File GST Return : Know all about GST Return [Complete Guide]

1. What is a GST Return?

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that includes:

Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)

To file GST return , GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on CA In Delhi

2. Who has to file GST Returns?

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers.

3. What are the types of GST Returns?

3.1. Any regular business:

Return Form	Particulars	Interval	Due Date
GSTR-1	Details of outward supplies of taxable goods and/or services effected	Monthly*	10th of the next month
GSTR-2	Details of inward supplies of taxable goods and/or services effected claiming input tax credit.	Monthly*	15th of the next month
GSTR-3	Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.	Monthly*	20th of the next month
GSTR-9	Annual Return	Annually	31st December of next financial year
GSTR-3B	Provisional return for the months of July to December 2017	Monthly	20th of the next month

3.2. A dealer opting for composition scheme :

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return Form	Particulars	Interval	Due Date
GSTR-4	Return for compounding taxable person	Quarterly	18th of the month succeeding quarter**
GSTR-9A	Annual Return	Monthly	31st December of next financial year

4. Late Fees for not Filing Return on Time

If GST Returns are not filed within time, you will be liable to pay interest and a late fee.

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (26th/ 29th Aug) to the date of payment.

Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

5. Who Can Help Me To File GST Return

You can find a list of professional Chartered Accountants in Delhi at CA In Delhi‘s home page. You can choose from a list of available CA’s and get your GST return filed with ease. So don’t worry and navigate to home page and connect with chartered accountants to file GST return.

How To Claim GST Input Credit : Conditions To Be Satisfied

What Is GST Input Credit? [AdSense-B]

First of all, let us know what is GST Input Credit. Well, GST Input credit is nothing but a balance of the amount of tax you paid at the time of purchasing goods that is kept safe until you pay your tax for your output. Now, when you pay your tax of output, automatically the previous balance amount kept safe for you will automatically be used and your total tax to be paid will get reduced. We will also discuss how to claim GST input credit but before that, let’s understand by an example how this thing actually works

Example: Suppose X bought goods for Rs 100 and paid Rs 18 additional as GST(Total: Rs 118). Now X sold goods to Y for Rs 200 and charged GST of Rs 36(Total : Rs 236). Now, X can claim GST input credit of Rs 18 that he paid at the time of purchases while paying tax to the government. (i.e net GST, X need to pay is only Rs 18).

How To Claim GST Input Credit [AdSense-B]

To claim GST input credit –

You must have a tax invoice(of purchase) or debit note issued by registered dealer
Note: Where goods are received in lots/installments, credit will be available against the tax invoice upon receipt of last lot or installment.
You should have received the goods/services
Note: Where recipient does not pay the value of service or tax thereon within 3 months of issue of invoice and he has already availed input credit based on the invoice, the said credit will be added to his output tax liability along with interest.
The tax charged on your purchases has been deposited/paid to the government by the supplier in cash or via claiming input credit
Supplier has filed GST returns
Possibly the most path breaking reform of GST is that input credit is ONLY allowed if your supplier has deposited the tax he collected from you. So every input credit you are claiming shall be matched and validated before you can claim it.
Therefore, to allow you to claim input credit on purchases, all your suppliers must be GST compliant as well.

There’s more you should know about input credit –

It is possible to have unclaimed input credit. Due to tax on purchases being higher than tax on sale. In such a case, you are allowed to carry forward or claim a refund.
If tax on inputs > tax on output –> carry forward input tax or claim refund
If tax on output > tax on inputs –> pay balance
No interest is paid on input tax balance by the government
Input tax credit cannot be taken on purchase invoices which are more than one year old. Period is calculated from the date of the tax invoice.
Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list).
Input tax credit is allowed on capital goods.
Input tax is not allowed for goods and services for personal use.
No input tax credit shall be allowed after GST return has been filed for September following the end of the financial year to which such invoice pertains or filing of relevant annual return, whichever is earlier.

Conditions for claiming Input Tax Credit [AdSense-B]

You must be registered under GST
Supplier of goods/service must be registered under GST
Supplier has issued ‘Tax Invoice’ to you
Supplier has actually deposited the tax to the government.
Supplier has furnished the GST return and has credited your GSTIN by amount of GST paid by you to him
If the inputs are received in installments, you will be able to get credit only when last installment is received.
Payment must be within 180 days of the date of issue of invoice. In case you have not made the payment within 180 days, credit availed by you will be reversed. However, you will be able to claim credit once you make the payment again.
In case of part payment, proportionate credit will be allowed. [AdSense-B]

Also check : 1) GST Do’s and Dont’s

2) Impact Of GST on Households

3) GST Invoice Formats

Complete Guide : Will I Get The GST Input Credit Or Not?

