Professional GST Filing Services Made Easy
GST Filing in India:
Goods and Services Tax (GST) filing in India is a mandatory process for businesses to report their sales, purchases, and tax collected on sales. Regular filing of GST returns ensures that businesses remain compliant with GST laws and helps in the smooth functioning of the input tax credit mechanism. The frequency and type of GST returns to be filed depend on the nature and turnover of the business.
Supporting Documents for GST Filing:
1. Sales Invoices: Detailed records of all sales transactions made during the filing period.
2. Purchase Invoices: Records of all purchases, including those eligible for input tax credit.
3. Debit and Credit Notes: Documents related to any adjustments made to sales or purchase invoices.
4. Bank Statements: Records of transactions to cross-verify sales and purchases.
5. Tax Payment Challans: Proof of GST payments made.
6. E-way Bills: Documents required for the transportation of goods.
Types of GSTR Forms:
1. GSTR-1: Monthly return for outward supplies of goods or services. Contains details of sales transactions.
2. GSTR-2A: Auto-drafted return for inward supplies made available to the recipient based on the GSTR-1 filed by suppliers. It is a read-only document.
3. GSTR-2B: Auto-drafted ITC statement that provides input tax credit details for a specific period.
4. GSTR-3B: Monthly summary return of inward and outward supplies, used for the payment of GST. It is a self-declared summary return.
5. GSTR-4: Annual return for taxpayers under the Composition Scheme, filed once a year.
6. GSTR-5: Return for non-resident foreign taxpayers, detailing their business transactions in India.
7. GSTR-6: Monthly return for Input Service Distributors (ISDs), providing details of input credit distributed.
8. GSTR-7: Monthly return for authorities deducting tax at source (TDS).
9. GSTR-8: Monthly return for e-commerce operators collecting tax at source (TCS).
10. GSTR-9: Annual return for regular taxpayers, providing a consolidated summary of all monthly/quarterly returns filed during the year.
11. GSTR-9C: Reconciliation statement and certification, applicable to taxpayers with a turnover exceeding a specified limit, audited by a CA/CMA.
12. GSTR-10: Final return to be filed by a taxpayer whose GST registration is cancelled or surrendered.
13. GSTR-11: Return for persons with a Unique Identification Number (UIN) to get a refund under GST.
Accurate and timely GST filing is crucial for compliance and smooth business operations, avoiding penalties, and ensuring eligibility for input tax credits.