To file a GST return, you primarily need your GSTIN (GST Identification Number), login credentials for the tax portal, and detailed records of all transactions for the period, including B2B and B2C sales invoices, purchase invoices (for input tax credit), debit/credit notes, and HSN-level summaries. Accurate sales and expense data are essential for reporting tax collected and paid.
GST return filing is done through the GST portal and documents need not be attached to the GST return. However, the taxpayer would need to submit information pertaining to B2B invoices issued, B2C invoices issued, credit notes issued, debit notes issued and HSN summary of goods sold.
The following documentary evidence is required to claim a refund under GST by registered tax payer.
When you complete a GST return, you'll need to know:
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.
The main documents required for GST registration of companies are:
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.
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).
Log in to the GST portal and fill out Form RFD-01, selecting the relevant refund category. This must be done within two years from the date of tax payment. Depending on the type of refund, upload necessary documents such as tax invoices, shipping bills (for exporters), proof of payment, and electronic credit ledgers.
Qualifying for the GST Refund:
Purchase the goods and request the retailer to capture your information for tourist refund; Spend at least SGD100 (including GST).
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.
Certified copy of identity document; and. Original bank statement or ATM/internet generated statement or ABSA eStamped statement not more than three months old that confirms the account holder's name, bank name, account number, account type and branch code.
Did you know? Filing GST returns requires detailed documents such as B2B and B2C invoices, GSTIN, HSN summaries, and credit/debit notes. Ensuring accurate documentation can make your GST filing process smoother and error-free.
In GST, if any person or business violates any provision prescribed in the GST Act or rules, would also be subject to penalty. 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.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
You are eligible for this credit if you are a resident of Canada for income tax purposes at the end of the month before and at the beginning of the month in which the CRA makes a payment (read When your GST/HST credit is paid). In the month before the CRA makes a quarterly payment, you must be at least 19 years old.
Common Documents
Registration under GST is mandatory for all businesses whose annual turnover exceeds Rs 40 lakhs in a financial year. This threshold is Rs 20 lakhs for special category states such as Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.
Here's a breakdown of the typical expenses for small businesses: GST Return Fees: Rs. 500 to Rs. 1,000 per month for online filing via the GST portal.
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.
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.
But persons who are engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax or an agriculturist, to the extent of supply of produce out of cultivation of land are not liable to register under GST.
To qualify for the GST/HST credit, your adjusted net family income must be below a certain threshold, which for the 2024 tax year ranges from $56,181 to $74,201, depending on your marital status and how many children you have.
Short answer. If you're registered for GST, you must charge and collect GST. Sole traders and businesses who estimate they'll make $75,000 or more in business income in any given 12-month period have to register for GST.