GST Return Filing in Karnataka

All entities registered under GST are required to submit GST return filing in Karnataka, irrespective of their business activity, GST rates or profitability. This helps tax transparency and make sure that the company adheres to the national regulations. In most cases the returns are filed online before the GST deadlines. Usually on a monthly or quarterly basis, depending on the taxpayer's category. In general businesses submit GSTR-1, GSTR-2, and GSTR-3 monthly. The GSTR-9 is an annual requirement. If the taxpayer is under the composition scheme then CMP-08 is filed quarterly and GSTR-4 is filed annually. Late filing incurs penalties of ₹100 per day under CGST and SGST, coupled with an 18% interest charge on unpaid taxes. Non-filing attracts additional penalties. Chartered Accountants provide expert guidance to ensure seamless compliance.

GST Return Filing in Karnataka

GST return is a self-declaration form that businesses registered under the Goods and Services Tax (GST) regime are required to file on a regular basis with the government. It is a document that reflects the details of a business's sales, purchases, output GST, and Input Tax Credit (ITC) for a given tax period. The information provided in the GST return helps the government to assess the tax liability of the business, reconcile the credit available to the business, and prevent tax evasion.

The purpose of filing GST returns is to report the sales and purchase transactions, including the tax collected and paid, to the government. In Karnataka, depending on the type of GST registration the firm holds, regular GST returns must be made, monthly or quarterly. GST returns must be filed on time, and failure to do so might result in fines and legal action.

Documents Required for GST Return Filing in Karnataka

• GSTIN
• Aadhar Card
• B2B and B2C Invoices
• Invoice date
• GST rate
• Taxable values
• Credit notes issued
• Debit notes issued and HSN summary of goods sold
• Amount of IGST, CGST, SGST, GST cess applicable.

Benefits for GST Returns Filing in Karnataka

GST registration in Karnataka or submitting the returns on time before the GST filing deadlines can provide many benefits. Some of them are discussed below:

Compliance With the Law

Filing GST returns is mandatory for businesses registered under GST in Karnataka, and it is important to maintain compliance with the law.

Avoid Penalties

Late filing of GST returns can result in late fees and interest, which can be substantial. Filing GST returns on time can help you avoid penalties and maintain a good reputation with the government.

Improved Cash Flow

By filing GST returns on time, businesses can receive their GST refunds faster, which can help improve their cash flow.

Better Record-Keeping

Filing GST returns requires businesses to maintain accurate records of their sales and purchases, which can help them keep track of their finances and make better business decisions.

Increased Credibility

Filing GST returns on time and maintaining a good compliance record can increase the credibility of a business with customers, suppliers, and lenders.

Simplified Taxation Process

With the assistance of a professional, the GST returns filing process can be simplified and made more efficient, freeing up time and resources for the business to focus on other important tasks.

Who is Required to File the GST Returns in Karnataka

In India, the following people must file a GST return:

• All Goods and Services Tax (GST) registered taxpayers in Karnataka are required to submit GST returns
• It includes individuals, partnerships, companies, and other business entities that have a valid GST Identification Number (GSTIN)
• Additionally, businesses with an annual turnover exceeding ₹20 lakh (₹10 lakh for special category states) are required to obtain GST registration
• Business involved in e-commerce and interstate commerce are required to file GST.

How to File GST Returns in Karnataka?

Vakilsearch conducts the entire Karnataka GST return filing process online following the steps given below:

Step 1: Consult our experts

An experienced GST advisor is assigned to assist you at every step of the way.

Step 2: Preparing the GST returns

Our GST professionals will get in touch with you and collect all the relevant data. We will prepare the documents required for GST returns.

Step 3: Filing GST returns

Our in-house CA will file it in the GST portal within 24 hours. We will make sure that the returns are filed on time.

GST Return Filing in Karnataka Under the Composition Scheme

• Quarterly return CMP-08 must be submitted by the 18th of the month after the quarter
• GSTR-4: Annual return submitted by April 30 of the subsequent fiscal year
• CMP-08: The eighteenth of the month that follows the quarter; for example, the April–June quarter's due date is July 18
• GSTR-4: April 30, of the subsequent fiscal year.

Late filing of GST returns in Karnataka

The cost of late fees is ₹100 per day. As a result, it will cost ₹100 under CGST and ₹100 under SGST. The total will be ₹200 every day, with a ₹5,000 cap.

• For a delay of less than 15 days from the due date, a fee of ₹100 per day of delay (₹50 for taxpayers registered under the composition scheme) is imposed
• For delays of more than 15 days and up to 30 days from the due date, a fee of ₹300 or an amount equivalent to 0.25% of the taxpayer's total taxable turnover (whichever is higher) is imposed
• In case of delay of more than 30 days from the due date, a fee of ₹500 or an amount equivalent to 0.50% of the taxpayer's total taxable turnover (whichever is higher) is imposed.

GST Return Forms for Karnataka

Note: The Government may occasionally extend the deadlines for filing GST returns.

Why Choose Vakilsearch to File the GST Returns in Karnataka?

Choose YYY as your knowledgeable guide and avoid non compliance. Get full support for GST registration and filling from top GST consultants in Karnataka . We have the best team for filing GST returns in Karnataka. Our team stays up-to-date with GST return filing. We can complete the GST return filing in a much simpler and more convenient way as described below.

A Dedicated GST Advisor

As you register for GST and file your GST returns, a relationship manager with expertise in the sector you work in will be there to help.

Submit GST Returns

Our team will make sure that you get notices on time before the cutoff. We will regularly remind you so that you won't miss out on the deadline.

Get Monthly GST Status Reports

Monthly updates detailing the status of GST return filing, including GSTR-3B, and subsequent actions would be given to clients by the GST advisors.