Readymade GSTRs

'Readymade GSTRs'

What is a GSTR?

A GST Return is a document which contains the income details. A GST registered person is supposed to file the returns with the tax administrative authority. The authority uses these filed returns to calculate the tax liability. Filing GST returns timely, is vitally important under the GST Regime as its delay and non-compliances will lead to penalties, lower compliance rating and affect timely refunds.

Under GST, a registered taxpayer has to file GSTRs that include:

  • Purchases
  • Sales
  • Output GST (on sales)
  • Input tax credit (GST paid on purchases)

To file GSTRs, GST compliant sales and purchase invoice are required. You can generate GST compliant invoices for free on GSTaidonline.

Who should file GST Returns?

Under the Government Law for GST, any regular business owner or entities has to file monthly [for normal tax payer (>1.5 crore turnover)]/quarterly [for composite dealer and for normal tax payer (=OR< 1.5 crore turnover)] and annual returns. GST registration holders are required to file GSTR-1 (details of outward supplies) on the 11th of each month/quarter and GSTR-3B (monthly return) on the 20th of each month. However, for the dealers who are registered under the GST composition scheme are required to file GSTR-4 quarterly, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December.

Late Fees for not filing GSTR timely

If GST Returns are not filed within the prescribed time under the GST regime, you have to pay interest as well as late fees. The interest is 18% per annum which has to be calculated by the taxpayer on the amount of the pending tax. The time period will be from the next day of return filing till the date of payment. The late fees is Rs. 100 per day according to the GST Act. It is Rs. 50 under CGST & Rs. 50 under SGST which makes it a total of Rs. 100/day. Maximum will be Rs. 5,000. However there is no late fee on IGST.

Readymade GSTRs with GSTaidonline

IReadymade GSTRs will be generated on the basis of the details provided by the user for sale and purchase register. If the user selects this service directly from our home page or from our services, they will get a pop-up either to fill necessary details or upload invoices to avail this service. The users can get Auto filled readymade GSTRs (including JSON files) by uploading necessary sales and purchase details/invoices on GSTaidonline. Users download the readymade GSTRs (JSON file) and use their own individual user ID and password to enable a speedy hassle free process with total secrecy and security. To avail this service, sign up and fill up the input data entry for sales and purchase register. Correct data must be provided for sales and purchase register to get correct auto filled GST return. Select GST return to download.