Online process to file GST returns in Jaipur

GST has made easy the tax return filing process by accumulating information about the goods and services of sellers and customers under one head. The GST Council and the Finance Ministry have developed a system of Goods and Services Tax Network where taxpayers are required to record all information about invoices, purchases, sales, dates, and locations. This provides a convenient platform for GST-registered taxpayers to attach and file GST returns forms, claim ITC, and so on. So let’s discuss the Online GST Return Filing in Jaipur.

What exactly is a GST return?

A GST return is a document or form that GST-registered taxpayers must submit to the relevant authorities. This document or paper contains information about the taxpayer’s income or sales, as well as the taxpayer’s purchases or expenses. After receiving this return, the tax administrator will determine the total tax burden of the taxpayer from it.

Who is responsible for filing the GST return? 

Individuals who have not opted for the QRMP scheme and businesses that have annual aggregate sales of at least Rs 5 crore have to file 25 separate GST returns annually,two monthly returns, and one annual return. 

On the other hand, a taxpayer who has opted for the QRMP scheme and has an annual turnover of less than Rs. 5 crores are required to file 9 different GST returns per year. 

Benefits of filing GST returns in Jaipur

The advantages of filing GST return-

• Elimination of a wide range of different taxes: Since the introduction of GST, there have been fewer restrictions on the various types of taxes that can be levied on goods and services. Various taxes fall under this category including central excise duty, sales tax, service tax, luxury tax and special additional duty levied by customs authorities. A direct consequence of this is that many tax assessments are not levied on various commodities and services.

• End the cascading effect: The most important advantage is the elimination of the cascading effect, sometimes known as the elimination of a tax on top of another tax. Before the introduction of the Goods and Services Tax (GST), there was no mechanism for offsetting value added tax (VAT) on output against service tax paid on input services. Before registering for GST, calculate the amount of GST payable using our GST calculator. By enabling input tax credits across a wide range of products and services, the GST architecture seeks to reduce the overall tax burden imposed on end-users.

• Ease to operate business nationally and internationally: The introduction of GST has resulted in less burden associated with reporting indirect taxes. In the past, almost every business faced significant problems regarding excise duties, VAT registration, cooperation with tax authorities and other similar matters. GST has gained a competitive advantage in the global market for domestically produced products and services as a direct result of the increase in exports over the past few years.

• Control and supervision of unorganized enterprises: Formerly unorganized and uncontrolled sectors in the country, such as the textile and construction industries, have been brought under regulation and are now required to answer for their actions. The Goods and Services Tax (GST) is an initiative to simplify the process of online payment management and compliance. Input credit can only be obtained if the supplier accepts the price; this ensures that regulated sectors are held accountable. Complete the process through the online platform Under the Goods and Services Tax (GST) system, contacts with tax officials would be limited and the entire flow of communication would be online through a single gateway. Electronic transactions and the Internet system monitor tax fraud and tax evasion without interaction with the relevant tax authorities.

• Efficient economy: A Goods and Services Tax (GST) that will ultimately drive long-term economic development and efficiency is not influenced by company models, methods, geography or organizational structure. The tax paid to GDP ratio in India has increased due to the introduction of the Goods and Services Tax (GST). This catch-all tax ensures that working conditions remain consistent and fair. The Goods and Services Tax (GST) creates a single national market and removes common economic misunderstandings. This will make the voluntary action more compliant and reduce submission costs.

GST Return Forms

• GSTR – 2: You file a GSTR 2 return every month to file a tax return detailing your purchases. The GSTN portal will provide you with GSTR-2A for use in your GSTR-2 when purchasing from registered dealers (GSTR-1).
• GSTR -3: GST returns must be filed consistently by all taxpayers starting with GSTR-1, followed by GSTR-2 and GSTR-3 returns.

