GST RETURN FILING
A Private Limited Company offers limited risk and legal protection to its investors. A Private Limited Company in India lies somewhere between a partnership firm and a broadly owned public company. It can be registered with a minimum of two individuals. A person can be both a director and investor in a Private Limited Company.
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GST Return Filing
GST return filing is an online process in India. GST filing is a very simple and quick process. However, it is necessary that returns are filed correctly and error-free to ensure that GST credit can be passed onto the next stage. All you need is GST website login credentials to get started. Once your GST registration is done, GST return filing is mandatory. Non-filing of the same entail heavy penalties.
All registered persons under GST are required to file various returns. The main returns to be filed are GSTR-3B (which is a monthly summary) and GSTR 1 (details of outward supplies).
GSTR 3B is to be filed every month by the 20th. However, the government has recently introduced new due dates for filing the form of GSTR 3B. According to which the 20th of the subsequent month would be the due date for the taxpayers whose turnover is above INR 5 crores and for the taxpayers whose turnover is below INR 5 crores, the due date for GSTR 3B would be 22nd for some states and 24th for the remaining states. GSTR 1 is to be filed on a monthly or quarterly basis, depending on the turnover. It is to be filed on the 10th of every month or quarter, as the case may be.
Suggested read: Announcement of Government for the due date for GSTR 1 late fees waiver.
Finally, an annual GST returns GSTR 9 must be filed by all GST registered entities on/before the 31st of December.
GSTR 4 is to be filed if you have opted for a composition scheme. The registered entities will be required to file GST returns even if the entity has not done any business during any period.
Additionally, there’s yearly GSTR 9C to be filed, which is the GST Annual Audit. It is a reconciliation statement which needs to be certified by a practicing Chartered Accountants.
GST Return Cost
Various Return Filing under GST
GSTR 3B Filing
GSTR-3B is a monthly self-declaration, which should be filed by every registered person under GST. It is a simplified summary return of inward and outward supplies Due date of filing of GSTR 3B is the 20th of the subsequent month. GSTR 3B once filed cannot be revised.
GSTR 1 Filing
GSTR 1 is the record of all sales. Under this form, the suppliers will have to report their outward supplies during the reporting month. According to the norm, all the registered taxable persons are required to file the same by the 10th of the following month or quarter.
GSTR 9 Filing
All the taxpayers registered under GST are required to file their annual returns in a particular form. That form is called the GSTR 9. The due date of filing of GSTR 9 is 31st December every year. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.
GSTR 9A Filing
Return GSTR 9A is an annual return to be filed by dealers who have opted composition scheme. It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year. The due date of filing of GSTR 9A is 31st December every year.
GSTR 9C is a statement of reconciliation between the Annual returns filed in GSTR 9 for a financial year and the figures as per the audited annual Financial Statements of the taxpayer. The GSTR-9C must be filed on or before 31st December of the subsequent year.
GSTR 4 Filing
GSTR-4 is a Return that has to be filed by a Composition Dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish 1 return which is GSTR-4. The due date for GSTR 4 is the 18th of the month subsequent to each quarter.
How to File GST Returns
We will remind you before due date
Verification and submission of documents.
Preparation of GST Return
GST Return filed & Ack Generated
Fill Simple Checklist
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of your name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.