Do I Need To File GST Return Every Month?

Do we need CA to file GST return?

Initially a CA is required to file the GST returns in a proper manner but if you cannot afford to do so because of time or money then you can seek the help of a reputed Online Filings companies to help you in this regard.

They can help you to get proper Input Tax Credit (ITC), wrong ITC can lead you heavy penalties..

Can I file GST return myself?

All individuals registered under the GST Act has to furnish the details of the sales and purchases of goods and services along with the tax collected and paid. This can be done by filing online returns.

What are the types of GST returns?

Types of GST ReturnsGSTR-1. GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. … GSTR-2A. … GSTR-2. … GSTR-3. … GSTR-3B. … GSTR-4 / CMP-08. … GSTR-5. … GSTR-6.More items…•

What is annual return of GST?

GST returns comprises of two types of return – periodic and annual returns. Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter, while annual return is for reporting the summary of the periodic returns filed during a financial year.

Is it compulsory to file nil GST return?

Introduction to Nil Return in GST If NIL return is not filed, a penalty of Rs. 200 per day is applicable until the filing is complete. Hence, all taxpayer having GST registration must submit NIL GST return before the deadline.

How do you maintain a GST file?

As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year. The last date of filing the Annual return is 31st December of the following year.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.

How do I file my GST return every month?

How to file GST return online:Visit the GST portal (www.gst.gov.in).A 15-digit GST identification number will be issued based on your state code and PAN number.Upload invoices on the GST portal or the software. … After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online.More items…•

How many times a year can you file GST return?

In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year. The number of GST filings vary for quarterly GSTR-1 filers. The number of GST filings online for them is 17 in a year.

What if GST return not filed for 6 months?

According to sources, PK Dash, Chairman, CBIC, expressed his displeasure in the progress of cancellation of registration of non-filers who have not filed GSTR 3B (showing tax payments) returns for six or more than six return periods and are liable to action under GST law.

What documents are required for GST refund?

Document Required – Deemed ExportDeclaration of GST RFD-01 – (Claimed out not exceed ITC)Undertaking as per notification No. … Statement -5B Rule 89(2) (g)Printout of GSTR- 3B/GSTR-3.Print out of GSTR RFD-01 & /ARN.Undertaking of no prosecution Rule 91(i)Undertaking by claimant as per Para 2.0 of circular 24/2017.

How long does it take to process GST refund?

60 daysThe overall time for processing of refund application is 60 days in normal circumstances. Wherein, as per rules acknowledgement in FORM GST RFD-02 has to be issued in 15 days. Provisional refund is to be issued in 7 days of issue of acknowledgement for zero rated supplies.

Who needs to file GST returns?

GST returns must be filed by every business units whose turnover exceeds 20 or 40 lakh (Optional) annually. Taxpayers are also supposed to go through various eligibility criteria for different slabs.

How do I get my GST refund?

Here is a Step by Step Guide to File RFD – 01 on GST Portal:Step 1: Login to the GST portal.Step 2: Go to ‘Services’ > ‘Refunds’ > ‘Application for Refund’Step 3: Select ‘Refund of Excess Balance in Electronic Cash Ledger’ and click on ‘CREATE’.More items…•

What is RCM in GST?

Reverse Charge Mechanism under GST is a mechanism under which the usual cycle of tax payment is reversed. In the normal system, the recipient of goods will pay the value of the goods & relevant taxes on it to the supplier who then pays the GST to the Government.