All entities registered under GST must have to file GST Returns periodically and furnish details about sales and purchase made during the specified period.
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Return is a statement of specified business activity transactions undertaken by the registered person during a tax period. GST returns are basically statement of outward supply and inward credits. Every registered person (under GST) must have to file periodically GST returns and furnish required details irrespective of voluntary registered person or compulsory registered person, even a dormant company that obtained GST registration must file GST return.
Various returns for different class of taxpayers has been prescribed, taxpayers required to submit there returns after payment of taxes, by the stipulated dates prescribed by council, if returns aren't filed before or on prescribed date, interest on tax amount and late fee will be charged as prescribed by law.
Lawfox provides you complete professional services related to GST Registration and Returns throughout India, you can get consultancy on GST Registration and Return system from Lawfox experts and reduce your tax complexities.
|Various Returns under GST|
(GST Returns for 12 Months with accounting support)
Frequently asked questions
Who needs to file Return in GST regime
Every person registered under GST will have to file returns in some form or other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme).
What type of outward supply details are to be filed in the return?
Details of outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports, and advances received in relation to future supply.
Do taxpayers with an aggregate turnover less than Rs.1.5 Crores also need to file GSTR-1 on a monthly basis?
No, Such taxpayers need to file GSTR-1 on a quarterly basis, It is also clarified that the registered person may opt to file FORM GSTR-1 on monthly basis if he so wishes even though his aggregate turnover is up to Rs. 1.5 Crore.
Is the scanned copy of invoices to be uploaded along with GSTR-1?
No scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.
Which type of taxpayers need to file Annual Return?
All taxpayers filing return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors, are required to file an annual return. Casualtaxpayers, nonresident taxpayers, ISDs and persons authorized to deduct/collect tax at source are not required to file annual return.
Is an Annual Return and a Final Return one and the same?
No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of registration.
How can taxpayers file their returns?
Taxpayers can file their statement and returns directly on the Common Portal online.
Is there any late fees for late filing of GSTR-3B?
The amount of late fee payable by a taxpayer whose tax liability for that month was ‘NIL’ will be Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) and will be Rs. 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) for all other taxpayers.
Does lawfox provides services related to GST returns filing?
Yes, Lawfox provide complete solution for GST returns, Book a call now and get a customized quote for your business.