GST Returns Filing Consultants in Mumbai

Under the Goods and Services Tax (GST) system, registered taxpayers are mandated to file returns on a monthly basis. A ‘return’ in this context refers to the documentation required by tax authorities, serving as a record of all taxes collected from customers.

It’s imperative for every individual registered under GST to file returns promptly. Even if a legal entity has no ongoing activity, filing ‘GST nil returns’ is necessary to avoid compliance issues. The advantages of GST return filing include:

• Expansion of the tax base
• Reduced taxes through the consolidation of taxes
• Improved ease of conducting business
• Adoption of a unified platform

A GST return is a comprehensive document detailing the income/sales and expenses/purchases of a tax-paying entity. It must be submitted to the tax administrative authority, with the net tax liability determined based on this return.

In the GST framework, businesses with an annual turnover exceeding 5 crores are required to file two monthly returns and one annual return, totaling 26 filings annually. However, under the QRMP scheme, the number of filings may vary for quarterly GSTR-1 filers, with a total of 9 filings per year, including GSTR 3B and the annual return. Additionally, special cases like composition dealers have separate returns, necessitating 5 filings annually.

The following is a list of GST returns to be filed, along with their due dates as prescribed under the CGST Act:

• GSTR 1: For normal taxpayers, to report sales transactions. Due dates for 2024 are Jan 13th and April 18th for the quarters Oct-Dec and Jan-March, respectively.
• GSTR 2: Includes purchases made during the tax period, to be filed by all normal taxpayers.
  • GSTR 2A: Auto-populated data of inward supplies.
  • GSTR 2B: An auto-drafted ITC statement generated monthly.
• GSTR 3: Contains details of all outward supplies, auto-generated based on GSTR-1 and GSTR-2.
  • GSTR 3B: Summarized details of outward supplies, input tax credit claimed, tax liability, and taxes paid. Monthly payments are due by the 25th of the following month for the first two months of the quarter.
• GSTR 4: Filed annually by taxpayers under the Composition Scheme, due before April 30th of the following year.
• GSTR 5: For non-resident foreign taxpayers, due within 20 days after the end of the calendar month or 7 days after the registration period ends, whichever is earlier.
• GSTR 6: To be filed by Input Service Distributors, due on the 13th of the succeeding month.
• GSTR 7: Filed by those required to deduct TDS under GST, due before the 10th of the succeeding month.
• GSTR 8: Filed by e-commerce operators collecting TCS under GST, due before the 10th of the succeeding month.
• GSTR 9: Annual return for all GST-registered taxpayers, consolidating monthly and quarterly returns.
  • GSTR 9A: Consolidation of quarterly returns filed during the year.
  • GSTR 9B: Annual return containing details filed in GSTR 8.
  • GSTR 9C: Reconciliation filed by taxpayers with turnover exceeding 5 crores in the financial year.
• GSTR 10: Final return filed by individuals upon cancellation or surrender of registration, due within 3 months from the date of cancellation.
• GSTR 11: Filed by individuals issued a Unique Identity Number (UIN), containing data of all inward supplies received and claimed refund.

Collaborating with GST return filing consultants can alleviate the compliance burden for SMEs, allowing them to focus more on their core business activities.