GST Return Filing - an Overview

The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly.

Our GST return filing service helps taxpayers like you to get it done easily. Our professionals will take care of the filings so you don’t have to worry about staying up-to-date with laws or watching due dates.
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Benefits of GST Return Filing

GST eliminates cascading effect

Earlier there were many instances where tax on tax was paid for a single transaction. As GST did away with several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax. This saves you money.

Higher threshold

The threshold for GST is aggregate turnover exceeding 40 lakhs for sale of goods and aggregate turnover exceeding 20 lakhs for sale of services. This means small businesses falling below this threshold limit are not subject to GST.

Easier for startups and e-commerce businesses

The GST system has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly suffered from different tax laws across different states which are now eradicated by GST.

More organised system

Before GST the tax filing system was disorganised. Now, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.

Documents Required

• Invoices issued to persons with GSTIN or B2B invoices.
• Invoices issued to persons without GSTIN or B2C invoices. This needs to be submitted only when its total value is above 2.5 lakhs.
• A consolidation of inter-state sales.
• HSN-wise summary of all goods sold.
• Any other debit or credit notes or advance receipts.