GST Return Filling

A GST return is a document where a taxpayer reports income, expenses, sales, purchases, and tax liability to tax authorities using their GSTIN. It provides essential details for tax administrative authorities.

The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation, and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Our GST return filing service at Thirdeyed helps taxpayers to get it done easily. Our professionals will take care of the filings so you don’t have to worry about keeping up with the due dates and staying GST compliant.

Benefits of GST Return Filing

Elimination of Cascading Effect: Earlier, there were instances where tax on tax was paid for a single transaction. With GST eliminating several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax, saving you money.
Higher Threshold: The threshold for GST is an aggregate turnover exceeding 40 lakhs for the sale of goods and an aggregate turnover exceeding 20 lakhs for the sale of services. Small businesses falling below this threshold limit are not subject to GST filing.
Easier for Startups and E-commerce Businesses: The GST system has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly suffered from different tax laws across different states which are now eradicated by GST.
More Organized System: Before the GST tax return filing system was disorganized. Now, all taxes are paid online, and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.

Documents Required for GST Return Filing

Invoices issued to persons with GSTIN or B2B invoices
Invoices issued to persons without GSTIN or B2C invoices
This needs to be submitted only when its total value is above ₹2.5 lakhs
A consolidation of inter-state sales
HSN-wise summary of all goods sold
Any other debit or credit notes or advance receipts

Upcoming Due Dates to File GST Returns

It is crucial to complete the filing within the due date to file GST. This will help in avoiding late payment charges and interests. The due dates for filing GST returns can be extended as per the issuing order or through notifications. Vakilsearch has gathered a list of due dates to file GST for the financial year 2021- 2022 and 2022 – 2023.

Who Is Eligible for GST Return?

Regular enterprises with an annual aggregate revenue of more than ₹5 crore
Taxpayers who did not choose the QRMP plan are required to file two monthly returns and one yearly return under the GST system
QRMP filers must submit nine GSTR files annually, which include four GSTR-1 and three GSTR-3B forms as well as an annual return. It should be noted that even if QRMP filers submit their returns on a quarterly basis, they must pay tax on a monthly basis
Additionally, separate statements and returns must be filed in other circumstances, such as in the case of composition dealers, who must submit five GSTR files annually (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).

Steps for Online GST Payment

To make the GST payment post-login to the GST Portal once the challan is generated, perform the following steps:

Access the https://www.gst.gov.in/URL. The GST Home page is displayed
Login to the GST Portal with valid credentials
Access the generated challan. Click the Services > Payments > Challan History command
Select the CPIN link for which you want to make the payment

Note: In case you don’t know the CPIN number, you can select the Search By Date option to search the CPIN number by the date on which it was generated.

Select the Mode of E-Payment
In the case of Net Banking
1. Select the bank through which you want to make the payment
2. Select the checkbox for terms and conditions to apply
3. Click the make payment button

In the case of Credit/ Debit Cards
1. Please select a payment gateway, select the payment gateway option
2. Select the checkbox for terms and conditions apply
3. Click the make payment button

Steps for Offline GST Payment

In the case of Over the Counter

In the payment modes option, select the over the counter as a payment mode
Select the name of the bank where cash or instrument is proposed to be deposited
Select the type of instrument as cash/cheque/demand draft
Click the generate challan button
Take a printout of the challan and visit the selected Bank
Pay using cash/cheque/demand draft within the challan’s validity period
The status of the payment will be updated on the GST Portal after confirmation from the bank.

Steps for GST Payment Through NEFT/RTGS

In the case of NEFT/ RTGS

In the payment modes option, select the NEFT/RTGS as a payment mode
In the remitting bank drop-down list, select the name of the remitting bank
Click the generate challan button
Take a printout of the challan and visit the selected Bank. Mandate forms will also be generated simultaneously
Pay using Cheque through your account with the selected bank/branch. You can also pay using the account debit facility
The transaction will be processed by the bank and RBI shall confirm the same within <2 hours>
Once you receive the Unique Transaction Number (UTR) on your registered e-mail or mobile number, you can link the UTR with the NEFT/RTGS CPIN on the GST Portal. Go to challan history and click the CPIN link. Enter the UTR and link it with the NEFT/RTGS payment
The status of the payment will be updated on the GST portal after confirmation from the bank
The payment will be updated in the electronic cash ledger in respective minor/major heads.