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GST Returns For Your Startup and Due Dates

Daniel Watson
GST Returns For Your Startup and Due Dates

Because of GST in India, the Indian financial sector has leveraged a more efficient and clear tax structure. Before the implementation of GST, startups having a turnover of more than Rs 5 lakhs, were supposed to pay a huge amount of tax as VAT; but with GST, this number has increased to Rs 20 lakhs. 

All this has helped small businesses and startups to remain out of the tax bracket and focus on their core competencies. It has also helped in saving money from the capital funds; also, startups can rely on simple tax calculations. The entire GST return filing services has been made online, right from filing registration forms to GST returns.

Who Should Register?

If you have a startup with a turnover exceeding Rs 40 lakh in a year, then you should register your business under GST.  If not, you can still register voluntarily. Then you will have to opt for GST filing services for filing the GST returns under the law.

Types of GST Returns for Startups

Types of GST returns which are applicable for different kinds of startups are:

GSTR 1: It has to be filed in order to provide the details of sales including B2B and B2C. The due date for this is the 10th of every month for quarterly return, the end of next month of every quarter.

GSTR 1A: This rectifies or resolves the mismatch in sales figures with your customers to whom you have raised the tax invoice. 

GSTR 3B: This provides the summary return having details of net tax liability, which is based on the output and input tax. Due date of GSTR 3B, is the 20th of every month. 

GSTR 4: It is for those businesses that opts for the composition scheme and are require paying to subsidize GST rates from 1% to 5%; this is a quarterly return. 

GSTR 8: An e-commerce operator who collects TCS (Tax Collected at Source) under GST requires filing this till the 10th of every month. 

GSTR 9: This is an annual GST return and has to be filed by all the registered persons till 31st March of every financial year. 

It is necessary to keep in mind that while the GST returns process is easy for startups, taking expert’s help is highly recommended.

E M S Tax Filing Solutions would guide you about the right kind of GST return filing for your startup and also provide services for income tax filing online.

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Daniel Watson
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