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GST Return Filing In India
Goods and Services Tax, GST is an indirect tax which is applicable to the sale, manufacture and consumption of goods and services in India. GST has replaced all the previously applicable indirect taxes levied by the state and central government. GST is applicable to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. Since it is a consumption-based tax, it is only applicable when the goods and services are actually purchased.
Kinds Of Goods And Services Tax (GST)
There are three kinds of GST in India:
- Central GST (CGST), which is collected by the Central Government.
- State GST (SGST), which is collected by the state.
- Integrated GST (IGST), which is collected by the Central Government on the sale of goods and services inter-state.
When is GST Registration Required
- For goods, when the annual turnover of the business is more than INR 40 lakh.
- For services, when the annual turnover of the business is more than INR 20 lakh or for special category states, when the annual turnover is more than INR 10 lakh.
- For goods, when the taxable person is engaged in interstate supplies even if turnover does not exceed the above limits.
- Casual Taxable person.
- Non-resident Taxable person.
- Persons required to pay tax under Reverse Charge.
- Persons required to deduct.
- Agents of a supplier.
- Input Service Distributor.
- Persons who supply goods or services through E-commerce Operator.
- E-commerce Operator.
- An aggregator supplying services under his brand name.
- Specialized Agency of the UN or any Multilateral Financial Institution.
- The person making Interstate supply.
What Are The Benefits Of GST?
- An integrated single tax to be paid instead for multiple taxes.
- Simple registration process.
- Easily GST Return Filing process.
- More regulation in the Unorganized Sector.
When Can Input Tax Credit Be Claimed?
- When the person is completing their GST return filing process, they must have the tax invoice, debit or credit note, or supplementary invoice issued by the supplier.
- The person must have received the goods or services.
- The person must have filed their GST return (GSTR 3)
- The person needs to ensure that the tax charged has been paid to the government by the supplier,
- The person must match the invoices and the ITC post reversals must be the outcome.
When Can Input Tax Credit Not Be Claimed?
- Motor vehicles and conveyances other than used for :
- For making taxable supply of:
- A further supply of such motor vehicles and conveyances (Reselling)
- Transport of passengers
- For making taxable supply of:
- Used for imparting training on driving, flying, navigating such vehicle or conveyances
- For the transportation of goods
- Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except used for providing the same category of output services.
- Membership in a club, health, fitness centre.
- Rent-a-cab, health insurance and life insurance except where it is obligatory for employers to provide the same to employees or used for providing the same category of output services.
- Travel benefits extended to employees on vacation such as leave or home travel concession.
- Works contract service for construction of immovable property except for plant & machinery or for providing further supply of works contract service. (to the extent capitalized)
- Construction of immovable property except for plant & machinery on own account.
- Goods or services or both on which tax has been paid under composition scheme. (to the extent capitalized)
- Goods or services or both used for personal purpose.
- Goods or services or both received by a non-resident taxable person except for any of the goods imported by him.
- Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples.
- ITC will not be available in the case of any tax paid due to non-payment or short tax payment, excessive refund or ITC utilized or availed by the reason of fraud or willful misstatements or suppression of facts or confiscation and seizure of goods.
What Are The Different Types Of GST Return Filing?
The different types of GST return filing in India are as follows:
- GSTR-1 Return- To be filed by 10th of Every Month.
- GSTR-2 Return – To be filed by 15th of Every Month.
- GSTR-3 Return – To be filed by 20th of Every Month.
- GSTR-4 Return -Quarterly Return for Composition Suppliers to be filed by 18th.
- GSTR-5 Return – Monthly Return for non-resident taxable persons.
- GSTR-6 Return – Monthly GST Return filing for input service distributors.
- GSTR-7 Return – Monthly GST Return filing for tax deductors.
- GSTR-8 Return – Monthly Return for E-Commerce Operators.
- GSTR-9 Return – Annual GST Return Filing.
- GSTR-10 Return – Final GST Return.
- GSTR-11 Return – GST Return for UIN Holders.
How To Get GST Return Filing Done Online?
LetsComply can assist you with your GST return filing in India online hassle-free. LetsComply’s GST experts can assist you with filing of your GSTRs online every month, quarter and year.