GST Returns

Description

Filing GST returns like GSTR-1, GSTR-3B, and CMP-08 requires meticulous handling of product-level details to ensure compliance. Professional services streamline this process, especially for businesses with complex product portfolios. Here’s how these services work:

1. GSTR-1 (Outward Supplies Return)

Purpose: Monthly/quarterly return for reporting sales invoices (B2B and B2C).
Role of Product Entry Services:

• HSN/SAC Code Mapping: Assign accurate HSN codes (4/6/8-digit) or SAC codes for services.

• Invoice-Level Details: Capture product descriptions, quantities, taxable values, and GST rates (e.g., 5%, 12%, 18%, 28%).

• B2B vs. B2C: Separate reporting for business customers (B2B) and consumers (B2C).

• Export/SEZ Supplies: Ensure correct treatment for zero-rated supplies.

Key Services:

• Uploading invoice data via Excel/JSON or GST-compliant software.

• Reconciling sales data with e-way bills and purchase orders.

• Validating invoices to avoid mismatches in GSTR-2A/2B for buyers.

2. GSTR-3B (Summary Return)

Purpose: Monthly/quarterly return for Consolidated return for summarizing outward supplies, input tax credit (ITC), and tax payment.
Role of Product Entry Services:

• Alignment with GSTR-1: Ensure sales data in GSTR-3B matches GSTR-1.

• Tax Liability Calculation: Auto-calculate CGST, SGST, IGST based on product tax rates.

• ITC Reconciliation: Match ITC claims with GSTR-2B (auto-generated from supplier’s GSTR-1).

Key Services:

• Error Detection: Flag discrepancies between GSTR-1 and GSTR-3B.

• Late Fee Avoidance: Timely filing to prevent penalties (₹50/day for CGST/SGST).

• ITC Optimization: Maximize eligible credits while complying with ITC reversal rules.

3. CMP-08 (Composition Scheme Quarterly Return)

Purpose: For taxpayers under the composition scheme to declare quarterly turnover and pay tax.
Role of Product Entry Services:

• Turnover Reporting: Calculate turnover from product sales (excludes ineligible supplies like inter-state sales).

• Tax Calculation: Apply flat rates (1% for manufacturers, 1% for traders, 5% for restaurants).

• Eligibility Checks: Ensure products/services comply with composition scheme restrictions.

Key Services:

• Validate composition scheme eligibility (e.g., turnover ≤ ₹1.5 crore).

• Prepare and file CMP-08 with payment challan (GST CMP-08).