Sale
We can help you file GST returns hassle free for your business while you sitting at your place with just a few clicks of a mouse.
1. GSTR 1 (Sales Details Return)
Detailed Info:
GSTR 1 is a monthly or quarterly return that businesses registered under GST need to file to report details of their outward supplies, i.e., all the sales transactions made during a period. It includes both Business-to-Business (B2B) and Business-to-Consumer (B2C) sales, as well as export details, debit and credit notes. This return is a key document for claiming input tax credit by the buyer.
- Due Date:
- Monthly Filers: 10th of every month.
- Quarterly Filers: End of the month following the quarter.
Benefits:
- Timely Input Credit: Filing GSTR 1 on time ensures that your customers can avail of input credit without delay, improving your relationship with them.
- Legal Compliance: Avoid penalties for non-filing, ensuring business remains legally compliant.
- Easier Reconciliation: Helps in matching your sales data with that of buyers to avoid any discrepancies.
Required Documents:
- Sales Invoices: B2B and B2C sales details.
- Export Invoices: If applicable.
- Debit/Credit Notes: Any issued for adjustments in sales value.
2. GSTR 3B (Summary Return)
Detailed Info:
GSTR 3B is a self-declaration return that includes a summary of your total sales and purchases, along with details of tax liability for the month. It requires businesses to declare the amount of GST due, report input tax credit, and pay the taxes accordingly. Unlike GSTR 1, GSTR 3B does not require invoice-level information.
- Due Date: 20th of every month.
Benefits:
- Compliance Maintenance: It is crucial to file GSTR 3B on time to avoid penalties and ensure that input credits are available for use.
- Quick Tax Payment: GSTR 3B helps businesses calculate the net tax liability quickly, ensuring timely payments and avoiding interest on delayed payments.
- Compliance Rating Improvement: Regular GSTR 3B filing improves your GST compliance score.
Required Documents:
- Sales Data: Summary of total sales for the month.
- Purchase Data: Summary of total purchases and input tax credit claimed.
- Tax Payment Receipts: Payment proof of GST liability.
3. GSTR 4 (Composition Scheme Return)
Detailed Info:
GSTR 4 is meant for businesses opting for the GST Composition Scheme. Such businesses pay a lower tax rate but cannot claim input tax credit. It is a quarterly return, and the businesses under this scheme only need to report their summary sales and tax liability.
- Due Date: Quarterly, typically the 18th of the month following the end of each quarter.
Benefits:
- Reduced Compliance Burden: Composition scheme businesses are required to file fewer returns, reducing the administrative burden.
- Lower Tax Liability: The composition scheme allows for reduced tax rates, making it easier for small businesses.
- Simplified Tax Filing: GSTR 4 is less detailed compared to GSTR 1 and GSTR 3B, making it easier for small businesses to manage.
Required Documents:
- Sales Invoices: Summary of total quarterly sales.
- Tax Payment Receipts: Payment proof of reduced GST liability.
4. GSTR 1A (Sales Reconciliation Return)
Detailed Info:
GSTR 1A is a correction form. It is filed to amend or reconcile discrepancies found in the sales figures submitted in GSTR 1, usually when there is a mismatch between the data submitted by the taxpayer and the data submitted by their buyers for input credit.
Benefits:
- Error Rectification: Helps in correcting any mistakes in the original GSTR 1 filing.
- Avoid Future Complications: Ensures correct reconciliation of sales figures, avoiding future audits or legal issues.
- Claim Credit Smoothly: By rectifying any mismatch, the buyer’s input credit claims remain valid.
Required Documents:
- Amended Sales Invoices: Corrected details of the invoices in question.
- Corresponding Buyer Communication: To ensure both parties match the sales details.
5. GSTR 8 (E-commerce Operator’s Return)
Detailed Info:
GSTR 8 is specifically meant for e-commerce operators who are required to collect tax at source (TCS) on the supplies made through their platforms. This return contains details of the TCS collected and other relevant information.
- Due Date: 10th of every month.
Benefits:
- Accurate Tax Collection: Helps in ensuring the proper collection and remittance of TCS under GST.
- Compliance for E-commerce Operators: Filing GSTR 8 ensures compliance with TCS provisions, avoiding penalties.
- E-commerce Business Trust: Builds trust with vendors using the platform as tax compliance is maintained.
Required Documents:
- TCS Collection Data: Details of the amount collected as TCS from sellers.
- Invoices: From vendors who sold goods through the platform.
6. GSTR 9 (Annual GST Return)
Detailed Info:
GSTR 9 is the annual return that consolidates all the monthly and quarterly returns filed during the financial year. It provides a summary of all inward and outward supplies, tax paid, input tax credit claimed, and any amendments made during the year.
- Due Date: 31st December following the financial year.
Benefits:
- Complete Compliance: Filing GSTR 9 ensures that the business complies with all GST regulations for the financial year.
- Comprehensive Overview: Provides a clear and comprehensive picture of your business’s tax activity during the year.
- Input Credit Verification: Helps in verifying the total input tax credit claimed over the year to ensure accuracy.
Required Documents:
- Sales Data: Yearly summary of all sales transactions.
- Purchase Data: Yearly summary of all purchase transactions.
- Tax Payment Receipts: Proof of taxes paid throughout the year.
- Reconciliation Statement: Any mismatch or rectifications made in earlier returns.
Filing GST returns on time is essential to maintain compliance, avoid penalties, and ensure smooth business operations. Proper documentation and attention to detail are crucial in the process.