GST RETURN FILING

UNDERSTANDING GST RETURN FILING?

What is GST return filing?

Businesses that are registered under GST have to file the GST returns in India monthly, quarterly, and annually based on the type of business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. An individual taxpayer filing the GST returns in India has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.

A GST return filing is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities. Mibook offers all assistance for GST filing.

gst return filing in bangalore

BENEFITS OF GST FILING IN INDIA WITH MIBOOK

GST eliminates cascading effect

Earlier there were many instances where tax on tax was paid for a single transaction. GST has removed it and imposed several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax. Now you no longer are subjected to paying tax on tax. This way with the assistance of Mibook the GST filing in Bangalore or all over India saves you a lot of money.

Easier for startups and e-commerce businesses

The GST return filing in Bangalore has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly used to suffer from different tax laws across different states which are now eradicated by GST. The GST registration can be a strenuous task but getting it done through Mibook saves you a lot of time and money.

Higher threshold

The threshold for GST is aggregate turnover exceeding 40 lakhs for the sale of goods and aggregate turnover exceeding 20 lakhs for the sale of services. This means small businesses falling below this threshold limit are not subject to GST. To get clarity on this concept one must take the help from the team Mibook.

More organised system


Before GST return filing in Bangalore, the tax filing system was disorganised. Now, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.

REQUIREMENTS GST FILING IN BANGALORE WITH MIBOOK

Digital Signature: DSC of Authorised Partner or Director, in case of LLP and Company only

Certificate: GST Registration Certificate

Log-in credentials: Log-in credentials of the registered person

Details of Supplies: Details of the inward and outward taxable supplies along with the invoice details

gst return filing in bangalore

PENALTY FOR LATE GST FILING IN BANGALORE

When you miss the due date for returns, a late fee of ₹50/day (₹25 each for CGST and SGST) is to be paid if you have a tax liability. If you don’t have tax liability the late fee is ₹20/day. ₹5000/- is the cap on the late fee.

In case of delay in annual return filing (GSTR-9), the late fee is ₹200/day (₹100 each for CGST and SGST).

PROCESS FOR GST RETURN FILING IN BANGALORE AT MIBOOK

Day 1 - 2

1. Information collection from the details shared by the taxpayer manually or from dedicated GST ready Accounting Software
2. Documentation and reconciliation of the information filed

Day 2 - 3

1. Preparation of GST return
2. Payment of tax by the taxpayer, if required
3. Online GST return filing
4. Acknowledgment of filing the GST Returns

GST return filing at Mibook is done via an online portal created and managed by respective government authorities. For those seeking to file GST returns, they must provide us with the list of receipts, invoices, and bills and one must have got their business registered under GST.

The online process for GST filing is easy to understand but it demands time and focuses by the end of an entrepreneur. So getting help from professional service providers such as Mibook, is the best way to get GST to return filing done.

BUSINESSES THAT ARE REQUIRED TO FILE GST RETURN FILING IN BANGALORE?

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As per GST registration, business entities are obliged to file monthly GST returns and one yearly return that has annual aggregate revenue or turnover of more than Rs.5 crore. For quarterly GSTR-1 filers under the QRMP mechanism, the number of GSTR filings varies. In special instances such as, composition dealers must file separate returns with a maximum of five GSTR filings per year.

IMPORTANCE OF GST RETURN FILING IN BANGALORE

The outsourcing of your accounting and bookkeeping management helps in many ways. It has become an important aspect of the smooth running of businesses today

No doubt that when a taxpayer does GST return filing on time and adequately then it is very helpful for them while seeking loans from a bank or financial institution. Because Banks or financial institutions evaluate and consider taxpayers’ credibility on the basis of their GST returns.

A business that has not filed GST returns within the deadline will be charged interest and a late fee.

The annual interest rate is 18%. The time period will run from the day of the filing to the day of payment.

For some instances, GST Registration of the businesses can be cancelled if GST Returns are not filed.

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Govt. of India has planned to launch a compliance assessment system soon, in which each GST registrant’s scorecard would be recorded. Timely GST return filing in Bangalore is one of the primary variables used to generate such a grade.

Once GST return filing has been done then only businesses can claim an Input tax credit and also generate e-way bills.

The GST return filing in Bangalore is a complex and complicated process, thus for businessmen, it might not be possible to meet with all such compliance on time and adequately therefore seeking some professional support can be very fruitful for them. Mibook offers top-notch services to all those seeking such professional support.

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gst filing in bangalore