Documents required for filing GST return in Jaipur

In order for your GST claim to not be rejected, you must submit the following documents to the relevant authority:

• GSTIN of the customer
• Invoice type
• Place of delivery
• Invoice number
• GST rate
• Taxable value
• List of invoices (B2B services, B2C services)
• Amount of applicable SGST, CGST, IGST and GST cess
• HSN wise summary details
• Consolidated domestic and interstate sales
• Summary of required documents, i.e. debit and credit notes

Steps to Online GST Return Filing in Jaipur

All taxpayers are required to file GST returns annually. In the digital world, the government is constantly looking for innovation and automation and has started offering e-filing or online filing of GST returns on the main GST portal. The return can be filed online using the software and application launched by the Goods and Services Tax Network (GSTN). A person can effectively file a GST return by following the steps below:

• Visit the GST website and select the ‘Services’ option. 
• Select the financial year and due date for filing the return from the drop-down box, then click on the ‘return panel’ option to proceed to the next step. 
• Select the return form you need to file and then select the ‘Prepare Online’ option.
• Enter the required information including the amount and then click “Submit”. 
• Save the complete information which you have to fill in while filling out your GST return and then click on the ‘Submit’ option at the bottom of the page. 
• If your GST return status has been upgraded to ‘Submitted’, scroll down and select ‘Tax Payment’. 
• You can check your cash and credit balance by selecting ‘Check Balance’ before paying tax on each head. 
• Select “Offset Liability” to complete the transaction in your browser window. 
• Before selecting ‘File Form with DSC’ or ‘File Form with EVC’, ensure that the box next to the statement provided is checked and then select the authorized signature from the list provided and finally complete the GST refund payment.

Penalties, late fees, and interest rates for failure to file GST returns in Jaipur

If there is any offense, a penalty has to be paid as per GST Act, 2017.

• Late filing of GST returns in Jaipur – Late filing of GST returns in Jaipur can result in a penalty called late charges. An amount of Rs 100 under SGST and Rs 100 under CGST accounts for Rs. 200 per day andis charged as a penalty. An interest rate of 18% per annum must be paid with the late fee. It is calculated from the tax to be paid.
• Non-Compliance – In case the taxpayer does not file a GST return, the following return cannot be filed. Therefore, to avoid the imposition of penalties, GST is being rolled back in Jaipur on time as it will lead to a cascading effect.
• For offenses without intent to defraud or tax evasion – An offender who fails to pay taxes or makes a short payment shall be liable to pay a fine of 10% of the amount of tax payable subject to a minimum of Rs. 10,000.
• For offenses with the intention of tax fraud or tax evasion – The offender has imposed a tax evasion penalty or a short deduction.

Even if there is no business activity, the taxpayer is required to file a NIL GST return in Jaipur.

GST Return filing due dates

Get your GST Return in Jaipur Filed by Us

Legal Window has a team of Experts who can assist you in Online GST Return Filing in Jaipur, and provide you with the following support:

• Dedicated GST Advisor: We assign a banking advisor with experience in the sector in which you operate. An assigned RM will assist you with specific tasks such as uploading invoices and also ensure submissions are processed on time.
• Reminder for Filing Service Tax Returns: We ensure that timely reminders are sent well in advance, beyond which a penalty applies. In addition, the GST advisor will also remind you of the deadlines so that no deadlines are missed.
• Monthly GST Status Reports: Detailed monthly status reports of GST return filing in Jaipur including GSTR 3B filing and progress will be shared with clients by our GST experts.
• GST Returns through Ledgers: GST returns are generated using LEDGERS – GST software so it is error-free and processed seamlessly without any hassle.
• Filing of GSTR 1 and GSTR 3B: GSTR 1 is a return filed every quarter. The turnover determines the deadlines for filing GSTR 1, businesses with turnover up to Rs 1.5 crore can file quarterly returns.
• Standard accounting and cloud-based records: All financial transactions and invoices are recorded in LEDGERS by accountants, making filing all returns hassle-free and cost-effective.

Final words

The process of implementing GST in India started in 2000 and it took 17 years for the country to develop a full-fledged GST legislation that came into effect on 1 July 2017. Because of the Goods and Services Tax (GST rollback), the cascading impact of taxes on the sale of goods and services was eliminated and the tax base was broadened in India.

While it is easier for companies in India to understand the benefits of the GST legislation, many of them often face hurdles when submitting their GST return form in India. This is because taxpayers have to file several types of Service Tax returns depending on the company they run.