For the GST return process by Amit K Chawla & Co., We can provide a general overview of the GST return filing process in India, which CA Amit K Chawla & Co. or any other chartered accountant might follow.
Registration: Any business whose turnover exceeds the threshold limit (which varies for different states) is required to register under GST. Once registered, the business is assigned a unique Goods and Services Tax Identification Number (GSTIN).
Maintaining Records: The business must maintain detailed records of all transactions including purchases, sales, output GST (tax collected on sales), and input GST (tax paid on purchases).
Filing Returns: GST returns need to be filed periodically. There are different types of GST returns such as GSTR-1, GSTR-3B, GSTR-4, etc., each serving a different purpose and applicable to different types of taxpayers.
GSTR-1: Contains details of outward supplies (sales) made by the taxpayer. It needs to be filed by the 11th of the succeeding month.
GSTR-3B: A summary return that includes details of both outward and inward supplies, along with the tax liability. It needs to be filed by the 20th of the succeeding month.
GSTR-4: A quarterly return for taxpayers opting for the Composition Scheme.
Others: There are returns for Input Tax Credit (ITC) matching (GSTR-2A, GSTR-2B) and annual returns (GSTR-9).
Reconciliation: Before filing returns, businesses need to reconcile their purchases with the data available on the GST portal to ensure accurate input tax credit claims.
Payment of Tax: After filing returns, businesses need to pay the tax liability as per the returns filed. The payment can be made online through the GST portal.
Annual Return: Additionally, an annual return (GSTR-9) needs to be filed by December 31 of the following financial year, which consolidates the information furnished in monthly/quarterly returns.
Chartered accountants like CA Amit K Chawla & Co. assist businesses in every step of this process, from registration to filing returns accurately and on time, ensuring compliance with GST regulations. We also provide advisory services on GST-related matters, helping businesses optimize their tax liabilities and ensure smooth operations.
Call us at +91-9044742447 to Get expert advice for GST return filing service with CA Amit K Chawla & Co. Book Your Consultation Appointment Now!