GST Return Filing - An Overview

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 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.

GST Return Filing Process

1. Fill Form

Simply Fill the form, Make Payment and Get Started

2. Call to get Invoices Data

Send Invoice Data through Email or WhatsApp.

3. Get your GST Number

Your GST Return will be filed within 24 hours upon receiving the Data.

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Benefits of GST Filing with RapidTax

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Customized Service

Complete End to End Services for Individuals/ Business Entities or any other Entity

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Filed By Chartered Accountant

Your GST Return will be prepared and filed by our Experienced Team of CAs having Vast Experience

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E-Commerce GST Filing

Specialized Services for Sellers who work on Online Selling Platforms including Refund Adjustments.

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Timely Submission GST Return

We will submit your GST Return within 24 hours of submission of all details

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100% Transparency

You will receive a report on every GST Return Filing with details of Tax Liability

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Dedicated Customer Support

We are available 7 days a Week. You can reach us via Phone, Email & WhatsApp

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Eligibility

In the GST norms, any regular business has to file three monthly returns and one annual return.GST should also be filed by entities that make no sales or purchases during a given period (year) in the form of nil-returns (meaning no returns).The best part in this system one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.Compounding taxpayers have to file returns quarterly which is for every three months and regular taxpayers such as foreign non-residents, casual taxpayers and Input Service Providers (ISD) have to file returns monthly.

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

Benefits of GST Return Filing

  • Timely Submission – We will submit your GST returns within a period of 3 days from the date of submission of all details. There is also no chance of penalties in the future.
  • Year Around Expert Consultation – Get consultation for GST on call. There is no limit on the number of questions or time limit.
  • Save Money (100% ITC Guaranteed) – We offer trusted and professional at affordable prices when compared to market standards.
  • In-House Team of Professionals – We have our professional in-house team. We do not sub-let your work to others

Penalties Involved Under GST Act

  • If you fail to file GST returns on time it can lead to penalties and cancellation of GST registration. If one does not submit a GST return for six months, then the GST registration would be canceled, and the person would not be able to obtain another GST registration – unless all the late filing penalty is paid.

    For people having NIL returns and persons having turnover, the penalty for late filing GST returns is different. NIL GST return must be filed for an individual with no business. Failure to file a NIL GST return can lead to a penalty of Rs. 20 per day for each of the GSTR-3B return and GSTR-1 returns. So, failure to file a NIL GST return can result in a penalty of Rs. 40 per day or Rs. 1200 per month.

    In case a person has business activity during the period for which the GST return is late-filed, then a penalty of Rs. 50 per day will be applicable for a late GSTR-3B return and Rs. 50 per for a GSTR-1 return. Hence, a penalty of more than Rs. 3000 per month would be applicable.

    In addition to the above late filing fees, the person would also have to pay interest at the rate of 18% on GST payments remitted late to the Government.

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What People Frequently Ask

1. What GST Return?
A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for a specific period.

2. What are the different types of GST returns?
GSTR-1: monthly return for outward supplies GSTR-2: monthly return for inward supplies GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7) GSTR-4: quarterly return GSTR-5: variable return to be filed by Non-Resident Taxpayers GSTR-6: monthly return to be filed by input service distributors GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions GSTR-8: monthly return to be filed by e-commerce operators GSTR-9: annual return GSTR-10: final return to be filed when terminating business activities permanently GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)

3. I am an E- commerce operator do I need to file any special GST returns?
Yes, all e-commerce operators who allow other suppliers to sell goods or services through their portals are required to file the GSTR-8 return. Those who use their own portal to sell their goods or services need not file this return. 3. I am an E- commerce operator do I need to file any special GST returns?

4. What is the purpose of Filing Return?
Finalization of the tax liabilities of the taxpayer within the stipulated period of limitation; to declare tax liability for a given period. Providing necessary inputs for taking policy decisions. Compliance verification program of tax administration. Mode for transfer of information to tax administration. Management of audit and anti-evasion programs of tax administration