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All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business . In this article, we cover the following topics:
What is GST Return?
Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.
File GST Returns
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
Depending on the type of registration and transactions different periods have been specified. Monthly Return has to be filed by Regular taxpayers, Foreign Non-Residents, Input Service Distributor, Tax Deductors and E-commerce Operators whereas Composition taxpayers will have to file a quarterly return. There is also an additional Annual GST Return apart from this.
Types of GST Returns
Any regular business: GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:
☞ Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
☞ Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
☞ Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
☞ Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
File GSTR-1 Return:
1. Login and Navigate to GSTR-1 page
2. Generate GSTR-1 Summary
3. Enter details in various tiles
4. Preview GSTR-1
5. Acknowledge and Submit GSTR-1 to freeze data
6. File GSTR-1 with DSC/ EVC.
File GSTR-2 Return:
1. Login and Navigate to GSTR-2 page
2. Generate GSTR-2 Summary
3. Enter Details in various tiles
4. Preview GSTR-2
5. Acknowledge and Submit GSTR-2 to freeze data
6. File GSTR-2 with DSC/ EVC
7. View GSTR-2 Status
File GSTR-3B return:
1. Login and Navigate to GSTR-3B – Monthly Return page
2. Enter Details in Section - 3.1 Tax on outward and reverse charge inward supplies
3. Enter Details in Section - 3.2 Inter-state supplies
4. Enter ITC Details in Section - 4. Eligible ITC
5. Enter Details in Section - 5. Exempt, nil and Non GST inward supplies
6. Enter Details in Section - 5.1 Interest and Late Fee
7. Preview and Submit GSTR-3B
8. Enter Payment Details in Section - 6. Payment of Tax
9. File GSTR-3B
Call & file your GST RETURN @ 7550085215
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