Goods and Service Tax

GST Return Filing

Entities have to file the GSTR-3B return every month providing details of sales and purchases made in a month. In addition to the GSTR-3B return, businesses registered under GST must file GSTR-1 returns. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST returns should be filed every quarter. Annual GST returns must also be filed by all entities in addition to the above.

GSTR 3B :  Return in which summary of outward supplies along with input tax credit is declared and payment of tax is affected by the taxpayer. It has to be filed monthly irrespective of turnover.

GSTR 1 : Details of outward supplies of taxable goods and/or services affected. It is required to be filed monthly if turnover is more than 1.5 cr. Quarterly return to be filed for turnover below 1.5 cr.

GST Annual Return

There are three types of annual return filed as under :

GSTR-9 : All entities having GST registration are required to file GST annual return in form GSTR-9.

GST-9C : Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the taxpayer.

GSTR-9A : GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.

GST LUT Filing

All registered tax payers who export the goods or services will now have to furnish Letter of Undertaking (LUT) in GST RFD-11 form on the common portal of GSTN in order to make exports without payment of IGST.

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