GST Returns

Service Description

All registered businesses have to file monthly or quarterly GST returns and an annual GST return based on the type of business. These GSTR filings are done online on the GST portal. A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability. Under GST, a registered dealer has to file GST returns that broadly include: - Purchases - Sales - Output GST (On sales) - Input tax credit (GST paid on purchases) Late Fees for not Filing Return on Time If GST returns are not filed within the specified time limits, you will be liable to pay interest and a late fee. Interest is charged at 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment. Late fees are charged at Rs.100 per day per Act. Hence, it will be Rs.100 under CGST and Rs.100 under SGST. The total will be Rs.200 per day, subject to a maximum of Rs.5,000. ----------------------------------------------- For more assistance contact on 7575 8426 75 or mail at inquiries@karia.biz