GST RETURN FILING - Smart Financial Services

GST Return Filing Services

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Overview

Our GST Return Filing Services are designed to assist businesses in fulfilling their Goods and Services Tax (GST) compliance obligations. Timely and accurate filing of GST returns is crucial for maintaining compliance with tax regulations and avoiding penalties. With our expert assistance, navigating the complexities of GST return filing becomes hassle-free, allowing businesses to focus on their core operations while ensuring compliance with tax laws.

Types of GST Returns

For Regular Scheme: (Monthly Filing)

Under Regular Scheme, the taxpayers whose annual turnover is above Rs. 5 crore are mandatorily required to file their GST Returns monthly.
GST returns are categorized based on the nature of the business and transaction types. The main types of GST returns under regular scheme include:
1. GSTR-1 (Outward Supplies):This return includes details of outward supplies made by the taxpayer during the reporting period.
2. GSTR-3B (Summary Return):A monthly summary return that captures the summary of outward and inward supplies along with input tax credit detail

For Regular Scheme: (Quarterly Filing also known as QRMP Scheme)

Taxpayers having their annual turnover less than 5 crores have option to file their returns quarterly.

In this scheme a taxpayer has to file GSTR 1 & GSTR 3B quarterly but pay the taxes due on monthly basis hence it is called Quarterly Return Monthly Payment (QRMP) Scheme.

In this scheme also there is an option to upload sales invoices monthly via the IFF Facility, so your B2B customers don’t have to wait for quarter end to avail ITC.

Annual Returns: (For Regular Scheme)

For taxpayers under Regular Scheme, Annual GST Returns are required to be filed if they meet the specified criteria.
1. GSTR-9 (Annual Return): An annual return consolidating the details furnished in monthly/quarterly returns during the financial year. Mandatory for taxpayers having turnover above 2 crores.
2. GSTR-9C (GST Audit): A reconciliation statement mandatorily to be filed for taxpayers having turnover above Rs. 5 crore

For Composition Scheme

Under composition scheme, to keep it simple there are only 2 types of returns:
1. CMP-08: (Composition Scheme): A quarterly challan cum return for disclosing turnover and depositing the tax due on sales.
2. GSTR-4 (Composition Scheme): An Annual Return for composition taxpayers where consolidated details pertaining to the whole financial year is to be reported.

Benefits of GST Return Filing

Streamlines the taxation process

GST returns provide a unified system for reporting and paying taxes, which streamlines the taxation process and reduces the complexity of multiple tax filings.

Improves financial transparency

Filing GST returns requires businesses to accurately report their income, expenses, and taxes paid, which enhances financial transparency and accountability.

Enhances compliance

Filing GST returns ensures that businesses are compliant with the GST regulations and avoid penalties and fines for non-compliance.

Provides valuable business insights

GST returns provide valuable insights into a business's financial performance, making it easier to make informed business decisions.

Strengthens the economy

GST returns provide valuable data for the government to make informed decisions, which strengthens the economy and promotes economic growth.

Simplifies input tax credit

GST returns allow businesses to claim input tax credit, which simplifies the process of claiming tax credits and reduces the overall tax liability. Enhances compliance: Filing GST returns ensures that businesses are compliant with the GST regulations and avoid penalties and fines for non-compliance.

Our Plans

₹ 599/- per month

Monthly filing of GSTR-1 and GSTR-3B returns
Expert assistance and guidance
GSTR 2B Reconciliation with Books
Availing Optimum Input Tax Credit
Reporting Tax Payable under Reverse Charge (if any)
Computation of Net GST Payable

₹ 999/- per quarter

Quarterly CMP-08 Filing
Expert assistance and guidance
Computation of turnover & gst payable
Reporting Tax Payable under Reverse Charge (if any)

₹ 4999/- per month

Expert assistance and guidance
Accounts Payable & Receivables Management
Monthly filing of GSTR-1 and GSTR-3B returns
GSTR 2B Reconciliation with Books
Availing Optimum Input Tax Credit
Reporting Tax Payable under Reverse Charge (if any)
Computation of Net GST Payable

