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GST Return (F)

Business Startup Consulting Services

Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

Legal Issue and Challenges

Persons or entities in India involved in the supply of goods or services must obtain GST registration when the threshold limit for registration is crossed. In most states, GST registration is mandatory when a person supplies services or goods over Rs.20 lakhs per year. In addition to the turnover limit, GST registration is compulsory for all persons undertaking eCommerce sales.

Startup Consultancy

The timelines can be summarised as under:

GSTR-1 Details of outward supplies of taxable goods and/or services affected Monthly 11th of the next month with effect from October 2018 Previously, the due date was 10th

GSTR-2 Suspended Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. Monthly 15th of the next month

GSTR-3 Suspended Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. Monthly 20th of the next month

GSTR-3B Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by taxpayer Monthly 20th of the next month

GSTR-4 Return for a taxpayer registered under the composition levy Annually 30th April following the end of financial year

GSTR-5 Return for a Non-Resident foreign taxable person Monthly 20th of the next month

GSTR-6 Return for an Input Service Distributor Monthly 13th of the next month

GSTR-7 Return for authorities deducting tax at source. Monthly 10th of the next month

GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month

GSTR-9 Annual Return for a Normal Taxpayer Annually 31st December of next financial year

GSTR-9A Annual Return for a taxpayer registered under the composition levy anytime during the year Annually 31st December of next financial year

Tax Metrica Advantage & Services

Tax Metrica Advantage:

GST Taxpayer need an expert to manage all compliance and regulatory activities. Tax Metrica offers a wide scope of administrations for Returns performing redistributing exercises. Notwithstanding giving monetary administrations, for example, registration and return, we likewise offer MIS detailing and the executive arrangements. Our modified arrangements empower associations to boost reach and benefit.

Taxmetrica Services:

  • Company’s incorporation and its Compliances
  • Advisory, registration and its compliances of in income tax and GST
  • Business-specific license
  • Compliance and registration under Labour Law
  • Protection of Intellectual Property:
  • Accounting set up and consultancy
  • General Payroll Accounting and taxation
  • MIS Reports for all levels of management.
  • Payroll Audit
  • Employee Stock Option Plan (ESOPS) for startups

Startup Query

Business Growth is your Friend

  • Expenses
  • Business Profit
  • Company Growth

Managing accounting

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).

Tax accounting

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.[36] U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company.

Accounting firms

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.

Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance by the auditing market by the Big Five accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.