GST Return Filing

GST has been implemented in India from 1st July, 2017. Under the new GST regime. All entities having GST registration are required to file GST returns, as per the GST return due date schedule. Each business registered under GST will be required to file returns on timelines mentioned. Each month outward supply (sales), Inward supply (purchases) and final return to be filed by each registered person. In addition there are different categories of returns to be filed by different persons, like composite return, ISD return, Annual Return. The detailed schedule along with forms and timeline is mentioned below. Get a free consultation on GST return filing by scheduling an appointment with an RG Consultants GST experts.

GST Return Filing - E commerce Sellers

Data Extraction and compilation

Filing GST return could be a mess or be your biggest nightmare. An E-commerce even if having a turnover of a few thousands must file their tax return very carefully. Because the data you will be submitting can be easily compared with the data submitted by the E-commerce companies to the GST authorities. Most of the sellers sell at multiple marketplaces. Before you finally submit your GST return you must extract the data from all the marketplaces for the respective period. Team RG consultants provide end to end support from extracting data from different marketplaces till the proper compilation and filing GST returns..

Proper Reconciliation

Before you submit your GST return it has to be properly reconciled. Reconciliation is a lengthy process especially in the case of flipkart and Amazon sellers. Because of having a lack of time people usually don’t pay much attention carefully or simply avoid and file their GST returns without having data properly reconciled. Team RG Consultants provide the proper reconciliation between various heads under multiple marketplaces. Once you file your GST return after the data having properly reconciled it allows you to stay stress-free from receiving any departmental notice thereafter and you can focus on your business more.

Input Credit Calculation

Input credit allowance under various category is one of the major advantage which the present tax system allows under GST regime. However, you cannot take the input credit just like that. Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49 of CGST Act, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person - section 16(1) of CGST Act.

Lower Taxes

Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.

Larger Tax Base

GST is expected to increase the tax base in India significantly. Hence, the overall tax liability for businesses is expected to reduce overtime, as more and more businesses become compliant. Further, GST will use the latest in technology, including data from Aadhaar database, PAN database, etc., to make GST registration and GST return filing process, as seamless as possible.

Free Consultation

Got questions? Request a call from our Business Advisor.

Let's Talk