₹ 2999/-

Expert assistance and guidance
Reconciliation of sales with GSTR 3B & Books
Reconciliation of ITC as per GSTR 2A & Books
Checking availability of ITC as per Rules 42, 43 & Section 17(5).
Checking liability to pay tax under Reverse Charge
Preparation & Filing Annual Return GSTR 9

₹ 3999/-

Expert assistance and guidance
Scrutiny of Sales reported in GSTR 9 vs Books
Scrutiny of ITC availed in GSTR 9 vs Books
Reporting Discrepancies in Sales, ITC & Tax Payable
Preparation & Filing Form GSTR 9C

Customized Based on
business requirements

Tailored solutions based on specific needs and volume of transactions
Expert assistance and guidance

Why YOU Choose US!

Expertise

Experienced team of GST professionals with a proven track record of accurate and timely filing

Technology

We are fanatic in the use of latest technology to our client's aid. We provide our clients 24x7 cloud access of their business reports.

Quality

Customized solutions tailored to meet the specific needs and requirements of each client

RELIABLE

Transparent pricing with no hidden charges or surprises - Dedicated support and assistance throughout the GST return filing process

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Happy clients

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Registrations

Documents for GST Return Filing Services

Business details such as GSTIN, business name and address
Details of outward and inward supplies, including invoices and supporting documents
Bank statements and financial records for reconciliation purposes
Purchase and sales registers, along with input tax credit details

What Our Clients Say About Us!

"Top-notch financial consultancy! Clear insights, personalized approach. Extremely satisfied!"

DHAVAL DESAI

SKY CONSULTANCY

"Highly professional financial consultancy! Strategic guidance, seamless experience. 5 stars!"

VICKY KHATRI

EAGLE CONSULTANCY

"Impressive financial consultancy firm! Expert advice, excellent service. A definite recommendation!"

SAGAR THAKKAR

ADVIZSMM

Frequently Asked Questions (FAQ's):

Can I file my GST returns myself, or do I need professional assistance?

While it is possible to file GST returns independently but professional assistance ensures accuracy, compliance, and timely submission, reducing the risk of errors and penalties.

What happens if I miss the deadline for filing my GST returns?

Late filing of GST returns may attract penalties and interest charges, and repeated non-compliance could lead to suspension or cancellation of your GST registration.

Is it mandatory to reconcile GSTR-2A with my purchase invoices before filing GST returns?

While it is not mandatory, reconciling GSTR-2A with purchase invoices helps identify mismatches, ensures accurate input tax credit claims, and reduces the risk of compliance issues.

What should I do if I discover errors in my filed GST returns?

If errors are detected post-filing, you can rectify them while filing the respective return for the following month/quarter. There are no other options for rectifying a mistake in GST Returns.

Can I claim input tax credit on expenses incurred for exempt supplies or non-business purposes?

Input tax credit can only be claimed on inputs and input services used for taxable supplies or business purposes. Expenses related to exempt supplies or personal use are not eligible to claim.

Do I need to maintain physical copies of invoices and supporting documents for GST return filing?

While physical copies are not mandatory, it is advisable to maintain digital or physical records of invoices, receipts, and supporting documents for a specified period as per GST laws.

Can I file nil GST returns if I haven't made any sales or purchases during a specific tax period?

Yes, businesses with no sales or purchases during a tax period can file nil GST returns to maintain compliance with GST regulations and avoid penalties for non-filing.

What is the difference between GSTR-1, GSTR-2A, and GSTR-3B?

GSTR-1 is for reporting outward supplies, GSTR-2A is an auto-populated return showing inward supplies, and GSTR-3B is a summary return capturing both outward and inward supplies along with input tax credit details.

Can I revise my GST returns after filing them?

No, there is no provision for revising GST returns once filed. However, errors can be rectified while filing the respective return for the following tax period.

How can I track the status of my filed GST returns?

The GST portal provides a facility to track the status of filed returns by logging into your GST account and accessing the "Filing of Returns" section, where you can view the status of each return filed.

RELATED SERVICES

GST Registration
GST Audit and Compliance Review
GST Consultancy and Advisory Services

Get In Touch With Us

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Branch:

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