GST RETURN FILING SERVICES IN MUMBAI

WHAT ARE GOODS AND SERVICE TAX (GST)

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is a comprehensive, multi-stage, destination-based tax that replaces various previous indirect taxes, including VAT, service tax, and excise duty. GST is collected at each stage of the production and distribution cycle, with the final burden falling on the end customer. It aims to simplify the tax structure, develop a unified national market, and boost compliance. GST is divided into three components: Central GST (CGST), State GST (SGST) within states, and Integrated GST (IGST) for interstate transactions.

MEANING OF GST RETURN FILING

GST return filing refers to the process by which registered taxpayers must file returns for Goods and Services Tax (GST) every month. A ‘return' is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. These returns provide details of the income, sales, purchases, and taxes paid and collected. Filing GST returns is mandatory and ensures compliance with the tax laws. It involves declaring details such as outward and inward supplies, tax liability, and input tax credit. There are different types of GST returns that must be filed monthly, quarterly, or annually, depending on the business turnover and type.

Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns' to avoid GST compliance issues.

BENEFITS OF GST RETURN FILING

• Greater Tax Base
• Lower taxes, subsuming of taxes
• Ease of doing Business
• Unified Platform

GST return is a document that consists of all the details of income/sales, expense/purchase of any tax-paying individual or company. One must file their GST return with the tax administrative authority, according to the GST return filing consultants. The net tax liability of a person is calculated by the tax authorities with a GST return. In the GST regime, any regular business with more than 5 crores of annual aggregate turnover is obliged to file 2 monthly returns and 1 annual return. This totals about 26 GST return filings in a year. However, under the QRMP scheme, the number of GST filings may vary quarterly for GSTR-1 filers. For them, the number of return filings in a year is 9 (this also includes GSTR 3B and annual return). Special cases such as composition dealers have separate returns that need to be filed. They are required to file 5 GSTR return filings in a year. Many businesses opt for GST return filing services to ensure accuracy and compliance.

Here is the list of all the GST returns to be filed (along with their due dates) as prescribed under the CGST Act:

Working with GST return filing consultants will ease the compliance burden for SMEs, and they can focus more on their business rather than getting occupied in GST return filing compliance procedures.

Late fee & Penalty for delayed GST return filing

Filing GSTR-3B is mandatory. Even if a business has no transactions during any month, it will still have to file a “NIL Return”.

From June 2021 onwards, the late fees will be levied and capped as follows:

• For Nil tax liability, the penalty is ?20 per day and maximum ?500
• For others the penalty is ? 50 per day and maximum charges may vary depending on the Annual Aggregate Turnover (AATO)
• The maximum penalty for AATO upto 1.5 crores is ?2000
• The maximum penalty or AATO between 1.5 to 5 crores the charges are ?5000
• The maximum penalty for AATO above 5 crores the charges are ?10000

Interest is 18% per annum. It must be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of GST return filing to the date of payment.

In case of nil GSTR-3B filing, the maximum late fee charged will be Rs.500 per return (i.e. Rs. 250/- each for CGST & SGST). The maximum penalty is Rs. 10,000 (if the turnover is more than 5 crores). There is no late fee on IGST.

Hire Paresh Rawal & Associates as your GST return filing consultants to ensure prompt filing of GST returns without any delays, complications, or discrepancies.

Why Partner with Paresh Rawal & Associates for GST Return Filing?

Paresh Rawal & Associates is a trusted name in business consultancy and registration services. Partnering with Paresh Rawal & Associates for GST return filing ensures a seamless and efficient compliance process. Our team of professionals possesses extensive knowledge of GST regulations, guaranteeing accurate and timely submissions. Paresh Rawal & Associates's commitment to precision, combined with their proactive approach, minimizes the risk of errors and potential penalties. Clients benefit from personalized attention, as the firm tailors solutions to individual business needs. Based in Mumbai, we provide proficient Audit and Tax Consultancy services performed by a team of Chartered Accountants, Company Secretaries, Cost Accountants, System Auditors, and Management Graduates with extensive professional experience. The financial expert team at Paresh Rawal & Associates understands various business processes, identifies challenges, and works to present our valued clients with an ideal and practical solution. Along with GST return filing, we offer a wide range of services that includes various Incorporation, Registrations, ROC Compliances, Tax Compliances, LLP Registration, Audit services, GST Registration, Private Limited Company Registration, Retainership services, Assessment, Scrutiny and many more.

Connect with us today to avail our GST return filing consultancy!