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GST RETURN FILINGS

INCLUSION

  1. Monthly / Quarterly Filing of GSTR-1 and GSTR-3B
  2. Reconciliation of Input Tax Credit
  3. Professional Expert Support

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GST returns are filed by registered taxpayers under the Goods and Services Tax (GST) regime in India to report their sales, purchases, and tax liabilities to the government. GSTR-1 and GSTR-3B are two types of GST returns filed by businesses on a regular basis. Here’s an overview of each:

GSTR-1:

  1. Purpose: GSTR-1 is a monthly or quarterly return that contains details of outward supplies or sales made by the taxpayer during the reporting period. It includes information about sales invoices issued, supplies made to unregistered persons, exports, and other taxable supplies.
  2. Contents: GSTR-1 captures details such as invoice-wise details of outward supplies, including invoice number, date, customer GSTIN (if registered), taxable value, and GST rate. It also includes details of exports, supplies to SEZs (Special Economic Zones), and amendments to invoices issued in previous periods.
  3. Filing Frequency: The filing frequency of GSTR-1 depends on the turnover of the taxpayer. Those with an annual turnover of up to ₹1.5 crore have the option to file quarterly returns, while those with turnover exceeding ₹1.5 crore must file monthly returns.
  4. Due Date: The due date for filing GSTR-1 varies depending on the filing frequency and the reporting period. For monthly filers, it is usually the 11th of the following month, while for quarterly filers, it is the 13th of the month following the quarter.

GSTR-3B:

  1. Purpose: GSTR-3B is a monthly summary return that summarizes the details of inward and outward supplies, input tax credit (ITC) claimed, and the tax payable for the reporting period. It is a simplified return designed to provide a snapshot of the taxpayer’s tax liability for the month.
  2. Contents: GSTR-3B includes summary-level details of outward supplies, including taxable value, tax liability, and ITC claimed on purchases. It also includes details of the tax payable, tax paid through cash and ITC, and any late fees or interest payable.
  3. Filing Frequency: GSTR-3B is filed on a monthly basis by all registered taxpayers, regardless of turnover or registration type.
  4. Due Date: The due date for filing GSTR-3B is usually the 20th of the following month, irrespective of the reporting period.

Key Differences:

  1. Content: GSTR-1 captures detailed invoice-level information of outward supplies, while GSTR-3B provides a summary of both inward and outward supplies along with tax liabilities.
  2. Filing Frequency: GSTR-1 can be filed monthly or quarterly based on turnover, while GSTR-3B is filed monthly by all registered taxpayers.
  3. Due Dates: Due dates for filing GSTR-1 and GSTR-3B differ based on the reporting period and filing frequency.

Both GSTR-1 and GSTR-3B are crucial for GST compliance, and businesses must ensure timely and accurate filing to avoid penalties and maintain compliance with GST regulations.