Complete Guide : Will I Get The GST Input Credit Or Not? [AdSense-B]

GST has been welcomed with all the pomp and show, and deservingly so. It has inherent advantages. We all know that amount paid as GST on purchases or even expenses can be claimed as GST input credit. This was not possible in the earlier regime of VAT and Service Tax.

Example: If you were dealing in sale of goods where VAT was chargeable and had paid service tax for availing service of Chartered Accountant, you could not avail the credit of service tax paid to your CA against payment of VAT. This is now possible under GST since there is no difference in tax on goods or services. Now, if your VAT payable on goods sold is Rs 30,000, and if you availed services of a CA and paid GST of say, Rs 18,000, then you will get a GST input credit of Rs 18,000 against payment of Rs 30,000 GST payable. Hence, you net GST payable will be Rs 12,000 only.

Woaahh, what a relief to an entrepreneur. But, but, but, there is little sad news, just little.

There are certain expenses, on which credit will not be allowed.

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GST Rules And Guidelines : Do’s And Don’ts (Format Attached)

GST (Goods and Service Tax) is a tax levied when a consumer buys a goods or services. The main aim of introducing GST is to bring all the taxes in a single umbrella. This bill helps to eliminate the cascading effect of taxes on production, distribution prices on goods & services. Goods & service tax refers to indirect tax which replaces taxes levied by the central & state government.
GST bill abolish indirect taxes like VAT, Service tax, excise, octroi. This post will brief you about GST Rules and guidelines and what you should do and what you shouldn’t [AdSense-B]

Rules & Guidelines

✓ Issue ‘Tax Invoice’ for taxable goods or services (format attached)

✓ Issue ‘Bill of Supply’ in case of exempted goods or services (format attached)

✓ Ensure different serial number for every invoice

✓ CGST, SGST to be equally charged for local sales. Example, for 12% GST sale within your state, 6% SGST and 6% CGST to be charged

✓ IGST for any interstate sale. For any sale outside your state, IGST will be imposed. Example, on supply of goods or services of 18%, from Delhi to Gurgaon or any other state, IGST to be charged at 18%.

✓ GST to be charged on any advance received against supply of goods and services. Example, If a person has given order for buying stationery amounting to Rs. 10 Lakhs and gave advance of Rs. 5 Lakhs, then he have to pay GST on that advance to the supplier at that time only.

✓ At the time of receiving advance amount, you will have to give the Receipt Voucher (format attached). Charge GST on that advance amount

✓ On sale of any cash sale of more than Rs 50,000, it is mandatory to write name and address of the buyer/service recepient [AdSense-C]

✓ Payment Voucher: A registered person who is paying tax under reverse charge mechanism shall a payment voucher at the time of making payment to the supplier. The payment voucher should contain the prescribed particulars. (format attached) Example: Payment of rent to landlord who is ot registered under GST, will amount to reverse charge mechanism. Hence, payment voucher to be issued by us to landlord.

✓ Receipt Voucher: To be issued on receipt of advance payment. (format attached)

✓ Refund Voucher: Where a receipt voucher is issued on advance payment and subsequently no supply is made and no tax invoice is issued, the registered person may issue a refund voucher to the person who had made the payment (format attached)

✓ Revised Invoice: These are to be issued against the invoices already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him.

✓ Credit Note is to be issued where supplier has charged higher amount of tax whereas tax payable is less than actually taken from receiver in such cases supplier has to issue credit note.

