GST RETURN FILING

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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?

accounting firm in bangalore

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.

llp registration in karnataka

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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Frequently Asked Questions

There are no fees associated with GST filing in Bangalore on the government website for GST returns. However, if you seek the assistance of a CA or legal service provider, professional fees may be assessed against you. The following are the minimum fees that a CA may charge for a GST return.
Dealer in Composites: 3,000 rupees per return
Up to 2 crores in revenue: Rs 5,000 per return
2 crores and above in revenue: Rs. 7,500 per return

The Professional invoices GST return filing in Bangalore may differ between professionals and for GST. The complexity of assignments may also affect return filing fees.

The cost of GST filing in Bangalore depends on many variables. when you hire consultants or businesses that practise Chartered Accounting. GST filing might be simple or complex depending on the situation. Furthermore, the Government has not included a legal framework for the amendment of GST Return filing. Therefore, it has become crucial to find your GST Consultant with the best pricing in plain sight. The IGST, SGST, and CGST are three different taxes under the GST Law. In places like Pune, Mumbai, Bangalore, Delhi, Chennai, etc., filing fees for GST returns are relatively high. Depending on the situation and the city, monthly GST filing fees range from Rs. 500 to Rs. 5000.

You must understand what is and is not included in the package of GST return filing in Bangalore before paying for the service. To prevent further legal disputes, it is preferable to have the scope of work for the GST filing package in writing.

Regardless of business activity, sales, or profitability for that given month, GST annual returns in Bangalore are required for organisations with a turnover of more than two crores. As a result, Bangalore is where the yearly GST filing in Bangalore must be done, even by a formant entity with a valid GSTIN.
Based on the form that needs to be used, there are three forms of GST annual return filing in Bangalore:
GSTR9: Organizations with an Rs. 2 crore annual revenue must file the GST annual return in GSTR 9 in Bangalore.
GSTR 9A: The GSTR 9A must be filed by registered taxpayers who have chosen the GST composition scheme.

After submitting a GST return online in Bangalore by the GST return Due Date in Bangalore, we cannot edit the submission; however, we can make any modifications to the details in the amendment section in the return of the following period.
The ability to alter a return after it has been submitted is one of the major innovations brought about by the new return filing method. Currently, GST returns cannot be modified, and any inaccuracies must be fixed by amending the relevant invoices or details in the return for the following month.
Details entered by a taxpayer in the main GST return filing in Bangalore which was not auto-populated can be edited in the amendment return. Payment of liability arising due to amended return can be paid along with GST RET-1A. However, no refund will be given.

GST filing in Bangalore is mandatory for taxpayers. You still need to submit a Nil return even if there are no transactions. Several things should be noted: If the preceding month's or quarter return wasn't filed, you couldn't file a return.

For each day that you are in default on filing the GST returns that are required by law, late fees will be assessed. Additionally, if any taxes are owed, interest will be charged on the tax amount at a rate of 18% annually.

Small Taxpayers Are Exempt from GST return filing in Bangalore Annual Return, Per CBIC [Read Notification] On the advice of the GST Council, the Central Board of Indirect Taxes and Customs (CBIC) has exempted taxpayers with annual turnovers up to 2 crores from making annual returns in forms GSTR-9 and 9A.

At Mibook, GST filing in Bangalore is done online through a site developed and run by relevant government agencies. If you want to file a GST return, you must have registered your firm for GST and supply us with a list of your receipts, invoices, and bills. Although the online GST filing process is simple to understand, a business must devote time and attention to it. The ideal option to complete GST return filing is to seek assistance from a professional service provider like Mibook.

Mibook offers you a view into how GST operates in India as well as aids in the analysis of the GST compliance process. This will aid you in making plans & decisions regarding issues of GST return filing in Bangalore.

The online process for GST filing in Bangalore can be completed in the following steps.

Step 1: Use the GST portal which is www.gst.gov.in.
Step 2: Based on your state code and PAN number, a 15-digit number will be issued.
Step 3: Each invoice that you have needs to be uploaded. Against each invoice, a reference number will be issued.
Step 4: After this, the next step is to file the outward returns, inward returns, and cumulative monthly returns. All errors can be rectified.
Step 5: File the outward supply returns of GSTR-1 using the information section at the GST Common Portal on or before the 10th of the month.
Step 6: The outward supplies furnished by the supplier will be gotten from the GSTR-2A.
Step 7: After this, the recipient has to verify the details of the outward supplies and file details of credit or debit notes.
Step 8: Next, supply details of the inward supplies of goods and services in the GSTR-2 form.
Step 9: The supplier can accept or reject the details provided by the inward supplies made apparent in the GSTR-1A.