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Things to know about GST Filing

Posted on October 27, 2022December 14, 2022 by admin

Since the introduction of GST, filing GST returns has been challenging for many individuals. Additionally, many taxpayers are still unsure about how to file their GST returns. Additionally, numerous taxpayers make mistakes when filing their returns and later regret them. As a result, we can all agree that filing a GST return is a complicated process. However, this enormous issue has a solution. Through CA (Chartered Account), one can obtain services for filing GST returns. We will learn about the advantages of CA filing GST returns in this article.

What is the filing of a GST return?

Table of Contents

  • What is the filing of a GST return?
  • Who should submit GST Returns?
  • Why is it important to file your GST return?
  • What are the advantages of using CA to file your GST return?

A GST return is a document that details your sales, purchases, paid sales tax (also known as output tax) and sales tax (also known as input tax).You are required to pay the resulting tax liability (money owed to the government) after filing GST returns.No matter whether they owe taxes or not, anyone with a GSTIN or a GST registration is required to submit GST returns.As a result, taxpayers who have registered for GST must also submit zero GST returns.

Who should submit GST Returns?

Every business with an annual revenue or turnover of more than Rs. 5 crore is required to file monthly and annual returns under the GST Registration.The number of GSTR filings made by quarterly GSTR-1 filers using the QRMP mechanism varies.A maximum of five GSTR filings per year are required in special circumstances, such as composition dealers, who are required to file separate returns.

There are a variety of GST returns to choose from.GSTR 1 is the most common, and its due date is the 10th of each month, or the end of each quarter in the case of a quarterly return. The purpose of this return is to provide information on all sales, both B2B and B2C.

3B GSTR This is a summary return that details your production and input tax burden and your net tax burden.Each month, this return is due on the 20th.

GSTR 4: A company that selects the composition plan is required to submit this quarterly report and pay subsidized GST rates ranging from 1% to 5%.

GSTR – 1A’s objective is to resolve the sales figure inconsistency with your customers to whom you have sent the tax invoice.

GSTR 8: By the 10th of each month, an e-commerce business that is required to collect TCS (Tax collected at source) under the GST must file this return.

GSTR 9 is the annual GST return, which must be submitted by March 31 of each fiscal year by all registered individuals.

Why is it important to file your GST return?

You will be assessed interest and a fee for filing your GST returns late.

The interest rate is 18% for the year.From the day of filing until the day of payment, the period will run.

After completing the GST Returns, one is only able to claim the Input Tax Credit and generate electronic bills.The Government of India intends to launch a compliance assessment system in which each GST registrant’s scorecard will be recorded. Learn more at – GST Return filing defaulters cannot raise e-way billIn point of fact, one of the primary factors that is used to generate such a grade is the timely submission of the GST return.

When a taxpayer applies for a loan from a bank or other financial institution, it is evident that timely and accurate filing of the GST Return is beneficial.A taxpayer’s credibility is evaluated by banks based on his GST returns.

If GST Returns are not submitted, a GST registration may be cancelled in some instances.

However, you can hire a CA to file your GST returns because filing a return for GST is a complicated process.Let’s examine the advantages of CA filing GST returns.

What are the advantages of using CA to file your GST return?

When you use a CA (Chartered Account) to submit your GST returns, you can reap innumerable benefits.The following are a few of the most significant advantages that you can take advantage of.

To avoid all penalties, a CA can timely file all of your GST returns.

When you file your GST returns, they can help you save money on taxes.

A CA can offer additional services in addition to filing the GST Return, such as bookkeeping and accounting services or filing the INC-22A budget form.

A professional with valuable taxation experience is known as a practicing CA.As a result, they will be able to instruct you on how to legally pay taxes while reinvesting your funds and growing your company to greater heights of success.

A good CA not only helps you save money, but it also saves you time.

The most secure and reliable accountants on the market are chartered accountants because they adhere to compliance standards and regulations in their work.In the event of a financial emergency, a reputable CA can serve as your safety net.

 

Read More:-

  • Issues With GST Implementation In India
  • What Are The GST Registration Requirements?
  • What Is The Procedure For Revocation Of Cancelled GST?
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