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GST Return Filing!
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At BizSetupGlobal, we provide comprehensive accounting and compliance services designed to empower Limited Liability Partnership firms like yours to thrive and succeed.
Basic Facts on GST Return
- GST has registered 1.4 billion businesses since July 2017.
- GST registration requires monthly GST returns.
- Taxpayers must file GST returns with income details.
- Company tax liability is calculated using this.
- Returns must be submitted regardless of business activity, sales, profitability, etc.
- Inactive businesses must also file GST.
Different Types Of GST Returns To Be Filied In India
Type
Description
Period
GSTR 1
Details of the outward supplies of the taxable goods and or services
Monthly Quarterly (If opted under the QRMP scheme)
GSTR 3B
Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer.
Monthly Quarterly
CMP 08
Statement cum challan to make a tax payment by a taxpayer is registered under the composition scheme under Section 10 of the CGST Act.
Quarterly
GSTR 4
Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act
Annually
GSTR 5
Returns to be filed by a Non-resident taxable person
Monthly
GSTR 6
To be filed by the input service distributor to distribute the eligible input tax credit
Monthly
GSTR 7
It is filed by the government authorities
Monthly
GSTR 8
Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them.
Monthly
GSTR 9
Annual return for a regular taxpayer
Annually
GSTR 9C
Certified reconciliation statement
Once the GST registration is cancelled or surrendered
GSTR 10
Is filed by the taxpayer whose GST registration is cancelled
Once the GST registration is cancelled or surrendered
GSTR 11
Details of the inward supplies are furnished by a person who has UIN and also claims a refund.
Monthly
- Registered entities must file 26 returns per year: 2 monthly and 1 annual.
- Monthly GSTR-3B returns must include sales and purchases.
- GST-registered enterprises must file GSTR-1 and GSTR-3B returns.
- Businesses with annual revenue over ₹1.5 crores must file GSTR-1 monthly.
- GST returns must be filed quarterly for businesses under ₹1.5 crores.
- All entities must also file annual GST returns.
Due Dates For Filing The GST Returns
GSTR 1
The 11th of Subsequent of that month
GSTR 3B
The 20th of that subsequent month
CMP 08
18th of the month succeeding the quarter of the specific fiscal year
GSTR 4
18th of the month succeeding the quarter.
GSTR 5
20th of the subsequent month
GSTR 6
13th of the subsequent month
GSTR 7
10th of the subsequent month
GSTR 8
10th of the subsequent month
GSTR 9
31st December of the Fiscal year.
GSTR 10
Within 3 months of the date of cancellation or the date of cancellation order, whichever is earlier
GSTR 11
28th of the month following the month for which the statement was filed
Letter Of Undertaking (LUT) Application
The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that they would fulfil all the requirements specified under GST while exporting without making an IGST payment.
All GST-registered goods and service exporters are eligible to submit LUT except the exporters who have been prosecuted for any offence, and the amount of tax evasion exceeds ₹250 lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the existing laws. In such cases, where the exporter is not eligible to file LUT, they would have to furnish an export bond.
We can help you with GST LUT filing or export bond filing. Contact our GST Experts to learn more about exporting under LUT or export bond.
Letter of Undertaking (LUT) for Exports
According to the Central Goods and Services Tax Rules, 2017, any registered person exporting goods without payment of integrated tax must furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11.
All GST-registered goods and services exporters are eligible to submit LUT except the exporters who have been prosecuted for any offence and the amount of tax evasion exceeds ₹250 lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the existing laws.
Letter of Undertaking will be valid for twelve months from the submission date.
If the exporter fails to comply with the conditions of the Letter of Undertaking, privileges could be revoked, and the exporter would be required to furnish a bond.
All exporters must submit a letter of undertaking or export bond under the new format specified under GST on or before 31st July 2017.
Export Bond for GST
- Entities not eligible to submit a Letter of Undertaking (LUT) as per the above conditions would have to furnish an exportExport Bond for GST bond and a bank guarantee.
- The bond should cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself.
- Export bonds should be furnished on non-judicial stamp paper of the value as applicable in the State where the bond is being furnished.
- Also, exporters can furnish a running bond so that export bonds need not be executed for every export transaction.
- However, if the outstanding tax liability on exports exceeds the bond amount at any time, the exporter must furnish a fresh bond to cover the additional liability.
- A bank guarantee can be mandated along with an export bond. The value of a bank guarantee should not exceed 15% of the bond amount.
- However, based on the track record of the exporter, the bank guarantee required to be submitted with the export bond can be waived off by the jurisdictional GST Commissioner.
Export Bond for GST
Entities not eligible to submit a Letter of Undertaking (LUT) as per the above conditions would have to furnish an export bond and a bank guarantee.
The bond should cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself.
Export bonds should be furnished on non-judicial stamp paper of the value as applicable in the State where the bond is being furnished.
Also, exporters can furnish a running bond so that export bonds need not be executed for every export transaction.
However, if the outstanding tax liability on exports exceeds the bond amount at any time, the exporter must furnish a fresh bond to cover the additional liability.
A bank guarantee can be mandated along with an export bond. The value of a bank guarantee should not exceed 15% of the bond amount.
However, based on the track record of the exporter, the bank guarantee required to be submitted with the export bond can be waived off by the jurisdictional GST Commissioner.
Online Registration Process
Step 1
Select the package that suits you:
a. list of services purchased
b. documents to be submitted or next action.
Step 2
Once documentation is complete, you will be informed about the next steps through email and sms, and you can also check the current status of your request in your personalised dashboard.
Step 3
Make a payment, and you will receive your personalised dashboard login and password.
Step 4
If you have any questions during the process, you can contact us via the Helpdesk system in your dashboard, and we would be pleased to assist. We can even call you if necessary.
Step 5
At each step, our team will share all the required information needed by you and ensure that you have a smooth experience with us.
Step 6
Once you submit the required documents, our Compliance Manager will review the documents and contact you in case of any discrepancies.
Here's What You Need To Do
Fill the Form
Start your journey by filling out a simple form on our website. Provide the necessary information to initiate the process.
Make Payment
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Expert Guidance
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Frequently Asked Questions