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Taxation

GST Return Filing

The recurring GST cycle: outward supplies reported in GSTR-1, input credit reconciled against GSTR-2B, and the summary and payment filed in GSTR-3B. The reconciliation between what your suppliers filed and what you claimed is the part that decides whether credit survives a later scrutiny, so it is done every cycle rather than at year end.

What you get

  • GSTR-1 and GSTR-3B prepared and filed on your recurring cycle, monthly or quarterly under QRMP
  • Input tax credit reconciled against GSTR-2B before it is claimed, not after
  • Suppliers who have not filed flagged to you while there is still time to chase them
  • Reverse charge, exports, SEZ supplies and e-commerce transactions treated correctly
  • Amendments handled in the following period where an earlier invoice was misreported
  • Ledger balances, cash and credit, tracked so a payment is never discovered at the last hour

How it works

  1. 1Sales and purchase data inInvoice data comes across from your books or your billing software in whatever form you keep it. Classification and rate issues are raised at this point, not at filing time.
  2. 2Reconcile credit against GSTR-2BPurchase records are matched to the auto-drafted GSTR-2B. Anything missing is traced to the supplier who has not filed, and you are told while chasing them is still useful.
  3. 3Confirm the liabilityThe net position after eligible credit is shared with you before filing, so the cash outflow is never a surprise on the due date.
  4. 4File and archiveGSTR-1 and GSTR-3B are filed, and the acknowledgements and the reconciliation working for the period are kept as the audit trail.

FAQ

About gst return filing

What happens if a GST return is filed late?

A late fee accrues per day of delay for each return, and interest runs separately on any tax paid late. Beyond the money, a missed return blocks the next one, since the cycle must be filed in order, and prolonged non-filing can lead to registration being suspended and to your buyers losing the credit on your invoices. The fee rates and caps vary by return type and turnover, so they are confirmed for your case rather than quoted here.

My supplier has not filed, so the credit is not in my GSTR-2B. Can I still claim it?

In practice, no. Credit is available on the basis of what appears in GSTR-2B, so a supplier who has not filed leaves you carrying the cost until they do. This is why the reconciliation is run every cycle and the gaps are reported to you early: the only real remedy is commercial pressure on the supplier while the invoice is still recent.