Overview of GST Filing

The business entity that is registered under GST must file for their GST returns annually, quarterly and monthly, depending on the business they are conducting. Therefore, GST filing is mandatory for all the business concerns that have a GST registration number regardless of the business they are running or the profits or losses they had during the period of filing the returns or the sales they had during that period. Thus, even inactive or dormant entities have to file for their GST returns if the entity is registered under GST. In addition, while filing for the GST return, one has to furnish the purchases and sales details of the goods and services with the tax collected and paid.

Our professional team at Taxrepair understands that it can be a daunting task to file for GST with all the required documents and invoices. Our team has a good amount of experience in filing the GST returns for all types of business structures, thereby helping our clients in filing the
GST return correctly with all the invoices and documents as per the business type.

Documents Required for GST Filing

• All the invoices issued to persons having GSTIN – B2B Invoices
• Invoices issued to persons having GSTIN – B2C Invoices (Only when the value is more than 2.5 lakhs)
• Consolidated intra-state sales, categories by GST rates
• Harmonized System of Nomenclature (HSN) wise summary of all goods sold during the month.
• Summary of all the documents issued during the tax period
• Summary of all the debit notes, credit notes, advance receipts and amendments
• PAN Card of the business entity and the directors/person/ partners
• Scanned copy of all the directors/person/ partners (for ID Proof):
• Aadhar card
• Passport
• Voters ID
• Driving license
• GST Registration Number
• Financial Statements of the business entity and the directors/person/ partners (if required)

Benefits of GST Filing

Helping the Small Business from Tax Burden

Small Businesses, i.e. businesses that have a turnover between Rs. 20 lakh to Rs. 75 lakh have benefitted a lot through GST, as they have been given an option to lower their taxes by making use of the Composition Scheme under GST; this has helped the small businesses by bringing down the taxes and compliance burden

Common Taxes for All

Even though different types of taxes are collected under the GST regime, such as IGST, SGST and CGST, all these taxes are collected or paid and recorded in a single form. Therefore, filing multiple forms is no longer required while filing a GST return. GST is a standard tax that the
business owner has to pay, i.e., one unified return to be filed rather than multiple taxes that used to be the case earlier.

Eliminated the Cascading Effect of Tax on Tax

Prior to the introduction of GST, the business owner had to file and pay several taxes like service tax, central excise duty, value-added taxes and various other taxes as per the state they are doing business in; however, GST has made life simpler for business owners as they now have to pay a single tax,i.e. only GST and has eliminated the cascading effect of tax on tax.

Benefits to E-commerce and Start-up Businesses

For people engaging in E-Commerce and Start-up Businesses, with the introduction of GST, it has become relatively easier for them to manage their taxes. Especially the E-commerce businesses as they had to abide by different rules and regulations depending on the states they
were doing business in, these laws have been eliminated under the GST.

Timelines for GST Filing

The process of filing a GST return is done online; although filing the return online is simple by filing only one form for recording all the transactions, professional help is always required for guiding what documents to be uploaded or how to file the return correctly. We at Taxrepair
have expertise in filing the GST returns for our clients correctly and properly. Furthermore, our team ensures that they are updated with the current rules and regulations pertaining to the GST and abide by all while filing GST returns for our clients.

Contact our experienced team for consultation on filing the GST return.