GST Return filing under QRMP Scheme

FAQs

What is a GST Return?

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes:

Purchases

Sales

Output GST (On sales)

Input tax credit (GST paid on purchases) Under this plan, our experts will file your GST Returns

How do I claim Input tax credit?

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers.

How do I know if my tax invoice is GST compliant?

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST compliant tax invoice is a bill which will have 16 mandatory information some of which are:

Name, address and GSTIN of the supplier

Invoice number

Date of issue

Name, address and GSTIN of the recipient (if registered)

HSN code

Description of the goods/services

Quantity of goods

Value after discount

Rate and amount of GST

Under this plan, we expect you to provide a summary of invoices (purchase & sale) covering all this information to help us file your GST returns.

What is GST 3B?

GSTR 3B is a simple return/summary that shows the amount of GST liability arising on account of monthly sales and purchase transactions after taking into consideration the input tax credit. It needs to be filed by every registered dealer on a monthly basis irrespective of turnover (excluding composition dealer)

I am a wholesaler of goods. Do I need to file GST Returns?

If you are registered under GST, then you need to file GST returns. By filing GST returns, you will be able to claim Input tax credit.

How do I claim refund under GST?

The processing time for a refund application has been kept as sixty days under GST model law but it could be as early as two weeks. Our experts will assist you with claiming the refund.

Is audit applicable under GST?

Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or by the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit must get his accounts audited by a CA or a CMA.

Our CA experts will guide you on GST audit. Note that our plan does not cover audit services. These are separately charged by the CA.

What penalties are applicable for non-compliance under GST?

To prevent tax evasion and corruption, GST has brought in strict provisions for offenders regarding penalties, prosecution and arrest. These cover cases of fraud, tax evasion among others.

What are B2B invoices?

B2B invoices are invoices of taxable supplies made to registered taxpayers is considered as B2B.

What are B2CLarge invoices?

B2CL are invoices for taxable outward supplies made to unregistered taxpayers where:

Supply is made interstate, and

Total invoice value is more than Rs 2,50,000/-