A registered merchant is required by GST to file GST returns that include: Purchases and Sales GST output (On sales) Credit for input taxes (GST paid on purchases) Regular enterprises with annual aggregate revenue of much more than Rupees five crore (and people who have not chosen for the QRMP scheme) are required to file two-month returns and one yearly return under the GST system. This equates to 25 returns every year. This is the right place for you to do your GST filing Chennai and Erode.

The QRMP plan allows taxpayers with a revenue of up to Rupees five crore to file returns. QRMP filers file 9 GSTRs per year, including Four GSTR-1 and GSTR-3B forms as well as an annual return. It is important to note that although QRMP registrants file quarterly reports, they must owe taxes every month.

There are 13 GST returns. GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04 are the codes. However, not all returns apply to all taxpayers. Returns are filed by taxpayers dependent on the kind of taxpayer/type of registration received.

Eligible taxpayers, defined as those with a turnover of more than Rs.5 crore, must additionally file a self-certified reconciliation statement in Form GSTR-9C. In addition to the GST returns that must be submitted, taxpayers can get statements of the input tax credit, known as GSTR-2A (dynamic) and GSTR-2B. (static). Small taxpayers who are enrolled under the QRMP system can also use the Invoice Furnishing Facility (IFF) to furnish their sales invoices from business to business (B2B) for the first 2 months of the quarter. These small taxpayers will still be required to file monthly returns on Form PMT-06.

If you do not file your GST returns within the stated time restrictions, you will be charged interest and a late fee. File your returns on time using our services for GST filing in Chennai and Erode. Interest is levied at a rate of 18% per year. It must be estimated by the taxpayer based on the amount of unpaid tax. The period will run from the day after filing to the day of payment. Hassle-free services for GST filing Chennai and Erode

According to the Act, late costs are assessed at Rs.100 every day. As a result, it will cost Rs.100 under the CGST and Rs.100 under the SGST. The daily rate will be Rs.200, with a ceiling of Rs.5,000.

The Advantages of Filing a GST Return

GST reduces the cascade impact. Previously, numerous instances of tax on tax were paid for a single transaction. You no longer have to pay tax on tax because GST eliminated various other taxes such as excise duties, service tax, import duty, and proper state value-added tax. This will save you money.

A higher cutoff. The GST threshold is aggregate revenue above 40 lakhs for sales of commodities and aggregate turnover above 20 lakhs for sales of services. As a result, small firms that fall below this level are exempt from GST.

It is less difficult for startup companies and e-commerce enterprises. The GST system has simplified tax management for startups and e-commerce businesses. Various tax rules across different states, which are now eliminated by GST, harmed e-commerce in particular. The more organized system Before the implementation of GST, the tax filing system was disorganized. All taxes are now paid online, and most obstacles associated with tax filing have been eliminated as part of the GST implementation process.

Documentation that may be required.

• Invoices given to GSTIN holders or B2B invoices
• Invoices are issued to individuals who do not have a GSTIN or B2C invoices. This must be filed only if the total value exceeds 2.5 lakhs.
• Interstate sales are consolidated.
• All products sold are summarized by HSN.
• Other debit or credit notes, as well as advance receipts

Why you should choose LAAMS Tax Consultancy Private Limited for your hassle-free GST processes

• You don't have to worry about missing deadlines since we will remind you.
• Simplified mechanism for storing and organizing invoices and other documentation
• Experts submit your taxes, ensuring you receive the correct input tax credit and also save money.
• No more attempting to understand changes in GST regulations and processes; instead, our specialists submit returns for numerous other organizations such as yours and are constantly up to speed with it.
• Your file will be error-free, and you will end up saving a significant amount of time and work.
• We bear any penalties incurred as a result of any erroneous delay on our part.

We submit your returns for limitless purchase and sales invoices. GSTR-1 must be filed by every regular person registered with GSTN. GSTR-1 is used to file all of your sales returns, including products and services, for a specific period, which might be monthly or quarterly depending on your overall turnover for the fiscal year. GSTR-1 Monthly filing is required if your previous fiscal year or anticipated current year If the turnover is more than five crores, the taxpayer must submit monthly or quarterly. If the turnover is less than five crores, the taxpayer must file quarterly.