✓ Debit Note is issued to the recipient for the tax amount not being charged by the supplier i.e. when supplier collects lower amount of tax than tax amount payable on such supply of goods and/or services

DO’S

[AdSense-B]

Maintain record of each and every document. Pay more attention than before on record keeping
Be very careful on charging CGST, SGST and IGST.
Issue tax invoice on sale of taxable goods/services – Issue Bill of Supply on sale of exempted goods/services
Take Receipt Voucher from seller whenever you pay advance
Take tax invoice on every purchase of goods and services. Make sure it mentions advance paid earlier, if any, in that tax invoice. – Issue payment invoice is tax paid on reverse charge basis
Inform your GSTIN / ARN to all your suppliers of Goods & Services.
Obtain GSTIN of all Suppliers & Buyers.
Update your accounts regularly
Contact us whenever in doubt

DON’TS [AdSense-B]

Don’t buy from unregistered dealers. You won’t get input tax credit and you will have to pay GST on their behalf, due to ‘Reverse Charge’ mechanism
Don’t forget to issue separate serial number for invoice
Don’t do any over writing of invoice
Don’t cancel the invoice. Use credit note in case of cancellation of supply of goods/services
Don’t hesitate to ask us for any clarification

GST Format

Also Check Out ==>

1) How To Register For GST : Step by step guide

2) Documents Required For GST Migration

3) GST Rate List

Greenwolf Advisors Pvt Ltd : Finance Services

Greenwolf Advisors Contact Details:

Address : 208, Pearls Business Park, Netaji Subhash Place, New Delhi 110034 || Contact :+91 9711430728 || Email : [email protected] || Website : www.greenwolfadvisors.com.

Our partners at Greenwolf Advisors genuinely understand your requirements and with their tremendous experience, help you in not only taking care of compliance but also acting as a CFO partner of your business to drive growth and maximize the efficiency of the company’s finances. Our experts will help you make insights-driven strategic decisions through our tailored solutions to your unique requirements

We understand that our growth lies in our clients’ growth and we whole heartedly focus on satisfaction and growth of our clients.
We are committed to provide you the highest quality service wherein our dedication and sincerity can be felt by you in our work. Our philosophy lies in going an ‘extra mile’ and provide you value addition that is more than a part of our duty.

We understand that each business is driven by different aspirations, which is why we customise our advice, ideas and support for every client. Every bit of stress and paperwork we can take off your hands means more time for you to spend on running and expanding your business.

Greenwolf Advisors offer a wide range of financial services to individuals and business owners. By seeking our sound financial information, we believe you will be better able to identify your goals and make sound decisions, to help you reach these goals.

At Greenwolf Advisors, we also help Finance Functions leverage the power of analytics and deliver much more than accurate financial statements and reports. We help our clients deliver forward-looking, predictive insights that help shape the business strategy, controlling the strategy execution by taking ownership of the organizational data and improve day-to-day decision-making in real-time.

Services offered by Greenwolf Advisors :

Company Registration

Impact of GST rates on your Household Budget; Who won, who lost?

Yes yes, GST rates are here! India has cleared the way for the biggest tax reform since independence in 1947.

The main beneficiaries of the new goods and services tax, due to be rolled out on July 1, include steelmakers and some consumer goods.

The food items which currently attracted an average of 12.5% tax under VAT laws will now be taxed at 5% under the new regime.
Entertainment activities, household and personal care products will become cheaper under the upcoming regime.
18% tax slab for telecom, financial services.
Service tax on non-AC hotels will be 12%, on AC hotels that serve liquor will be 18%. Higher tax rate for luxury hotels.
Hotels and lodges with tariff below Rs 1,000 will be exempt. Those with Rs 2,500-5,000 will be 18%. Luxury hotels will face tax of 28%.

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Steps On How To Start A Business?

“Yes, I can do it!” I can start a business. But, Steps On How To Start A Business?

There is a fire within us to make a dent in the universe. We synonymously call it as passion, which can achieve anything. But, a passion without direction will lead us nowhere. It needs to be put into action, not abruptly, but in an organized way. Let’s climb up the stairs step by step:

The Vision: Steps On How To Start A Business Put your clear glasses on! Look ahead, 5 years ahead. What do you see? Where is the market heading? Where do you want to see your business in that market? That’s a vision. I am sure it looks beautiful. Now let’s come back to reality and get back into action.

The Gameplan: The beautiful vision you just saw, let’s put it into a structure and draft the route to reach there. It will not only help you understand your existing situation, strength and weakness of your business, but also help you to start a business and be on track. If you are looking for an investor, then it is essential to have a plan.

