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GST quarterly filling (Startup pack- up to 25 monthly transactions)
GST Filing
GST being a destination based tax-reporting structure. Every transaction has to be reported through the last mile with a common invoice, identifiable to the seller and recipient of goods and services. As non-compliance and delay will result in penalties and affect your compliance and timely refunds. It is called the GSTN (Goods and Service Tax Network) that will house all the information of sellers and buyers together. Hence filing of timely GST returns is of utmost importance for any Startup to be GST compliant as well as to always be in good eye of its suppliers and customers.
Details of outward supplies of taxable goods and/or services affected needs to be filed monthly/quarterly in form GSTR-1. Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by taxpayer is filed monthly in Form GSTR- 3B. Further GSTR 9 (Annual Return) also needs to be filed annually and is mandatory if the turnover exceeds Rs. 2 Crore in the respective period.
Hence filing of GSTR 3B and GSTR 1 is mandatory in any case, although GSTR 9 depends upon the turnover criteria.
Consequence of Non-Filing
If GST Returns are not filed within time, you will be liable to pay a late fee.
Interest of 18% per annum also to be paid in case of delay of deposit of GST. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The late fee (Rs. 100 per day) starts from the next day of due date of filing to the date of payment and interest as well.
Get in touch with us for more detailed information on GST filing at +91-8447037100