Goods and Services Tax (GST)
GST Return Filing
What is GST Registration?
GST returns are electronic documents filed with the Goods and Services Tax (GST) department. These returns detail a business’s outward supplies (sales made), inward supplies (purchases made), tax liability, and tax payments.
Who Needs to File GST Returns?
Any business registered under GST must file GST returns. However, the frequency of filing depends on the business’s annual turnover. Here’s a breakdown of the filing requirements based on turnover:
- Businesses with a turnover exceeding Rs. 5 crore in the previous financial year: These businesses are considered regular taxpayers and must file monthly returns. This includes GSTR-1 (outward supplies), GSTR-3B (consolidated return), and GSTR-9 (annual return).
- Businesses with a turnover between Rs. 1.5 crore and Rs. 5 crore in the previous financial year: These businesses have the option to file either monthly or quarterly returns. They are required to file GSTR-1 and GSTR-3B.
- Businesses with a turnover below Rs. 1.5 crore in the previous financial year: These businesses can choose the composition scheme, which offers a simpler compliance process. Composition taxpayers file a single annual return (GSTR-4) summarizing their sales and tax liability.
Types of GST Returns
There are various types of GST returns, each serving a specific purpose. Some common ones include:
- GSTR-1: This return details outward supplies made by a taxpayer in a particular tax period.
- GSTR-3B: This is a consolidated return summarizing outward supplies, input tax credit (ITC) claimed, and tax liability for a month.
- GSTR-4: This return is filed by composition taxpayers, summarizing their annual sales and tax liability.
- GSTR-7: This return is filed by taxpayers who deduct tax at source (TDS) on certain supplies. It details the TDS deducted and deposited with the government.
- GSTR-9 & GSTR-9A: These are annual returns filed by regular taxpayers (GSTR-9) and composition taxpayers (GSTR-9A). They provide a detailed reconciliation of outward supplies, inward supplies with ITC claimed, tax liability, and tax payments for the entire financial year.
Who Needs to Register for GST?
Documents Required for GST Registration
Documents Required for GST Registration
- Aadhar & PAN card of the applicant
- Passport size photograph of applicant
- Proof of business registration (e.g., Certificate of Incorporation)
- Address Proof (Rent Agreement/Electricity Bill)
Process for GST Registration
- TRN Generation
- Documents uploading
- Verification of Documents by GST Officer
- Issuance of GST Certificate
We Can Help
GST registration can seem complex, but our consulting services can guide you through the entire process. We can help you determine your registration requirement, prepare the necessary documents, and complete the online application.