To file a GST return, you generally need your GST registration number (GSTIN/BN), login credentials for the tax portal, and detailed records of sales (outward supplies) and purchases (inward supplies/input tax credits) for the reporting period. Key documents include invoices, receipts, and a summary of taxable value and tax rates.
Documents Required for GST Return Filing
When you complete a GST return, you'll need to know:
File your GST/HST return
No, a Chartered Accountant (CA) is not required to submit a monthly Goods and Services Tax (GST) return in India. The GST return filing procedure is made to be simple to use and enables taxpayers to submit their returns on their own.
If your GST turnover is below the $75,000 threshold, you may choose to register. But if you do, regardless of your turnover, you must: include GST in the price of most goods and services you sell. claim GST credits for most business purchases you make.
You can file the GST return online as follows.
Late submission penalty. A late submission penalty of $200 is imposed immediately when the GST return is not filed by the due date. A further penalty of $200 is imposed for every completed month that the GST F5/F8 return remains outstanding. The maximum penalty amount for each outstanding F5/F8 return is $10,000.
GST Return Fees: Rs. 1,000 to Rs. 3,000 per month. Professional Filing Services: Rs.
What is the Minimum Turnover Limit for GST Registration? Businesses are required to register for GST and pay tax on their annual turnover if their annual revenue exceeds Rs. 40 lakhs in the case of goods supplied and Rs. 20 lakhs for the supply of services.
You have to start charging GST/HST on the supply that made you exceed $30,000. You exceed the $30,000 threshold 1 over the previous four (or fewer) consecutive calendar quarters (but not in a single calendar quarter).
For GST, the CRA filing and payment deadline is 3 months after your fiscal year end. For GST filed and paid annually, the CRA payment deadline is April 30 and the filing deadline is June 15.
Preparing Your GST Return
We recommend assembling supporting documents, such as sales invoices and expenses, and records of GST collected and paid. You should also calculate your output taxes and input taxes. Accounting software such as Xero can streamline this process and improve tracking and reporting.
The main documents required for GST registration of companies are:
It is mandatory to file all FORM GSTR-1, FORM GSTR-3Band FORM GSTR -9 for the current financial year before filing this return. The reconciliation statement is to be filed for every GSTIN separately.
To file your first GST return, log into the GST portal, navigate to the return section, and fill out the required forms such as GSTR-1 and GSTR-3B with accurate details of your transactions. Can I file my GST return myself? Yes, you can file your GST return yourself through the GST portal.
On average, CAs may charge anywhere between Rs. 2,000 to Rs. 15,000 per year for filing GST returns.
Therefore, upon non –filing of GST returns or missing out the GST due dates, the GST law prescribes a general penalty. The maximum penalty that may be imposed is Rs. 5,000. The taxpayer will be required to pay interest on late payment of GST at a rate of 18% annually in addition to the late payment penalty.
Backdating your GST registration
Backdating a GST registration is limited to 4 years. This means, unless there is fraud or evasion: we can't backdate your GST registration by more than 4 years. you are not required to be registered before that date.
For annual return GSTR-9: ₹200 per day (₹100 CGST + ₹100 SGST), capped at 0.25% of turnover in the state or UT. For GSTR-4 (composition scheme): ₹50 per day for regular returns, ₹20 per day for nil returns. For GSTR-7 (TDS returns): ₹50 per day, capped at ₹2,000 per return.
Grace periods typically range from 15 to 30 days. While technically a customer could wait until the exemption date to pay, insurers may still treat the premium as GST-inclusive based on the due date, not the payment date. ...
The answer to this question is yes. It is not mandatory to hire a CA for paying GST. The government has provided an online platform called the GST portal, where taxpayers can register and file their GST returns themselves.
In conclusion, the minimum GST registration limit for mandatory GST registration in India is Rs. 40 lakh for most businesses, with a lower threshold limit for GST registration of Rs. 10 lakh applicable in special category states.
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/- All other ITR Filing: ₹3,000/-