinSection10oftheCGSTAct. Thefilingdeadlinefallsonthe18thdayofthemonthimmediatelyafterthecloseofeach quarter. GSTR-4 Asresolvedinthe53rdGSTCouncilmeeting,thedeadlineforfilingreturnsfromFY2024–25 onwardisfixedat30thJuneofthenextfinancialyear,markingastandardizedapproachforfuture compliance.Accordingly,taxpayersunderthecompositionschememustsubmitGSTR-4forthe 2024–25financialyearby30thJune2025,aligningwiththerevisedannualcompliancetimeline. GSTR-5 ProvidesdetailsonsalestaxandVATrefundsfornon-residentcompaniesinIndia,including compliance. DueDate–13thofthenextmonth. GSTR-5A SummaryofoutwardtaxablesuppliesandthetaxpayablebyaproviderofOnlineInformationand DatabaseAccessorRetrievalServices(OIDAR): DueDate–20thofthenextmonth. GSTR-6 SummaryofoutwardtaxablesuppliesandthetaxpayablebyaproviderofOnlineInformationand DatabaseAccessorRetrievalServices(OIDAR): DueDate–20thofthenextmonth.

  4. GSTR-7 • AconciseGSTreportdetailingtheTDScollectedanddepositedbyregisteredbusinessesasper governmenttaxcompliancerules. • DueDate–10thofthenextmonth. • GSTR-8 • Anoverviewofthetaxamountsgatheredatsourcebye-commerceplatforms,asmandatedunder theGSTframework. • DueDate–10thofthenextmonth. • GSTR-9 • GSTR-9servesasthecomprehensiveyearlydeclarationthatregisteredtaxpayersareobligatedto file,capturingaconsolidatedviewoftheirGSTactivities.ThedeadlineforsubmittingGSTR-9forthe financialyear2023-24is31stDecember,2024,whiletheduedateforGSTR-9forthefinancial year 2024-25is31stDecember, 2025. • GSTR-9 C • BusinesseswithanannualturnoverofmorethanRs5crorearerequiredtofileGSTR-9C–aform ofannualself-certificationthatseekstoalignfinancialstatementswithGSTreturnstoensuretax compliance.5croremustfile.Forthefinancialyear2024–25,theself-certifiedreconciliation statementinFormGSTR-9Cmustbefilednolaterthan31stDecember2025,markingthecloseof theannualcompliancecycle. • GSTR-10 • AconclusiveGSTreturnmustbefiledbytaxpayerswhoseregistrationhasbeenrevoked,withthe deadlinesetatthreemonthsfromeithertheeffectivecancellationdateortheissuanceofthe cancellationorder—whicheveroccurslater. • GSTR-11 • DetailsofinwardsuppliesmustbeprovidedbyanindividualwithaUINwhoisseekingarefund. • DueDate–28thofthemonthafterthemonthforwhichthestatementis submitted. • WhyGSTReturnsImportant? • TaxCompliance–FilingGSTReturnshelpsensurethatabusinessadherestoGST regulations.

  5. TaxCollectionandPayment–Itenablesbusinessestoaccuratelyreporttheirtax obligationsandmaketimelypayments. • InputTaxCredit(ITC)–GSTReturnsprovidebusinessestheopportunitytoclaiminputtax creditsonqualifyingpurchases. • HowtoCheckGSTReturnsStatus? • YoucanmonitortheprogressofyourGSTreturnfilingsthroughtheseonlinetrackingoptions, ensuringreal-timevisibilityandcomplianceassurance. • TrackingthroughARN • TocheckthestatususingtheApplicationReferenceNumber(ARN),followthesesteps: • Step1:AccesstheofficialGSTportalandsignin. • Step2:Navigateto‘Services’>‘Returns’>‘TrackReturnsStatus’. • Step3:InputyourARNnumber. • Step4:ClickonthesearchoptiontoviewthestatusofyourGSTReturnsapplication. • TrackingthroughGSTReturnsFilingPeriod • TotrackyourGSTreturnstatusbyfilingperiod,dothefollowing: • Step1:AccesstheofficialGSTportaltologin. • Step2:Goto‘Services’>‘Returns’>‘TrackReturnStatus’. • Step3:SelecttheGSTReturnFilingperiodandentertherelevantdates. • Step4:Click‘Search’tocheckthestatus • WhenTrackingThroughtheStatus • Totrackusingthetaxpayersearchoption,followthesesteps: • Step1:OpentheGSTportalandselectthesearchtaxpayeroption. • Step2:InputyourGSTINunderthedesignatedGSTIN/UINfield,thenverifyyouridentitybysolving thedisplayedcaptcha.Thenclickonsearch. • TheCaptchaCodewillappearafteryouentertheGSTINID.Onceyouhavefilledinallthedetails andsubmittedthem,youwillseethenecessaryinformation,includingthecompanyname, registrationdate,andGSTIN/UINstatus,displayedonthescreen. • HowtoDownloadGSTReturns Online

  6. Here’showyoucaneasilyaccessanddownloadyourGSTreturnonlinethroughtheofficialGST portal—step-by-stepguidanceforsmoothcompliance: • Step1:LogintoaccesstheGST Portal. • Step2:Clickon‘FileGST Returns’. • Step3:Selecttheperiod,specifyingtheyearandmonth,thenclickonthe‘Search’option. • Step4:Clickon‘ViewGSTR1’. • Step5:Finally,selectthe‘Preview’option. • LateFeesforFailingtoFileYourReturnonTim • Interest–Interestwillbechargeattherateof18%perannum. • Latefees–LatefeeswillbechargeRs.100perdayforeachactwithacapofRs.5,000. • PleasebeawarethatstartingfromthemonthorquarterendinginJune2021, • TheupdatedlatefeelimitshavebeenstructuredasperthelatestGSTguidelinesto easethecomplianceburdenfor taxpayers. • Taxpayerswhosetotalcentraltaxpayableamountstozero.–Rs.250 • Businessesthatearnedupto₹1.5croreintotalturnoverduringthelastfinancialyearfall underthissmalltaxpayercategoryforGSTcompliance.–Rs.1,000 • TaxpayerswhosetotalannualturnoverwasmorethanRs.1.5crorebutnotexceedingRs.5 croreinthelastfinancialyear.–Rs.2,500. • CommonErrorsinGSTReturnsFiling • MismatchinInvoiceDetails–Errorsinsalesorpurchaseinvoicescanleadto discrepanciesbetweenGSTR-1andGSTR-3B. • ITCIssues–ReportingInputTaxCreditincorrectlyorclaimingITConexpensesthataren’t eligible. • LateFiling–Failingtosubmitreturnsbytheduedate. • DataEntryMistakes–IncorrectlyenteringHSN/SACcodes,taxrates,ortaxpayer information. • GST Refunds and Returns • GSTRefund–Youcanclaimarefundforanyexcesstaxpaidorfortaxpaidonexports. • RefundProcess–Toinitiatearefund,submitarefundapplication,anditwillbeprocessed accordingtothereturnsyouhavefiled.

More Related