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GST Returns Filing

Who Needs to File GST returns

    • Businesses with an annual turnover INR 40 lakhs or above are liable to file GST returns, irrespective of their business structure. However there is a reduced threshold of INR 10 lakhs for Arunachal Pradesh, Manipur, Assam, Mizoram, Manipur, Sikkim, Tripura, Himachal Pradesh, Jammu and Kashmir, Meghalaya and Uttarakhand.


    • Online businesses
    • E-commerce Aggregators

Penalties for Delayed GST Returns

Filing returns is mandatory under GST laws. Even if there are zero business transactions, you have to file a Nil return. Also, you can’t file a return if you haven’t filed previous month’s/quarter’s return. Thus, delay in GST return filing will have a cascading effect leading to hefty penalties. GSTR-3B is filed immediately after any such delay.


There is a 18% annual interest on the net tax liability calculated in the liability-ledger of GSTR-3B at the time of payment. The time period starts from the next day of due date till the date payment is made. The late fees on delayed GST filing is INR 20 per day (for NIL returns) or INR 50/- per day as the case maybe.

GST Audit Mandatory?

All GST-registered businesses with an annual turnover of more than INR 2 crores (from sales of commodity only) will be subject to a mandatory GST Audit annually.


Under GST audit examination of records, returns and ancillary documents is conducted. The purpose of this audit is to verify the figures on declared turnover, taxes paid, claiming refunds, Input Tax Credit availed and scrutinise other compliances under relevant laws by authorized experts.


GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.

No. of Returns to File

As per the present GST regime, eligible businesses have to file three monthly returns and one annual return meaning 37 returns yearly.

GST Credit

Also known as Input Tax Credit (ITC), GST credit is one of the biggest reforms under this new tax regime. In order to produce any commodity (goods or services), you must have purchased some sort of raw material. That raw material is called input and the tax you pay on the purchase of those inputs is called input tax. 


You can claim the tax you have already paid on the purchase of inputs in your GST filing, it is called claiming ITC. It is a bit complicated to calculate ITC as there are several statutory provisions, categories of inputs and notifications from GST council to keep in mind and thus it’s better to consult experienced professionals.

USAIndiaCFO Advantage

Will you believe me if I tell you that we incorporate thirty to forty companies EVERY MONTH and rouse by our proficiency to deliver results, they also delegate us all their taxation and accounting related work as well. We are a confluence of CAs and CSes with 10+ years of experience in the arena of finance. 


We provide our clients with one-stop, end-to-end solutions for everything finance in your business, salvaging them on the cost of coordinating with multiple service providers or changing firms when the business outgrows their competence. Once we partner, you will never have to worry about your deadlines of filing taxes, optimising taxes or penalties.


To know more about how we will implement our optimum and innovative taxation solutions in your organization give us a call on 7727887799 (also available on WhatsApp) or drop us an email containing your business requirements at and our team will reach out to you within 2 hours.

We file your GST returns, along with providing a range of other services to take full accountability as the virtual CFO to your business.


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