GST Return Filing In Chennai

The process of filing Goods and Services Tax (GST) returns with the Central Board of Indirect Taxes and Customs is known as GST Return Filing in Chennai (CBIC). All registered taxpayers are required to submit their GST returns on a regular basis.

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Overview of GST Return Filing in Chennai

The Goods and Services Tax, or GST, went into effect on July 1st, 2017. The transaction of products and services between organisations is subject to this indirect tax. At each stage of the production process, GST must be paid. “One Nation, One Tax” is the main slogan of the GST.

The GST Return Filing in Chennai is a document that contains all the information about the sales and purchases input tax, or the tax paid on purchases, and output tax, or the tax received on sales. To pay the tax due, businesses must file a GST Return.

Depending on the nature of business, all enterprises that have registered for GST are required to file GST returns either quarterly, monthly, or annually. Input GST Return
GST Returns - Types and Due Dates

GST Return Filing In Chennai are documents that businesses must submit to the government to report their GST liabilities. There are several types of GST returns, and the due dates for filing them vary depending on the type of return.

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  • GSTR-1: This return is filed by all registered taxpayers on a monthly or quarterly basis. It contains details of all outward supplies made during the period. The due date for filing GSTR-1 is the 10th of the following month or quarter.
  • GSTR-2: This return is filed by all registered taxpayers on a monthly or quarterly basis. It contains details of all inward supplies received during the period. The due date for filing GSTR-2 is the 15th of the following month or quarter.
  • GSTR-3: This return is filed by all registered taxpayers on a monthly or quarterly basis. It contains details of all GST liabilities and payments made during the period. The due date for filing GSTR-3 is the 20th of the following month or quarter.
  • GSTR-4: This return is filed by composition taxpayers on a quarterly basis. It contains details of all GST liabilities and payments made during the period. The due date for filing GSTR-4 is the 18th of the month following the end of the quarter.
  • GSTR-5: This return is filed by non-resident taxpayers on a monthly basis. It contains details of all outward supplies made during the period. The due date for filing GSTR-5 is the 20th of the following month.
  • GSTR-6: This return is filed by input service distributors on a monthly basis. It contains details of all inward supplies received during the period. The due date for filing GSTR-6 is the 13th of the following month.
  • GSTR-7: This return is filed by tax deductors on a monthly basis. It contains details of all TDS deductions made during the period. The due date for filing GSTR-7 is the 10th of the following month.

Benefits of GST Return Filing In Chennai

Improved Compliance: GST return filing in Chennai helps businesses to maintain accurate records of their transactions and ensure compliance with the GST laws. This helps businesses to avoid any penalties or legal action due to non-compliance.

Increased Transparency: GST return filing in Chennai helps businesses to be more transparent in their dealings with the government and other stakeholders. This helps to build trust and credibility in the business.

Reduced Tax Liability: GST return filing in Chennai helps businesses to reduce their tax liability by claiming input tax credit on eligible purchases. This helps businesses to save money on taxes and use it for other business activities.

Improved Cash Flow: GST return filing in Chennai helps businesses to manage their cash flow better by ensuring timely payments of taxes and other dues. This helps businesses to maintain a healthy cash flow and use it for other business activities.

Improved Efficiency: GST return filing helps businesses to streamline their processes and become more efficient in their operations. This helps businesses to save time and money on administrative tasks and focus on core business activities.
Higher Compliance Rating on Offer: The GST system has introduced the compliance rating technique to track the compliance structure. This is where ratings are given to all registered companies and/or individuals based on their consistency. The rating of entity’s/individual’s compliance is publicly available on the website, and a unique taxpayer is ranked with higher compliance ratings.
E-commerce Benefits from Higher Threshold for Quick Goods Supply: Every company is creating a strong online presence by selling its services and products on its websites in response to the increased competition. Following a variety of complex VAT laws and compliances, which were necessary under the VAT system, frequently led to the Authority seizing products. All of these complex procedures have now been eliminated by GST, which has simplified the E-commerce industry.
Improved Rules and Accountability: The tax filing system was quite disorganised prior to the implementation of GST; all taxes were conveniently paid, and the main hassle associated with submitting taxes has since been removed. This has led to improved tax law regulation and better

