GST return filing is mandatory for all registered dealers. CFO Angle helps business owners to file monthly return in form GSTR 3B by every 20th of subsequent month. The return includes information like, Sale (output tax), Purchase (input tax credit) and net amount payable for the month. The difference between Sales and Purchase tax is payable to the government. The difference between Purchase and Sales is the excess credit available for the month to be set off against future output tax.
CFO Angle ensure no delay in filing the GSTR 3B as it attracts late fees per day @ ₹ 20 for nil data cases and @ ₹ 50 for others till the date of submission.
GSTR 1 is filed monthly by 10th of subsequent month for turnover higher than INR ₹ 1.5 Cr and for quarterly by 10th of subsequent month of the quarter end. Turnover less than ₹ 1.5 Cr can file monthly also.
CFO Angle ensure GSTR 2A reconciliation to ensure input tax credit on purchases is correctly reflecting in purchase register and government data.