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Introduction and Its Compliance
GST Returns are filed by each registered dealer on the GSTN portal, containing details of the sales, purchases, input tax credit (ITC) and output tax liability. Filing of GST returns is compulsory under the Goods and Services Tax Act, 2017 for all registered dealers, be it a person, company, LLP or any other kind of business entity. The rate of remittance is depending on the nature of business and type of scheme selected (regular, composition, etc.). Lawfinity provide holistic support for receiving timely and precise service for all GST returns (GSTR-1, GSTR-3B, GSTR-4, etc.) so as to be fully compliant with the same and minimize interest/penalties and avoid suspension or revocation of registration under GST.
Why It Is Needed
It is mandatory for all entities that are registered under the GST Law to file returns. If the form is not filed or not filed in time, it may result in penalties, interest or cancellation of the GSTIN. It is mandatory if you want to claim ITC, stay compliant and establish a good business credit. GST returns offer a very clear audit trail for the government. Lawfinity makes all your GST declarations accurately in time, enabling your business to stay clear of those ridiculous penalties and remain a tax compliant organization.
Benefits and Advantages
- Avoid Penalties and Interest Timely return filing helps businesses steer clear of late fees, interest and compliance notices from the GST department.
- Claim Input Tax Credit (ITC) Proper return filing allows businesses to avail eligible input tax credits, thereby reducing their overall tax liability.
- Business Credibility Regular GST return filing boosts your company’s credibility with vendors, customers, financial institutions and the government.
- Smooth Compliance Filing ensures a transparent and updated tax record, avoiding scrutiny and audits by tax authorities.
- Eligibility for Loans and Tenders GST-compliant businesses are preferred by banks and institutions for credit, funding and government tenders.
Eligibility Criteria
- All businesses and individuals registered under GST
- Businesses with an annual turnover exceeding the prescribed
- Entities involved in inter-state supplies, e-commerce or input service distribution
- Composition scheme dealers (for quarterly returns)
- Casual taxable persons and non-resident taxable persons
Documents Required
- GST Registration Certificate
- PAN and Aadhaar of Proprietor/Partner/Director
- Sales and purchase invoices for the applicable tax period
- Input Tax Credit (ITC) documents
- Bank statements (optional for reconciliation)
- Details of outward supplies (GSTR-1) and inward supplies (GSTR-2A/2B)
- DSC or EVC credentials for filing
Steps for Applying
- Data Collection & Review: Lawfinity gathers and reviews sales/purchase data.
- Invoice Matching & Reconciliation: Reconciliation of GSTR-2A/2B with purchase records.
- Return Preparation: Preparation of the applicable return form (e.g., GSTR-1, GSTR-3B, etc.).
- Client Approval: Returns are reviewed and approved by the client.
- Return Filing on GST Portal: Lawfinity files returns using DSC/EVC.
- Acknowledgment & Reporting: Filing acknowledgment is shared with the client for records.
- Ongoing Compliance Support: Lawfinity provides reminders and support for future return deadlines.
Penalties
- Late Fees ₹50 per day (₹25 CGST + ₹25 SGST), subject to a maximum cap.
- Interest 18% per annum on outstanding tax liability.
- Suspension/Cancellation Continuous non-filing may lead to cancellation of GSTIN.
- Blocking of E-way Bill Generation Non-compliant GSTINs may be restricted from generating e-way bills.
Timelines
GSTR-1
Monthly/Quarterly - 11th of next month (Monthly) / 13th of next month (Quarterly)
GSTR-3B
Monthly - 20th of next month
GSTR-4
Quarterly (Composition Scheme) - 18th of month after quarter ends
GSTR-9
Annual - 31st December of the next financial year
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
A GST return is a form that contains details of income, expenses, tax collected and tax paid, filed with the GST department.
Every GST-registered person, including businesses, freelancers and e-commerce sellers.
Late filing attracts penalties, interest and may lead to cancellation of GST registration.
GSTR-1, GSTR-3B, GSTR-4, GSTR-9, GSTR-9C, etc., based on nature and size of business.
No, currently GST returns once filed cannot be revised. Amendments can be made in the subsequent period.
GSTR-1 is for reporting outward supplies, while GSTR-3B is a summary return including ITC and tax payment.
Yes, NIL returns must be filed to maintain compliance.
Lawfinity handles both monthly and quarterly filings based on your registration type.
Yes, Lawfinity supports GST compliance across India for businesses with multiple state registrations.
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Anil Yadav
Shaperz India Grain Private Limited
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