Checklist for GST Return Filing in Chennai

  • Ensure that all invoices and other documents related to sales and purchases are available.
  • Check the GSTIN of the supplier and the recipient.
  • Ensure that all the invoices are correctly entered in the GST return filing software.
  • Check the HSN/SAC codes of the goods or services supplied.
  • Calculate the total value of taxable supplies, exempt supplies, and non-GST supplies.
  • Calculate the total tax liability for the period and ensure that it matches with the total tax collected from customers.
  • Calculate the input tax credit (ITC) available for the period and ensure that it matches with the total ITC claimed in the return.
  • Ensure that all the details of outward supplies, inward supplies, and ITC are correctly entered in the GST return filing software.
  • Check if any late fee or interest is applicable for delayed filing of returns or payment of taxes.
  • Submit the GST return filing form after verifying all details and making necessary corrections, if any.

Documents Required for GST Return Filing in Chennai

The following documents are necessary for filing GSTR Returns:
  • A list of invoices for issued to persons (B2B and B2C services)
  • The GSTIN of the customer
  • The type of invoice
  • The invoice number
  • The place of supply
  • The GST rate
  • The taxable value
  • The amount of CGST, SGST, IGST and GST Cess applicable
  • A consolidated summary of intra-state and inter-state sales
  • An HSN-wise summary of details
  • A summary of the required documents such as debit and credit notes

Process for GST Return Filing in Chennai

GST procedures GST Return Filing Every GST Taxpayer must take the following actions to file a return, which is a complex process:

Step 1: Gathering the Paperwork and Bills All registered taxpayers are required to gather the required paperwork and invoices in order to file their GST returns.

Step 2: Including the Required Documents with the Application: The candidate must submit the necessary details and paperwork. Prior to filing the GST return, complete the following steps:

Step 3: Reviewing the GST filing and records before submission is the first step before filing the GST return. Verifying sure the records, invoices, and other documents are accurate is the second step.

Step 4: Filling out the GST Return:

The applicant may finally submit their GST return.

Our Support
Intellecto Filings has a team of GST experts to provide you with comprehensive support. We assist more than 1000 companies with their GST related compliances every month.
  • We will remind you of due dates so you don’t have to worry about keeping track.
  • Our simplified system will help you keep your invoices and other documents organised.
  • Our experts will file your returns and ensure you get the proper input tax credit, saving you money.
  • You don’t have to worry about trying to make sense of changes in GST laws and processes, as our experts are always up to date with it.
  • Your filing will be error-free and you will save a lot of time and effort.
  • We also bear any penalties incurred due to any delay from our end.
FAQ
Input Service Distributors (ISD): Who Are They? What tax returns must they submit?
In order to provide tax credits, a supplier of goods and services’ corporate headquarters receives tax invoices for incoming supplies made by vendors on behalf of the branch offices.
What procedure will be followed if the recipient discovers that the information reported on FORM GSTR-2A is inaccurate?
The recipient can verify, edit, and even add to these facts before submitting them in FORM GSTR-2 on or before the fifteenth day of the subsequent tax period.
Would the receiver be able to see the data that the provider uploaded to GSTR-1?
In “Part an of FORM GSTR-2A,” an automatically generated form, the recipient would receive the data that the supplier uploaded in GSTR-1.
Is it necessary for an assessed under the composition system to gather information on "inward supply" and "outward supply"?
No. An assessed who uses the “composition scheme” is not always required to submit a GST return that includes information about their inward and outbound supplies. Within 18 days of the assessment date, such assesses must register quarterly returns in FORM GSTR-4. Such assesses are required to register quarterly returns in FORM GSTR-4 within 18 days from the end of the quarter.
What reports must a "non-resident" taxable assessed submit?
A non-resident taxable assessed is required to submit GST Return – GSTR-5 in order to provide monthly information on “inward” and “outward” supply, debit/credit notes, tax paid information, information regarding closing stock, and any refunds that may have been sought.
When will the supplier be informed that the document he uploaded was rejected by the recipient?
Only after the recipient has submitted his return may the provider be notified of the rejected documents.

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