GST Return Filing with Global Taxman

In India, every organization registered under GST must file their GST returns with a frequency that aligns with their business operations - monthly, quarterly, or yearly. This requirement might seem daunting, but with the online assistance of GST professionals from Global Taxman, navigating through the necessary processes can be straightforward. Taxpayers must adhere to the designated deadlines for their GST submissions, as these returns are crucial for the Indian government to ascertain the nation's tax obligations.

Streamline your GST Return filing process and maintain compliance effortlessly with Global Taxman. Benefit from the convenience of GST platform, where you can access your business financials in real-time from any location. Plus, integrates smoothly with the apps you already use, ensuring a seamless workflow.

File GST returns with Global Taxman now and keep your business ahead with ease!

What is GST Return?

A GST Return is a detailed statement that captures all the financial transactions of a person registered under GST, reflecting revenues and expenditures. It is a mandatory submission for every holder of GSTIN to the tax authorities, allowing them to determine the net tax liability with precision.

The GST return filing encompasses several critical elements:

• Purchases: It records in detail the purchases the taxpayer has made.
• Sales: It provides a comprehensive log of the taxpayer's sales activities.
• Output GST (On Sales): It notes the GST charged on the taxpayer's sales.
• Input Tax Credit (GST Paid on Purchases): It lists the GST paid on purchases, which is eligible to be deducted from the GST owed on sales.

For those seeking guidance on GST return filing or support with managing their GST compliance, Global Taxman offers GST software designed to streamline the process.

Who Should File GST Returns?

GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.

How Many Returns are there under GST?

Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer's financial dealings. It's important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer's category and the particulars of their GST registration.

Snapshot of the 13 GST Returns:

• GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
• GSTR-3B: A summarized return that outlines both sales and purchases, inclusive of tax payments.
• GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
• GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
• GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
• GSTR-7: For entities required to deduct TDS under GST.
• GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
• GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
• GSTR-10: The final return upon cancellation or surrender of GST registration.
• GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
• CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
• ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.

What Happens if Returns Are Filed Late?

Penalties and interest charges apply for late submission of GST returns. Businesses should ensure timely submission to avoid these penalties:

• Late Filing Fees: ₹ 100 per day for each CGST and SGST, with a maximum of ₹ 5,000.
• Interest on Late Tax Payments: 18% interest per year on overdue amounts.
• Annual Return Late Fees: For GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover.

Outsource GST Compliance to Global Taxman

Outsource your GST compliance to Global Taxman to ease your compliance burden and focus on growing your business. With Global Taxman, your GST compliance will be maintained on the GST platform, providing you access to live business data - anywhere, anytime.

When GST return filing is outsourced to Global Taxman, a dedicated GST advisor is assigned to the business. This dedicated advisor will collect the necessary information, prepare the GST returns, and assist in filing them on time.

Benefits of Choosing Global Taxman for GST Returns

• Dedicated GST Advisor: A relationship manager will guide you through the registration and filing process.
• Reminder to File GST Returns: Timely reminders to ensure no deadlines are missed.
• Monthly GST Status Reports: Regular updates on the status of your GST return filing.
• GST Returns by Accountant Error-free and timely filing of your GST returns.
• Standard Accounting and Cloud Records: Financial transactions and invoices managed by accountants.

Ensure your business stays compliant and avoids penalties by filing your GST returns on time with Global Taxman. Talk to our experts today to start and experience with expert assistance every step of the way!