GST Filing - GSTR - 1 (3 months)

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes:

• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases) Under this plan, our experts will file your 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.

There are three types of GST Returns to be filed every month and an annual return for registered businesses as below:

• GSTR-1 includes monthly details of outward supplies of taxable goods and/or services effected. It's due on 10th of the next month.
• GSTR-2 includes monthly details of inward supplies of taxable goods and/or services effected claiming input tax credit. It's due on 15th of the next month.
• GSTR-3 is a monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. It's due on 20th of the next month.
• GSTR-9 is required to be filed annually on 31st December of next financial year.

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers. To learn more, read here.

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST compliant tax invoice is a bill which will have 16 mandatory information some of which are:

• Name, address and GSTIN of the supplier
• Invoice number
• Date of issue
• Name, address and GSTIN of the recipient (if registered)
• HSN code
• Description of the goods/services
• Quantity of goods
• Value after discount
• Rate and amount of GST

Under this plan, we expect you to provide a summary of invoices (purchase & sale) covering all this information to help us file your GST returns.

GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017). The government has postponed the filing of GSTR 1, 2 & 3 for July and August, 2017 in order to give businesses some time to adjust to GST.

Filing schedule for GSTR Forms:

• GSTR-3B for July 2017 needs to be filed on 20th August, and for August 2017 on 20th September
• GSTR-1 for July 2017 needs to be filed between 1st-5th September, and for August 2017 between 16th-20th September
• GSTR-2 for July 2017 needs to be filed between 6th-10th September, and for August 2017 between 21st– 25th September
• GSTR-3 for July 2017 needs to be filed between 11th– 15th September September, and for August 2017 between 26th– 30th September

If you are registered under GST, then you need to file GST returns. By filing GST returns, you will be able to claim Input tax credit.

Presently, the government is yet to define GST filing guidelines for e-commerce operators. Till such time, you will be required to file GST returns like others. We will cover the same under this package.

You need to file GST returns for every GSTIN. So for one GSTIN, you need to file 3 returns every month and one annual return. Under this plan, we will file GST returns for one GSTIN only. You will need to purchase additional packages for multiple GSTIN.

The processing time for a refund application has been kept as sixty days under GST model law but it could be as early as two weeks. Our experts will assist you with claiming the refund.

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or by the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 1 crore] must get his accounts audited by a CA or a CMA.For more details, read here.

Our CA experts will guide you on tax audit. Note that our plan does not cover audit services. These are separately charged by the CA.

To prevent tax evasion and corruption, GST has brought in strict provisions for offenders regarding penalties, prosecution and arrest. These cover cases of fraud, tax evasion among others. For more details, please read our article.

B2B invoices are invoices of taxable supplies made to registered taxpayers is considered as B2B.

B2CL are invoices for taxable outward supplies made to unregistered taxpayers where:

• Supply is made interstate, and
• Total invoice value is more than Rs 2,50,000/-