GST Return Filing
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Overview
GST (Goods and Services Tax) is a comprehensive, multi-stage, destination-based tax levied on every value addition in India. It replaced various indirect taxes like VAT, service tax, excise duty, and others to create a single, unified tax system.
Key Features of GST:
- Unified Tax Structure: GST subsumes all indirect taxes and brings uniformity across India.
- Multi-Stage Tax: GST is applied at every stage of the supply chain, from production to sale, with credit for tax paid at earlier stages (input tax credit).
- Destination-Based: The tax is collected at the point of consumption, not the point of origin.
- Four Tax Slabs: GST has different rates—5%, 12%, 18%, and 28%, based on the type of goods and services.
Benefits of GST:
- Simplifies the tax system by eliminating multiple indirect taxes.
- Reduces tax cascading by allowing input tax credit, lowering the cost of goods and services.
- Encourages compliance with a uniform tax rate and structure.
Requirement
- Annual Turnover Threshold: Businesses with an aggregate turnover exceeding ₹20 lakhs (₹10 lakhs for northeastern and special category states) in a financial year must register for GST.
- Inter-State Businesses: Any business involved in supplying goods or services across state borders, regardless of turnover, must register for GST.
- E-Commerce Operators: Platforms like Amazon or Flipkart and sellers using such platforms must register.
- Casual Taxable Persons: Individuals or businesses conducting occasional taxable transactions, like seasonal businesses, must also register.
- Service Providers: Service providers earning more than ₹20 lakhs per year are required to register for GST.
- Non-Resident Taxable Persons: Non-residents conducting taxable transactions in India must obtain GST registration.
- Compulsory Registration: Entities involved in reverse charge mechanism, input service distributors, and TDS deductors must also register.
Types
1. CGST (Central Goods and Services Tax)
- Collected by: Central Government.
- Applicable on: Intra-state supply of goods and services (transactions within the same state).
- Purpose: Revenue goes to the Central Government.
- Example: If a business in Delhi sells goods to a customer in Delhi, CGST will be charged along with SGST.
2. SGST (State Goods and Services Tax)
- Collected by: State Government.
- Applicable on: Intra-state supply of goods and services.
- Purpose: Revenue goes to the State Government.
- Example: In the same Delhi-to-Delhi sale, SGST will be applied along with CGST.
3. IGST (Integrated Goods and Services Tax)
- Collected by: Central Government.
- Applicable on: Inter-state supply of goods and services (transactions between two states or union territories) and imports/exports.
- Purpose: Revenue is shared between the Central and State Governments.
- Example: If a business in Maharashtra sells goods to a customer in Karnataka, IGST will be charged.
4. UTGST (Union Territory Goods and Services Tax)
- Collected by: Union Territory Administration.
- Applicable on: Supply of goods and services in Union Territories without a legislature (e.g., Andaman and Nicobar Islands, Lakshadweep).
- Purpose: Revenue goes to the Union Territory.
- Example: A sale occurring in Andaman will have UTGST and CGST applied.
Key Differences:
- CGST and SGST are applied for transactions within the same state.
- IGST is applied for transactions between two different states.
- UTGST is similar to SGST but applies to Union Territories.
Document
- PAN Card: Personal PAN for individuals, and entity’s PAN for businesses.
- Proof of Business Address: Rental agreement, utility bills, or property tax receipt.
- Bank Account Details: Cancelled cheque or bank statement.
- Identity Proof of Promoters/Partners: Aadhaar card, passport, or voter ID.
- Photograph: Passport-sized photo of the business owner or partners.
- Business Constitution Documents: Partnership deed, incorporation certificate, or registration proof of the business.
Sample Certificate
FAQs
GST return filing involves submitting a summary of a taxpayer’s sales, purchases, tax collected, and tax paid to the government through prescribed forms on the GST portal.
Every GST-registered person, including regular businesses, composition taxpayers, and e-commerce operators, must file GST returns. Even if there are no transactions, filing a nil return is mandatory.
- GSTR-1: Monthly/quarterly return for outward supplies (sales).
- GSTR-3B: Monthly summary return of sales, purchases, and tax liability.
- GSTR-4: Quarterly return for composition scheme taxpayers.
- GSTR-9: Annual return summarizing all GST transactions for the year.
- GSTR-10: Final return after cancellation of GST registration.
- GSTR-1: Monthly for businesses with turnover above ₹5 crores; quarterly for those below ₹5 crores.
- GSTR-3B: Monthly for all regular taxpayers.
- Composition taxpayers: File GSTR-4 quarterly.
- GSTR-9: Annual return, filed once a year.