A GST Return is a mandatory legal document that all GST-registered businesses must submit. It comprises detailed information about a business’s income and expenses. This document is essential for tax authorities to calculate the taxpayer's net tax liability.

Who Should File GST Returns?

GST Returns must be filed by any business or individual registered under GST in India. This requirement is particularly applicable to those whose annual turnover exceeds a certain threshold set by the tax authorities.

How Many Returns are there under GST?

The GST framework includes 13 different types of returns, catering to various aspects of a taxpayer's financial transactions. However, not every taxpayer is required to file all these returns; it depends on their business category and GST registration details.

GSTR-1 is a monthly or quarterly return for reporting details of a business's outward supplies, i.e., sales. For businesses with an annual turnover above Rs. 5 crore, it is filed monthly by the 11th of the subsequent month. For others, it's filed quarterly by the 13th of the month following the quarter.

GSTR-3B is a monthly summary return that consolidates information on outward supplies, input tax credit claims, and tax payments. It's due by the 20th of the following month for businesses with an annual turnover above Rs. 5 crore.

GSTR-4 is filed annually by taxpayers enrolled under the Composition Scheme. This return summarizes the turnover and corresponding tax for the year and is due by April 30th of the subsequent financial year.

GSTR-5 is a monthly return filed by non-resident foreign taxpayers who conduct taxable transactions in India. It includes details of both outward and inward supplies and is due by the 20th of each month.

What is the Penalty for Late Filing of GST Returns?

Late filing of GST Returns attracts penalties and interest. The late filing fee is Rs. 100 per day per act (CGST and SGST), capped at Rs. 5,000. Additionally, late tax payments incur an 18% per annum interest charge.

How to File GST Returns?

GST Returns can be filed online through platforms like IndiaFilings, which offers tools like LEDGERS GST software for seamless filing.

What are the Benefits of Filing GST Returns with IndiaFilings?

Filing with IndiaFilings offers benefits like a dedicated GST advisor, timely reminders, monthly status reports, and error-free filing using LEDGERS GST software.

What is the Composition Scheme in GST?

The Composition Scheme is for small taxpayers, allowing them to pay GST at a fixed rate on their turnover instead of the standard rate.

What is GSTR-2A and GSTR-2B?

GSTR-2A and GSTR-2B are read-only returns that provide details of inward supplies. GSTR-2A is dynamic and updates real-time, while GSTR-2B offers a fixed monthly snapshot.

What Happens if I Miss Filing a GST Return?

Missing a GST return filing deadline leads to penalties and can prevent filing subsequent returns until the missed ones are submitted. File GST returns easily through IndiaFilings.

What Features Does LEDGERS GST Software Offer?

LEDGERS GST Software provides features for comprehensive GST compliance, including invoicing, tracking, automated return filing, and e-way bill management.

Can I File GST Returns Myself?

Yes, individuals can file GST returns themselves using online platforms. However, for compliance and accuracy, professional assistance or specialized software is recommended. File easiy through IndiaFilings.

GSTR-9 is an annual return summarizing all periodic GST filings for the year. It must be filed by December 31st of the following financial year.

GSTR-6 is a monthly return filed by Input Service Distributors, detailing the input tax credits received and distributed.

Who Can Opt for the Quarterly Return Monthly Payment (QRMP) Scheme?

The QRMP scheme is available to small taxpayers, allowing them to file quarterly returns while making monthly tax payments.

What is the Due Date for GSTR-7?

GSTR-7, which is the return for entities required to deduct TDS under GST, must be filed by the 10th of the month following the tax period.

What Support Does IndiaFilings Provide for GST Return Filing?

IndiaFilings offers comprehensive support for GST compliance, including registration, return filing, dedicated advisors, and access to LEDGERS GST software for efficient and accurate GST management.

How will the service be delivered?

You will have a dedicated GST Accountant assigned to your business. Each month, the Accountant will collect all the information and file your GST returns.

How will the information or documents be collected?

You can send us the information through email in any platform or upload the information. We also accept soft copy of invoices and purchase data.

What returns will be filed?

We will file GSTR-3B return and GSTR-1 return for regular taxpayers registered under GST. For composition dealers, we will assist in filing GSTR-4 return.

What will be my responsibility?

You will only be responsible for providing the information or documents required to prepare your GST return. Once we have prepared the filing, you can verify the calculation and confirm the filing.

Will IndiaFilings provide support for GST input tax credit?

Yes, we will provide you input tax credit reconciliation. You can use the same to verify the input tax credit receivable for your business.

Will IndiaFilings provide support for GST refund?

Yes, for clients who subscribe to our GST return filing annual package, we provide support for GST refund processing.

Will you provide support for GST payment?

Yes, for clients who subscribe to our GST return filing package, we provide support for GST payment challan generation

Gst Return Filing In Thrissur

Why choose IndiaFilings to file the GST returns in Thrissur?

Dedicated GST advisor:At IndiaFilings we assign a relationship manager with experience in the sector that you operate in. The assigned RM will help in specific tasks such as uploading the invoices and also ensure that the filing is taken care of on time.

Reminder to file the GST returns:We ensure that timely reminders are sent well in advance beyond which the penalty is applicable. In addition to this, the GST advisor will also remind you about the deadlines so that no deadlines are missed.

Monthly GST Status reports: Detailed Monthly reports of the status of the GST return filing in Thrissur including the GSTR 3B Filing and the way forward will be shared with the clients by our GST experts.

GST returns by the Ledgers: The GST returns are created using the LEDGERS- the GST software so that it is error-free and is filed seamlessly without any hassles.

GSTR 1 and GSTR 3B filing: GSTR 1 is a return filed every quarter. The turnover determines the due dates for filing GSTR 1, the business with sales of up to Rs.1.5 crore can file the quarterly returns.

Standard accounting and cloud records:All of the financial transactions and the invoices are recorded in LEDGERS by the accountants so that the filing of all the returns is seamless and cost-effective.

What is input tax credit reconciliation?

Input tax reconciliation mechanism has enabled the business to benefit to achiever neutrality in the incidence of tax and also ensure that such input tax element does not enter into the cost of the production of the cost of the supply of goods and services.

What are the penalties, late fees, and interest rates for failure to furnish GST return in Thrissur?

If any offenses are committed then a penalty is to be paid under the GST Act.

Late filing of GST returns in Thrissur - Late filing the GST returns in Thrissur can attract a penalty called the late fees. A penalty of Rs.100 under CGST and Rs.100 under SGST accounts for Rs. 200 per day. With the late fee interest of 18% has to be paid per annum. It is calculated on the tax which is to be paid.

Non-compliance - In case the taxpayer is not filing the GST returns then the subsequent returns cannot be filed. Hence, to avoid the penalties file the GST returns in Thrissur on time as it will lead to cascading effect.

For 21 offenses with no intention of fraud or tax evasion - An offender who is not paying the taxes or is making the short payment is required to pay a penalty of 10% of the amount of the tax due subject to a minimum of Rs. 10,000.

For 21 offenses with the intention of tax fraud or tax evasion - An offender is subject to a penalty amount of the tax evasion or the short deducted.

Even when there is no business the taxpayer is required to file the NIL GST returns in Thrissur.