GST Return

5 Points You Must Know About GST Return

1. Compulsory ITC Reconciliation:

Before filling the GST return, the input tax credit reconciliation between the books of account and GST site must be done. If you are getting the return filed by any consultant, you must ask about this reconciliation and understand the reason for any discrepancy. The errors must be corrected before filing the return.

2. Correspondence with Suppliers:

If the reason for the difference in the ITC reconciliation is due to negligence on the part of your supplier, then you should communicate with your supplier and keep a record of this.

3. Hidden ITC Benefits :

Many times ITC benefits that are otherwise available are missed due to the improper checking of accounts. Usually, consultants tend to concentrate only on sales and purchases or trading accounts. All business expenses must also be checked so that ITC benefits otherwise available are not missed

4. HSN wise Sales Detail :

It is observed that HSN-wise sales details are not being appropriately filled in GST returns. The taxpayer should be extra careful regarding the same. You must make sure that this column is correctly filled.

5. Take Expert Help :

GST returns, once filed, can not be revised. Hence, it is crucial to file the correct return. It is better to take the help of an expert person than relying only on your accountant. Further, GST rules and regulations are being changed frequently, so it is better to take the services of a full-time GST consultant.

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FAQ`s Regarding GST Return

In simple terms, GST return consists of various business transactions related queries or questions that a GST registered person must answer according to the GST law. This form is to be filed online on a monthly or quarterly basis. However, once you have filed the returns, you can’t revise them. So, you need a seasoned GST consultant to help you file your GST returns.

There are 22 types of GST returns in total. However, only 11 are active, three are suspended, and eight are view-only return forms.

But do not worry. The number and type of applicable return you have to file depends upon the kind of category registered. These categories include regular, composition, e-commerce operators, TDS deductor, NRI, Input Service Distributor, casual taxable persons, etc.

Step 1: log in to the GST website with your user-id and password.
Step2: After that click the “Services > Returns > Track Return Status’ tab.
Step3: Now click “Return filing Period” and select the financial year you want to check.
Step4: Enter the search button.

The is no government fee or filing charges for GST returns. However, if you delay filing the return or paying the tax, late payment, penalty, and interest are payable. This fee, penalty, and interest depend upon many factors such as days, turnover, type of return, etc.

The taxpayer has to file a GST return even if there is no business transaction and no tax liability for a month. It is compulsory to file the “NIL” GST return.

If someone does not file a GST return for a particular month, then he cannot file a GST return for subsequent months. It results in filling returns of all following months. There is a per day late fine for delay filing. So, it results in the accumulation of substantial late fees due to cascading effects.

Usually, we will think that if there is no business transaction during a month, one needs to file a “NIL” return, so there is no late fine or penalty. But the reality is the opposite. Even if the GST Return is “NIL” and not filed within due date, there is a per day late fine of Rs. 20 subject to a maximum of Rs.500 per return.

Let me explain to you first about GST TDS. In simple terms and for basic understanding, when somebody makes a supply under a contract to a government department or agency or any society, and the value of supply exceeds Rs.2.50 Lacs, then the payer will have to deduct 2% of the total contract amount payable as GST TDS. Now, this Government department or society has to give details of this TDS deducted in a form called GSTR-7. This GSTR-7 form is known as GST TDS return. The due date of filing GSTR-7 is the 10th of next month. Ans this return has to be filed for every month.

Step 1: log in to the GST website with your user-id and password.
Step2: After that, click the “Services’ tab.
Step3: Under the “Services “ tab, select the “Returns” option.
Step4: Under the “Returns” tab, select “Track Return Status.”

When the GST registration of a registered taxpayer has been cancelled, then within three months of the cancellation, a return in form GSTR-10 is to be filed. This GSTR-10 is called final return. It does not make any difference that registration is cancelled voluntarily or by the department.