A business plan for Steps On How To Start A Business generally includes:

Products/Services: List down your products and services, their features, their advantages and competitiveness. Why would your customers buy your product?
Market Research: Conduct a research on the industry you are operating, understand the market size, growth potential, trends in the market, players in the market and their profit margins. This helps in understanding the potential customers and your strengths and weaknesses.
Business Profile: It includes your business’s name, its activities, and its structure (proprietorship, partnership, LLP, private limited company, or one-person company). Every structure has its own pros and cons. (You can know the suitable structure here).
Team: Divide the business into departments: marketing, finance, administration, IT, etc. You can either have a team in-house or outsource it to the experts. At the initial stage, outsourcing is a better option as you can avail the specialized services of experts at a very affordable cost. We can also play a role of a financial expert for your business at a very affordable cost.
Operations: It lays down where your business operations will be conducted and how will they be conducted. Furniture requirements, machinery, equipments, stationery, water, electricity, etc.
Legal and Financial: If your business needs to comply with any legal formalities or obtain license before commencing the business. You also must make a budget with estimates of finance and cash flow that will be incurred for business operations and the income that would be generated. How much profit/loss can be made every year and if it is adequate for business to survive and grow.
Scaling the business: A plan should be in place laying down means and methods to promote your business and the regions where you aim to promote.

You can easily prepare a business plan, but if you need help in preparing it, CA In Delhi is always there to help you in building the same.

Take Off: You have a vision, you have a plan, now all you need is an action. Come on, fire the cylinders! Start a business.

What Needs To Be Done?

Register your business: First step is to get registered. You can choose the entity form that suits you the best. A proprietorship, partnership, LLP or a private limited company. Reminding you: When in doubt, ask us! If you are confused on what suits you the best, read here, or if you prefer a call over reading, feel free to call us
There are several benefits of registering your business under Startup India Scheme and Udyog Aadhaar If your business meets those criteria, don’t miss out registering under them.
Obtain License: License requirements are there if you operate in certain industries. Like if you intend to start a delicious food business, then food license is mandatory from FSSAI. If you are a business with wings, and intend to import or export, then Import Export Code (IEC) is needed.
Register under GST: If you are selling goods or if you are providing services, it is mandatory for you to register under GST
Fund Raising: If you have your own funds, amazing! But, if you are looking to raise them, you can do raise funds through a loan or investors. Investors generally provide funds in return of equity, while banks lend loans in return of interest and principal repayments at regular intervals (monthly). You need to prepare financial statements and projections to obtain the same. (Don’t worry if you can’t prepare them, we can help you with the same)

Stability and Scaling
The primary requirement for stability in an organization is meeting legal compliances. Violation of these compliances will not only screw up your finances, but also keep you occupied in unproductive legal tussles, which can drain your mind and energy.

Pay taxes on time, make sure you are filing returns for the same. If you are a private limited company or LLP, make sure all the compliances with the Ministry of Corporate Affairs are met, and accounts are updated. Ask us, whenever needed.

Find a mentor. Take this advice seriously! Richard Branson, founder of Virgin Group, who rose from rags to riches, says “It’s always good to have a helping hand at the start. I wouldn’t have got anywhere in the airline industry without the mentorship of Sir Freddie Laker [founder of Laker Airways].

Zig Ziglar said, “A lot of people have gone further than they thought they could because someone else thought they could.” A mentor can provide pearls of wisdom, great insights, and encouragement along the way to help you make thoughtful choices. They can talk about the business building process, industry trends, administration challenges, marketing strategies, and a lot more than you can think.

Start invading the market: Show your brand’s presence everywhere. Go all out with marketing and advertisements. Reach out to people through emails, social media, magazines, TV, radio and all other means. Ah, obviously within your budget, or else you will lose the battle if you run out of funds.
New ways of marketing have emerged, but nothing can beat ‘word of mouth’. Networking is still the most powerful way of marketing. Attend community events, networking groups, seminars, gatherings, etc. Just show yourself, sell yourself!

Enjoy the journey of success by following the Steps On How To Start A Business. You are already an entrepreneur, a hustler, someone who has set his eye on the goal. Keep working and don’t forget to enjoy this beautiful journey of entrepreneurship. Stay financially healthy and prosperous, take help of CA In Delhi whenever needed.

Mail at [email protected]

Call at +91-9711430728.

Documents Checklist for GST Migration

CA In Delhi guided you on how to migrate your business registration from Service Tax or VAT to GST in ‘GST registration awaits Service Tax registrants!’. Here, CA In Delhi brings you the documentation requirement to carry out the GST Migration.