GST Return Filing Services
@ Rs. 999 * per month
- Accurate GST return filing by the top CAs in Delhi NCR
- Guaranteed GST return filing before the deadline
- Return Filing Services: Simplify Your Tax Compliance with Finocircle
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Your Trusted GST Return Filing Service in Delhi NCR
Finocircle offers complete GST return filing services to simplify your tax compliance. Your journey towards GST compliance starts with us assisting you with GST registration. Goods and Services Tax has streamlined the taxation system for Indian businesses, unifying multiple taxes into one. We at Finocircle streamline GST return filing for our clients, ensuring their business remains compliant and they never receive any GST tax notice.
Our simplified return filing services are empowered by GST tax experts with years of experience. Filing GST return with Finocircle is a five-step process:
Fill out the callback form
Talk to a GST Tax filing expert
Share your documents required for return filing
Our experts will ensure to save you the maximum tax
Get GST filing completed in minimum time
Introduction
Understanding GST and Its Impact on Your Business
At Finocircle, we recognize the challenges businesses face in navigating the complexities of GST compliance. Our expert GST return filing services are designed to ease this burden, ensuring accurate and timely submission of your returns.
Regular GST return filing is not just a legal obligation but a crucial aspect of financial management for businesses. In India, all GST-registered businesses must file monthly or quality GST returns as well as annual GST returns based on the type of business. The process of GST return filing is entirely online and is made on the GST portal.
What is a GST Return?
A GST return is the document that summarizes all income or sales and expenses or purchases of a GST-registered business filed to the GST tax authorities within your region. Every GSTIN or GST Identification Number must file the monthly/quarterly and annual GST return as the concerned taxation department uses it to calculate their net tax liability.
When filing a GST return, a registered entity typically needs to provide these details – purchases, sales, Output GST (On sales of their products/services) and Input Tax Credit (GST paid on purchases of products and services).
At Finocircle, we understand that keeping track of such details and filing accurate GST returns can be daunting. That’s why we offer expert GST return filing services to streamline your compliance process.
GST TAX FILING ELIGIBILITY
Do I have to file GST returns?
The eligibility for GST return filing depends on your annual aggregate turnover. If your annual revenue is more than 5 crores, then you must file GST returns twice a month and one annual GST return. In total, such regular businesses are required to file 25 returns every year under the GST regime. Alternatively, eligible businesses can opt for the Quarterly Returns with Monthly Payment (QRMP) Scheme, allowing eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns quarterly.
QRMP scheme is available for businesses with turnover up to 5 crores. It requires 9 GSTR filings each year – 4 GSTR-1 and 4 GSTR-3B returns and an annual return. However, they must pay monthly tax even if they file GST returns quarterly.
Another category is special cases such as composition dealers. For these categories, businesses must file 5 GST returns yearly – 4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4.
Types of Returns under GST
Under the GST regime, there are 13 types of GST returns. This includes GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. Here's a table listing all 13 types of GST returns with a short description of each:
Return Type Description | |
|---|---|
GSTR-1 | Details of outward supplies of goods or services |
GSTR-3B | Monthly summary return for sales, purchases, and tax payment |
GSTR-4 | Annual Return for Composition Scheme Taxpayers |
GSTR-5 | Return for nonresident taxable persons |
GSTR-5A | Return for online information and database access or retrieval services |
GSTR-6 | Return for Input Service Distributors |
GSTR-7 | Return for authorities deducting tax at source |
GSTR-8 | Return for e-commerce operators collecting tax at source |
GSTR-9 | Annual Return for regular taxpayers |
GSTR-10 | Final Return upon GST registration cancellation |
GSTR-11 | Return for taxpayers having Unique Identity Number and claiming refunds |
CMP-08 | Quarterly statement for composition scheme taxpayers |
ITC-04 | Statement for goods sent to/received from a job worker |
Additionally, there are two more forms related to GST returns:
- GSTR-2A: Auto-populated inward supply details from suppliers’ GSTR-1
- GSTR-2B: Auto-populated fixed view of inward supplies for a month
Not all GST return types apply to all taxpayers. The specific returns a business needs to file depend on its category and the nature of its GST registration.
Finocircle GST return filing consultants help you identify what types of GST returns apply to your business and assist you in filing the returns in full compliance.
BENEFITS
Benefits of Regular GST Return Filing
Compliance with Legal Requirements
Stay on the right side of the law with our timely and accurate GST return filing services. We ensure your business meets all legal obligations, giving you peace of mind.
Enhanced Input Tax Credit Claims
Finocircle helps clients claim all eligible input tax credits, optimize their tax position and improve cash flow.
Improved Business Credibility
Regular and accurate GST return filing enhances your business's credibility with stakeholders, including customers, suppliers, and financial institutions.
Avoidance of Penalties and Fines
Late or incorrect filing can attract fines of 18% per annum. It is calculated on the amount of outstanding tax. Additionally, under the GST regime, the late fee is Rs. 100 per day.
