GST Return Filing
Summary
GST Return Filing is a process in which businesses registered under the Goods and Services Tax (GST) law submit their details regarding the sales, purchases, tax collected, and tax paid. This helps the government determine whether the business owes additional tax or if they are entitled to a refund.
In India, GST returns are filed periodically (monthly, quarterly, or annually) depending on the business type and turnover. The GST system ensures transparency and makes it easier to collect taxes.
Key Points to Remember
- Reconciliation: Ensure that the input tax credit (ITC) matches with the information provided by your suppliers in GSTR-1.
- Correct HSN Code: Always use the correct HSN/SAC code for goods and services to ensure that taxes are calculated correctly.
- Due Dates: Ensure that the GST returns are filed on time to avoid late fees and interest charges.
- Monthly vs. Quarterly Filing: Businesses with an annual turnover of up to ₹5 crore can opt for quarterly filing of returns, while those above this limit must file monthly.
Summary of Documents & Requirements
The firm’s wide-ranging proficiency allows it to serve both local and international clients, providing solutions tailored to diverse business needs, while also ensuring compliance with Indian laws and regulations.
Headquarter
No.99/D, 2nd Cross, KHB Colony, 5th Block, Koramangala, Bengaluru – 560095