💼 GST Filing Compliance
For SolidRock Financial Limited (NBFC-MFI)
Ensuring timely GST returns and accurate financial compliance
📅 Filing Frequency Overview
| Type of Filing | Form Name | Due Date | Purpose |
|---|---|---|---|
| Monthly Return | GSTR-1 | 11th of Next Month | Statement of Outward Supplies |
| Monthly Summary | GSTR-3B | 20th of Next Month | Summary of Inward & Outward Supplies, Tax Payment |
| Quarterly Return (QRMP) | GSTR-1 & GSTR-3B | 13th & 22nd/24th of Next Month | For small taxpayers under QRMP Scheme |
| Annual Return | GSTR-9 | 31st December (Next FY) | Summary of all transactions for the year |
| Audit Report | GSTR-9C | 31st December (Next FY) | Certified reconciliation statement by Auditor |
🧾 Key Points for NBFC-MFI Entities
- GST registration is mandatory if turnover exceeds ₹20 lakhs (₹10 lakhs for special category states).
- NBFCs providing financial services must classify their outputs under exempt or taxable services accordingly.
- Proper reconciliation between GSTR-2A, GSTR-2B and purchase registers is crucial.
- Interest income on loans is exempt under GST; however, processing fees and penalties may attract GST.
📂 Documents Required
- Sales Register and Purchase Register
- Input Tax Credit Summary
- Bank Statements for the period
- Invoice copies (Taxable and Exempt)
- Auditor’s Certificate (for Annual Filing)
🔔 Important Notes
Always file your GST returns before due dates to avoid late fees and penalties. Late filing leads to ₹50 per day for NIL return and ₹100 per day for others (₹50 CGST + ₹50 SGST). For NBFC-MFIs, accurate GST filing ensures transparency and better financial compliance with RBI and MCA regulations.