GST RETURNS(3B, GSTR 1)

What is GST Return Filing?

GST Return Filing is a mandatory compliance for businesses registered under the Goods and Services Tax (GST) regime. It involves reporting sales, purchases, tax collected, and tax paid to the GST department within prescribed due dates.

Key GST Returns: GSTR-1 and GSTR-3B

• GSTR-1: A monthly or quarterly return to report outward supplies (sales).
• GSTR-3B: A summary return to declare total sales, input tax credit (ITC), and net tax payable.

Importance of GST Return Filing

• Compliance with GST Laws: Avoid penalties for late or non-filing.
• Claim Input Tax Credit (ITC): Ensure seamless ITC claims by filing accurate returns.
• Transparent Tax Records: Maintain proper tax compliance for audits and assessments.

Who Needs to File GSTR-1 and GSTR-3B?

• All businesses registered under GST.
• Regular taxpayers, e-commerce operators, and other entities covered under GST rules.
• Businesses with zero sales (Nil Returns).

Documents Required for GSTR-1 and GSTR-3B Filing

1. For GSTR-1 (Outward Supplies Return):

• Details of B2B invoices (GSTIN of customers, invoice numbers, taxable value, tax rate).
• Details of B2C invoices (aggregate turnover for interstate and intrastate sales).
• Debit/credit notes issued during the period.
• HSN/SAC codes for goods and services.
• Export sales details (if applicable).

2. For GSTR-3B (Summary Return):

• Total outward supplies and tax payable.
• Details of input tax credit (ITC) claimed.
• Details of TDS/TCS credit (if applicable).
• Tax already paid through challans in previous returns.

Additional Documents for Different Types of Persons:

• Sole Proprietors: Sales register, purchase register, and bank statements.
• Partnership Firms/Companies: Financial statements, invoices, and GSTIN details of clients/vendors.
• E-commerce Operators: Sales summary and TCS collected details.
• Exporters: Shipping bills, export invoices, and Letter of Undertaking (LUT).

GSTR-1 vs. GSTR-3B: Key Differences

Deadlines for GSTR-1 and GSTR-3B

• GSTR-1:
  • Monthly: 11th of the following month.
  • Quarterly: 13th of the month after the quarter.

• GSTR-3B: 20th of the following month (varies for QRMP scheme).

Why Choose Us for GST Return Filing?

• Accurate and Timely Filing: Avoid errors and penalties with our expert guidance.
• Simplified Process: We handle everything from data collection to submission.
• ITC Optimization: Ensure you claim maximum Input Tax Credit.
• Compliance Support: Assistance with amendments, notices, and queries.