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What does it mean by GST return filing…?
All trades, businesses and industries registered under GST have to file returns monthly / quarterly / annually based on their business turnover. Implementation of a comprehensive Income Tax System, like GST in India ensures that taxpayer services such as registration, returns and compliance are flawlessly aligned. A ‘GST Return Filing’ is a document that contains details of taxpayers’ income. It has to be filed with GST administrative authority. The document is used by tax authorities to calculate tax liability of all GST taxpayers. A GST Return Filing form includes:
➤ Output GST [on sales].
➤ Sales.
➤ Input Tax Credit [GST paid on purchases].
➤ Purchases.
GST return is a document that contains details of all income or expenses that a taxpayer needs to file with the authorities.
Any individual taxpayer filing GST returns has to file 4 forms such as returns for supplies, returns for purchases made, monthly and annual returns.
Use the GST portal that is www.gst.gov.in.
Each and every invoice has to be uploaded. Against each invoice, a reference number will be issued.
Filing GST returns regularly on time lets customers claim input credit smoothly and so,it helps maintain a healthy relationship along with equally better prospects.
Tax already paid by supplier is deducted from liability to pay taxes. If tax paid and collected transaction is recorded through filing return by both parties, Input Tax Credit can be passed on to buyer and not otherwise. The registered person cannot claim input credit, if the return is not filed on time.
Credit notes.
Purchase invoices.
Sales invoices.
THERE WILL NOT BE ANY REJECTION IN GSTR FILING
Fill in our forms, which may not take more than 5 minutes.
Allocate a Relationship Manager.
GST experts will prepare GST return, intimate tax liability and file GST return on your behalf online with GST department.
Our experts will go through all your documents and information furnished.
Our experts will carefully examine the documents for correctness and accuracy before filing your GSTR.
GSTR Filing will be done on your Behalf
Quatortax is always there to help you with a team of talented and well-experienced Professionals, who can simplify the GSTR Filing process on your behalf.
FAQ
FAQ
QUATORTAX
ASPECT
ELIGIBILITY
TAX RATE
INPUT TAX CREDIT (ITC)
GST FILING FREQUENCY
INTERSTATE TRANSACTIONS
PAYMENT OF GST
COMPLIANCE REQUIREMENTS
ANNUAL RETURN
PENALTY FOR NON-COMPLIANCE
BUSINESS FLEXIBILITY
TRANSITION TO REGULAR SCHEME
GST REGULAR SCHEME
Any GST registered business with a turnover above a specified threshold (e.g., INR 20 lakhs for regular taxpayers)
Applicable GST rates based on the nature of the goods or services
Eligible for ITC on GST paid on purchases of goods/services
Monthly GST returns (GSTR-3B) and quarterly GST returns (GSTR-1) need to be filed
Applicable, and IGST is levied
Monthly payment of GST based on GSTR-3B returns
Higher compliance requirements, including monthly returns and frequent reconciliations
GST annual return (GSTR-9) required
Penalties can be higher for non-compliance
Suitable for businesses with significant input tax credits and a wide range of operations
Transition to regular scheme possible if turnover exceeds threshold
GST COMPOSITION SCHEME
Small taxpayers with an annual aggregate turnover up to INR 1.5 crores (INR 75 lakhs for special category states)
Lower GST rates based on the type of business (e.g., manufacturers, traders, restaurants)
Not eligible for ITC
Quarterly GST returns (GSTR-4) need to be filed
Not allowed
Quarterly payment of GST based on GSTR-4 returns
Lower compliance requirements compared to the regular scheme
GST annual return (GSTR-9A) required
Penalties are generally lower compared to the regular scheme
Designed for small businesses with a limited product/service range
Transition to regular scheme required if turnover exceeds threshold
GST QRMP SCHEME
Businesses with an aggregate annual turnover of up to INR 5 crores
Regular GST rates apply
Eligible for ITC on GST paid on purchases of goods/services
Quarterly GST returns (GSTR-1 and GSTR-3B) need to be filed
Allowed with the usual IGST
Quarterly payment of GST based on GSTR-3B and GSTR-1 returns
Reduced compliance compared to the regular scheme due to quarterly returns and monthly payments
GST annual return (GSTR-9) required
Penalties may be lower due to reduced frequency of returns
Suited for businesses with a moderate turnover looking for reduced compliance
Transition to regular scheme possible if turnover exceeds threshold
QUATORTAX
Backed by a core team of well-experienced Charted Accountants, Company Secretaries, and Lawyers, QUATORTAX offers services from incorporating your company to Compliances, filings to certifications and registrations to business licenses.
Professional guidance is costlier these days. But our service charges are wallet-friendly.
We pay personalized care and attention to every client.
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With our assured services, your satisfaction is ensured.
Timely service is our speciality.
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