Introduced in 2020, the goods and services taxes revolutionized how taxes were operated in India.

Although implied for good, navigating the maze of GST return filing is quite daunting for businesses, irrespective of their size, nature, or status.

So, if you are a business owner or a solo trader, stick with us till the end as we unravel the path to master GST returns most seamlessly.

GST Returns Filing
GST Returns Filing

Decoding Your GST Return Filing Needs

For all individuals who are either budding solopreneurs or are at the helm of large Pvt. Ltd. Companies, ensuring accurate and timely GST returns is mandatory to avoid hefty penalties and maintain a solid reputation with the authorities. Considering the same, we at Vedkee offer our clients a comprehensive guide to demystify filing GST returns online and transform the entire process into a less horrifying venture.

The eligibility for filing GST returns lies on your business’s annual turnover. Businesses with a turnover of Rs.20 crore are mandated to file returns monthly, whereas those below Rs.20 crore can opt for quarterly filing.

To break down the filing frequency based on the company’s turnover, we have:-

  • Monthly filers- Companies with a turnover exceeding Rs. 20 crore should file GST returns online monthly.
  • Quarterly filers- Companies with a turnover between Rs.5 crore and Rs.20 crore should undergo GST return filing quarterly.
  • Annual filers – Companies with a turnover of less than Rs.5 crore can go for annual GST returns filing.

Categories of GST Returns

Although the list of GST returns is vast and complex, understanding the three primary types is crucial.

  1. GSTR-1: This monthly return provides a snapshot of your sales and purchases, encompassing taxable and exempt transactions.
  2. GSTR-3: This quarterly or monthly return (depending on turnover) reports the respective company’s tax liability and payment specifics.
  3. GSTR-9: This annual return consolidates your GST transactions for the entire financial year.

These were the three primary GST return types that every business owner should know about to sidestep penalties and bureaucratic hurdles.

Online GST Returns Process Breakdown

Although daunting for first-timers, with the Indian Government, filing GST returns online is quite an obligatory and user-friendly experience.

To start with the process step-by-step, we first need to:-

  1. Login to the GST portal – using the credentials for your company.
  2. Once logged in, choose the GST return form appropriate for your business from the given list. ( GSTR 1, GSTR 3 or GSTR 9)
  3. Fill out the form properly and submit the necessary documents, which may include your venture invoices and purchase orders.
  4. Make sure to go through all the pre-filled information and documents before submitting the form. Rectify discrepancies, if any.
  5. When the form fill-up is done, calculate your tax liability and make the necessary online payments.
  6. you can finally submit the return form and download the acknowledgment receipt from the same portal.

Although the entire procedure can be done single-handedly by business owners, hiring a tax consultant to fulfill the process is advisable. This is because filing GST returns requires adequate legal knowledge and experience.

Therefore, we at Vedkee Associates are perfect consulting partners so that your GST return forms get filled out with accuracy and punctuality.

Simplifying GST Returns Filing With Vedkee

Navigating GST compliance for small businesses and start-ups can be an intricate task; however, with Vedkee, things are not the same! As a leading GST return filing service provider, we at Vedkee offer comprehensive and hassle-free solutions to all businesses irrespective of their nature, size, or financial status.

Our top-notch services are as follows:- 

  • Accuracy and expertise: Trusted by 100+ clients in recent years, Vedkee has offered accurate and expert services. Our professionals ensure error-free returns and make the process a cakewalk.
  • Time-saving and convenience: At Vedkee, we understand our clients and strive to finish their work minimally. Keeping the due dates for filing GST returns in mind; we look after everything from form fill-up to submission within the stipulated time.
  • Cost-effective – Unlike the rest, the competitive pricing of Vedkee makes it much more affordable than other consulting firms in Gurgaon.

In Conclusion

Filing GST returns doesn’t have to be a horrifying task. You can stay compliant and avoid penalties by understanding the requirements, following the online process, and keeping track of the due dates.

However, if you need a helping hand, Vedkee’s GST return filing services are always there to have your back.

FAQs: GST Returns Filing

GST return filing is a process that every GST-registered business needs to follow. Here, the business or the company must file their ventures' monthly, quarterly, or annual turnovers and pay the respective tax to the Government.
The due dates for filing GST returns are – 31st March for GST1 and GST3. However, for GST9, it is 31st December for the financial year.
Yes, GST returns can be filed without a CA. You are free to do them on your own without any external guidance.
Businesses that have exceeded the prescribed limit of 20 lakhs should opt for filing GST returns.
GST1 is based on quarterly frequency.