Goods and Service Tax in Bangalore
Goods and Service Tax
GST Registration
Persons or entities in India involved in the supply of goods or services must obtain GST registration when the threshold limit for registration is crossed. In most states, GST registration is mandatory when a person supplies services or goods over Rs.20 lakhs per year. In addition to the turnover limit, GST registration is compulsory for all persons undertaking eCommerce sales.
Goods and Service Tax (GST) is comprehensive Indirect Taxes levied by the government on sale of goods or provision of services in India. This law was introduced in 2017 subsuming the erstwhile laws such as excise duty, service tax and VAT, etc.
We SLG Professional Solutions Pvt Ltd ., are providing various services under GST laws. Some of them are –
- Registration, modification or amendment under the GST Act
- Filing GST returns such as 3B, 1, etc
- Obtaining Letter of Undertaking (LUT) for export of services or goods
- Audit under GST laws
- Consultation and advice on GST matters
- Assisting in obtaining GST Refunds
We have been working with clients from different industries such as Information Technology (IT), ITES, manufacturing, garments, pharmaceuticals, e-commerce, automobiles, real estate, etc. We are also providing extensive service to startup ventures, incubators, etc. In case you need these services, we would be glad to assist you. Please write to shalini@slps.co.in
GST Return Filing
Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
File monthly GST returns and maintain GST compliance with Accountant support. Upload your invoices or documents and our Accountants will verify and file GST return.
Whose should file GST Return?
GST registration holders are required to file GSTR-3B return every month providing details of sales and purchases made in a month to the Government. GSTR-3B return is due on the 20th of each month.
In addition to GSTR-3B return, businesses registered under GST must file GSTR-1 return. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST return should be filed every quarter.
Here is a list of all the returns to be filed as prescribed under the GST Law along with the due dates.
As per the CGST Act subject to changes by CBIC Notifications
| Return Form | Particulars | Frequency | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Monthly | 11th* of the next month with effect from October 2018
*Previously, the due date was 10th |
| GSTR-2 Suspended | Details of inward supplies of taxable goods and/or services effected claiming the input tax credit. | Monthly | 15th of the next month |
| GSTR-3 Suspended | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. | Monthly | 20th of the next month |
| GSTR-3B Suspended | Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer. | Monthly | 20th of the next month |
| GSTR-4 | Return for a taxpayer registered under the composition levy | Quarterly | 18th of the month succeeding quarter |
| GSTR-5 | Return for a Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for an Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual Return for a Normal Taxpayer | Annually | 31st December of next financial year* |
| GSTR-9A | Annual Return a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of next financial year* |
| GSTR-10 | Final Return | Once, when GST Registration is cancelled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed |
Penalty for Late Filing GST Return
Failure to file GST returns on time to can lead to penalties and cancellation of GST registration. If GST return is continuously not submitted for six months, then the GST registration would be cancelled, and the person would not be able to obtain another GST registration – unless the entire late filing penalty is paid.
The penalty for late filing GST return is different for persons having NIL return and persons having a turnover. In case a person has no business, NIL GST return must be filed. Failure to file NIL GST return can lead to a penalty of Rs.20 per day for each of the GSTR-3B return and GSTR-1 return. So, failure to file NIL GST return can result in a penalty of Rs.40 per day or Rs.1200 per month.
In case a person has business activity during the period for which GST return is late-filed, then a penalty of Rs.50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return. Hence, a penalty of more than Rs.3000 per month would be applicable.
In addition to the above late filing fees, the person would also have to pay interest at the rate of 18% on GST payment remitted late to the Government.
