Ever since GST was implemented, many people faced several challenges for GST Return Filing. Furthermore, many taxpayers are still confused about GST Return Filing till now. Also, multiple taxpayers make mistakes while return filing and regret it later. Thus, we all can agree that GST Return Filing is a complex process. However, there is a solution to this huge problem. One can avail of GST Return Filing Services through CA(Chartered Account). In this article, we will understand the benefits of GST Return Filing by CA.
What is GST Return Filing?
A GST return is a document that contains information about your sales, purchases, sales tax (output tax), and sales tax paid (input tax). After filing GST returns, you must pay the resultant tax liability (money that you owe the government). Everyone with GSTIN or GST Registration must file GST Returns whether tax liability is there or not. Thus, Taxpayers having GST Registration also need to file nil GST returns.
Who must file GST Returns?
- Under the GST Registration, every business entity with an annual aggregate revenue or turnover of more than Rs.5 crore is required to file monthly returns and one yearly return. For quarterly GSTR-1 filers under the QRMP mechanism, the number of GSTR filings varies. Special instances, such as composition dealers, must file separate returns, with a maximum of five GSTR filings per year.
Types of GST Returns
There are multiple types of GST Returns. The most popular ones are as follows-
- GSTR 1
The purpose of this return is to provide information on all sales, both B2B and B2C. The due date for this return is the 10th of each month, and in the event of a quarterly return, the end of the next month of each quarter.
- 3B GSTR
This is a summary return that includes information about your net tax burden based on your production and input taxes. This return is due on the 20th of each month.
- GSTR 4
A company that chooses the composition plan must pay subsidized GST rates ranging from 1% to 5% and file this quarterly report (GSTR 4).
- GSTR – 1A
The goal of this return is to correct/resolve the sales figure discrepancy with your clients to whom you have sent the tax invoice.
- GSTR 8
An e-commerce operator who is required to collect TCS (Tax collected at source) under GST must file this return by the 10th of each month.
- GSTR 9
This is the Annual GST return, which must be filed by all registered people by March 31st of each fiscal year.
Why is the GST Return Filing Important?
- If your GST returns are not filed on time, you will be charged interest and a late fee.
- The annual interest rate is 18%. The time period will run from the day after filing to the day of payment.
- One can claim Input Tax Credit and also generate e-way bills only after filing GST Returns. Learn more at – GST Return filing defaulters cannot raise e-way bill
- The Government of India has planned to launch a compliance assessment system in which each GST registrant’s scorecard would be recorded. In reality, timely GST return submission is one of the primary variables used to generate such a grade.
- Obviously, timely and proper GST Return filing benefits a taxpayer much when seeking loans from a bank or financial institution. Banks evaluate a taxpayer’s credibility based on his GST returns.
- In some cases, GST Registration can be canceled if GST Returns are not filed.
However, GST Return Filing is a complex process, and therefore you can opt to hire CA to file GST Returns. Let’s understand the benefits of GST Return Filing by CA.
What are the benefits of GST Return Filing by CA?
There are unlimited benefits when you file GST Returns through CA(Chartered Account). Some of the most important benefits that you can avail of are mentioned below.
- A CA can file all your GST Returns on time so you can avoid all the penalties.
- They can help you save taxes while filing GST Returns.
- Along with GST Return Filing, A CA can provide other services such as Bookkeeping and Accounting service or File Form INC-22Ain budget.
- A practicing CA is a professional who has valuable experience in taxation. Thus, they can guide you on how to re-invest your money and make a more profitable business while legally paying taxes.
- Along with saving your money, a good CA also helps you in saving your time.
- Because chartered accountants observe compliance standards and regulations when performing their commitments, they are the safest and trustworthy accountants in the market. A good CA can become your safety net if you face any financial crisis.
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