We are GST consultant in Patna Bihar Ranchi Jharkhand. We provide GST Return Filing services in Patna Bihar Ranchi Jharkhand New Delhi India.
GST Return Filing Services
Since the introduction of the Goods and Services Tax (GST) on July 1, 2017, one issue that has continually been in the limelight is returns filing.
Form GSTR-1 contains details of outward supplies (sales) of taxable goods and/or services. GSTR-1 can either be filed quarterly or monthly.
Registered persons with an aggregate turnover up to Rs. 1.5 crore may opt for quarterly return filing
|Period (quarterly)||Due dates|
|July – Sept. 2017||Jan. 10, 2018|
|Oct. – Dec. 2017||Feb. 15, 2018|
|Jan. – March 2018||April 30, 2018|
Registered persons with aggregate turnover of more than 1.5 crore must file a monthly return. For those with aggregate turnover of less than 1.5 crore, the monthly return is optional.
|Period (monthly)||Due dates|
|July – Nov. 2017||Jan. 10, 2018|
|Dec. 2017||Feb. 10, 2018|
|Jan. 2018||March 10, 2018|
|Feb. 2018||April 10, 2018|
|March 2018||May 10, 2018|
Note: Important considerations that need to be taken into account while filing GSTR-1
Businesses need to be careful to file correctly. This is especially important right now because there have been several due date extensions that require taxpayers to upload GST returns for multiple periods at once, and choosing the correct period is very important.
Businesses need to be careful to avoid duplicating invoices. Further, it is important to correctly categories goods under the correct HSN codes and make sure to charge the correct tax rate. Mentioning the right tax type, i.e., CGST, SGST, IGST, is also important.
Further, details of aggregate turnover in the previous year and a valid digital signature will also be required when filing GSTR-1.
GSTR-2 and GSTR-3
For the time being, the GST Council has suspended the requirement to file forms GSTR-2 and GSTR-3. Filing is expected to resume after March 31, 2018.
GSTR-2 will contain details of inward supplies (purchases) of taxable goods and/or services that affect the input tax credit (ITC) claimed. This form will need to be filed by the 15th of the following month.
Form GSTR-2 will require the following details:
- Invoice-wise details of all interstate and intrastate supplies received from registered or unregistered persons
- Goods that have been imported and services rendered
- Debit and credit notes, if any, received from supplier
- Amount of ineligible ITC on inward supplies when the taxable status of the supplies could not be determined at the invoice level in form GSTR-2
GSTR-3, a monthly return, will finalize the details of outward and inward supplies and be sent along with payment of tax. The form must be filed by the 20th of the following month.
GSTR-3 is divided into two parts, i.e., part A and part B.
Part A will be electronically generated based on information furnished in forms GSTR-1 and GSTR-2, as well as other liabilities of preceding tax periods
Part B will contain the tax liability, interest, and penalty paid and refund claimed from a company’s cash ledger, if any. The system will compute the tax liability based on GSTR-1, minus any ITC claimed in GSTR-2
All businesses are required to file a simple GST return in form GSTR-3B through March 2018. It is required to be filed by the 20th of the next month.