GST Filing in India
FIle your GST filings with the guidance from experts throughout the process. We provide convenient and simplified filing services through 100% online process.
FIle your GST filings with the guidance from experts throughout the process. We provide convenient and simplified filing services through 100% online process.
For a regular GST registration, two main filings are applicable i.e., GSTR 1 & GSTR 3B. Filing these two returns are very crucial for smooth running of the business otherwise it will complicate all the compliances. Also, from Dec 2019, if a business fails to file the GSTR 3B for consecutive 2 months/quarters, then generation of E-way bill will be blocked after which he cannot sell the goods. If GST filings are not filed accurately, then businesses will get notices from the GST department which will cost heavy fines and penalties.
Filing GST returns has to be done in the analytical way by a skilled person. A proper analysis has to be made which should have 3 way match i.e., GSTR 1 vs GSTR 3B vs Books of accounts. If the person who is filing the GST returns do not take care of this 3 way match, then he/she will face have many complications going forward. There will be multiple breaches between GSTR1 vs GST 3B or GSTR 1 vs Books or Books vs GSTR 3B.
Not only Sales are to be reported in GST filings, the business has to report the Purchases also i.e., Input Tax Credit. If the businesses don’t claim eligible ITC in their GST returns, then it will have direct impact on their profits and also on their Working Capital. A business has to take care of their GSTR 2A/2B reconciliation with their Purchases in the timely manner in order to claim the maximum eligible ITC.
Business has to file the GSTR 1 before 11th of every month. GSTR 1 is the return in which the business will file their Sales Invoices details. When the business deals in B2B, then they have to file the GSTR 1 returns with 100% accuracy as wrong filing will lead the buyers lose their Input Tax Credit which will lose their trust and will never do business with us if there is any problem caused to them and they are rightly to do so.
Businesses has to file the GSTR 3B by 20th of every month except when they opt for Quarterly Return Monthly Payment Scheme (QRMP) where they have to file by 20th of the following month for every quarter ending. GSTR 3B is summary type of return where the business has to report their Total Sales and has to claim the Input Tax Credit which is the crucial part. Claiming lesser ITC than eligible will have impact on the working capital of the business. Hence, it is important for the business to perform the reconciliation between GSTR 2A/2B and Purchase Register. Also, for the Purchases that are not uploaded by the vendors in their GSTR 1 portal are to be followed up with in order to reflect all the purchases in the GSTR 2A/2B. The invoices which are appearing in the GSTR 2A, but not claimed in the Purchase Register has to be analyzed and accounted if they are eligible.