DOCUMENTS CHECKLIST
Documents Required for GST Return Filing
To ensure smooth GST return filing, taxpayers must provide us with the following documents when asked:
Sales and purchase invoices
Bank statements
Eway bills
Input tax credit details
Previous GST returns
Don’t have these documents read? Don’t worry; our team will guide you on how to prepare and submit these documents efficiently.
Streamlined GST Return Filing Process at Finocircle
1: Consultation and Document Collection
- Our team will begin with a thorough consultation to understand your business’s GST return filing requirements. We collect all necessary documents based on the discussion and requirements, ensuring a smooth filing process.
2: Data Verification and Reconciliation
Our experts meticulously verify your financial data, reconciling it with your books of accounts to ensure accuracy and completeness in GSTR filing.
3: Preparation and Review of Returns
Our team prepares your GST returns, ensuring accuracy. This is followed by a comprehensive review to eliminate any errors or discrepancies.
4: Filing Returns with GST Portal
You don’t have to deal with filing returns on the GST portal. Our team handles the entire filing process on the GST portal, ensuring the timely submission of your returns.
5: Confirmation and Documentation
Once filed, we provide you with confirmation of submission and maintain proper documentation for future reference.
Frequently Asked Questions
Are there any exemptions under the GSTR regime?
Yes, there are some exemptions under the GST return filing regime:
- Businesses with an annual turnover below the GST registration threshold (currently Rs. 40 lakhs for goods and Rs. 20 lakhs for services, with some state-specific variations) are not required to register for GST or file returns.
- Certain categories of service suppliers through electronic commerce operators are exempt from mandatory GST registration if their aggregate turnover does not exceed Rs. 20 lakhs (Rs. 10 lakhs in special category states).
- Suppliers who deal exclusively in exempt goods or services are not required to register for GST or file returns.
- Agriculturists, to the extent of supply of produce out of cultivation of land, are not required to register for GST.
- Persons who are only engaged in making supplies of goods or services or both, which are not liable to tax or wholly exempt from tax under GST, are not required to register.
However, it’s important to note that while these entities may be exempt from registration and regular return filing, they may still need to maintain basic records of their transactions.
Does everyone need to file the Annual Return even if one is filing the Monthly Return?
No, not everyone who files monthly returns must file the Annual Return (GSTR-9). Here are the key points:
- Regular taxpayers with an aggregate annual turnover above Rs. 2 crores are required to file both monthly returns (GSTR-1 and GSTR-3B) and Annual Returns (GSTR-9).
- Taxpayers with an aggregate annual turnover of up to Rs. 2 crores have been exempted from filing the Annual Return (GSTR-9) for certain financial years. This exemption is reviewed and announced by the GST Council periodically.
- Composition scheme taxpayers file quarterly returns (CMP-08) and must file an annual return in Form GSTR-4.
- Certain categories of taxpayers are exempt from filing the Annual Return, including:
- Casual Taxable Persons
- Nonresident Taxable Persons
- Input Service Distributors
- Persons paying TDS under section 51 of the CGST Act
- E-commerce operators deducting TCS under section 52 of the CGST Act
- It’s important to note that the requirement to file the Annual Return can change based on government notifications. Taxpayers should stay updated with the latest announcements from the GST Council and tax authorities.
- Even if exempt from filing the Annual Return, taxpayers must continue to file their regular monthly or quarterly returns as applicable.
Remember, while some businesses may be exempt from filing the Annual Return, compiling annual data for internal review and future reference is generally considered good practice.
How often do I need to file GST returns?
The frequency depends on your business type and turnover. Generally, GSTR1 and GSTR3B are filed monthly or quarterly, while annual returns are filed once a year.
What happens if I miss the GST return filing deadline?
Late filing can result in penalties and interest charges. The interest is charged 18% per annum on the outstanding tax amount, while the late return filing fine is Rs. 100 per day, and defaulters must pay Rs. 100 per day under CGST and Rs. 100 per day under SGST.
Can Finocircle help with GST registration?
Yes, we offer GST registration services in addition to our return filing services. Request a callback, and our experts will get in touch and guide you through the process of our GST registration services.
How do I get started with Finocircle's GST return filing services?
Simply reach out to us via phone, email, or our online inquiry form. We’ll schedule a consultation to discuss your needs and guide you through onboarding.
We're Trusted By Our 5k+ Clients
We have delivered satisfactory results for hundreds of our clients ensuring GST return filing complaince. Here’s what some of our clients have to say:
Rahul Choudhary
Finocircle has transformed our GST compliance process, particularly GSTR filing. The team has the expertise and attention to detail that have saved us time and money.
Ruchi Kaushik
The team at Finocircle is professional, responsive, and incredibly knowledgeable. They've made GST return filing a breeze for our business.
Madhav Lal
I am completely satisfied with the GST return filing services I get from these guys. The team keeps me in the loop and regularly updates me about return filing, saving me from penalties.