GST Return

The GST or Goods and Services Tax Act was passed by the Rajya Sabha on 3rd August 2016, and the amended bill was passed by the Lok Sabha on 8th August 2016. This taxation system replaced the numerous different taxes which were levied by Central and State governments on various products or services. The GST has made tax filing  a streamlined process for taxpayers since they do not have to pay several taxes and will pay just one taxation. 

Benefits of Goods and Services Tax

  • GST eliminates the tax-on-tax effect
  • Higher threshold for GST registration
  • Consolidate Return filing and compliance
  • Improved logistics efficiency
  • Collegiate a variety of indirect taxes
  • Makes it easier to avail the input tax credit
  • Regularizing Unorganised sectors
  • Composition scheme for SMEs
  • Quick and easy online process

What is GST Returns?

GST returns filing is a document that contains all the details of the taxpayer who has to file for GST. The taxpayer must produce their income to the Tax Department of India, which will include all the details of every sale and purchases made.

Who has to file GST returns?

A taxpayer running firms and businesses across India, whether it is interstate or intrastate are liable to file GST returns. Registered businesses have to file for GST returns monthly, quarterly, and annually based on the type of business.

When to file GST Returns?

  • Business owners have to file two times every month and two additional times half-yearly for GST returns.
  • Registered dealers have to file for GST 26 times in a year.
  • Separate GST filing returns required to be filed by composition dealers whose number of GST filings is 5 in a year.

Types of GST Returns

GST Form

Description

Date of Filing GST

GSTR-1

Returns of outward supplies undertaken by a typical registered taxpayer under GST.

●     The due date is 11th of next month

●     Previously, the due date for GST return filing was 10th of the next month.

GSTR-2

Returns of inward supply of goods and services as agreed by the recipient of the goods and services.

15th of next month.

GSTR-3

A monthly GST return filing of inward and outward supplies of goods and services

20th of next month.

GSTR-3B

Returns of outward supplies along with input tax credit is declared and payment of tax is affected by the taxpayer.

Previously it was the 20th of the next month for all taxpayers. Now it's from the month of January 2020 onwards

 

GSTR-4

GST filing for taxpayers registered under the composition scheme under section 10 of the CGST Act (Supplier of goods) and CGST (Rate) notification no. 02/2019 (Supplier of services).

The due date is the 30th of the month succeeding a financial year.

GSTR-5

Return for a non-resident foreign taxable person.

20th of the next month.

GSTR-6

Returns that an Input Service Distributor files every calendar month. It has all the information of the invoices on which credit has been received and are issued by an ISD.

13th of the next month.

GSTR-7

A monthly return that has to be filed by the deductors who are required to deduct TDS under GST.

10th of next month.

GSTR-8

Returns for the electronic commerce operator who is required to deduct Tax Collected at Source under GST.

10th of the next month.

GSTR-9

Annual return for a normal taxpayer.

31st December of next financial year.

GSTR-9A

Annual return to be filed by the registered taxpayer under the composition levy anytime during the year.

31st December of next financial year.

GSTR-9C

Certified reconciliation statement

31st December of next financial year.

GSTR-10

A final return that needs to be filed to make sure the taxpayer pays off any liability outstanding.

To be filed within 3 months of cancellation of order.

GSTR-11

Inward Supplies to be furnished by a person that has a UIN and claiming a refund

28th of the month following the month for a statement was filed.

How to file GST Return Online?

The Goods and Services Tax Network provides a software through which you can file for GST return online. Here’s a step by step guide to filing GST return online:

Step 1: Visit the official GST portal.

Step 2: Login using the state code and Permanent Account Number, a 15-digit GST identification number will be issued after data verification.

Step 3: Once the invoices are uploaded, a unique invoice reference number will be generated; the taxpayer can use the number to file outwards and inwards return, as well as cumulative monthly returns.

Step 4: Now, file the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before the 10th of the following month.

Step 5: If there are any errors, you have the option to get those errors corrected and refile the GST returns.

Who has to file GST returns?

  • A late fee will be levied on taxpayers if they fail to GST return filing on time. The interest rate is 18% per annum. The interest has to be calculated by the taxpayer on the amount of outstanding tax to be paid.
  • Late Fee of Rs.200 will be charged per day from which Rs.100each will be charged as CGST and SGST. The penalty fee can go as high as up to Rs.5000. No late fees are charged on IGST.
  • The penalty rate for late GST filing may change depending on the present regulations. The period will be calculated from the day after the final deadline until the day the complete payment is made.

Penalty For Not Filing GST Returns

If an individual has failed to file any GST returns, then subsequent returns cannot be filed. For example, if the GSTR-2 return of March is not filed, then the next return GSTR-3 and following returns of April cannot be filed by the taxpayer. Late GST return filing will lead to hefty fines and penalties.

All business owners have to file for GST returns and should be aware of the process of GST filing; this will help them understand the updated regulations of Goods and Services Tax at all times. The GSTN (Goods and Services Tax Network) serves as a smooth platform to registered taxpayers under GST to get interlinked and easily avail the GST form, claiming ITC based on the category the taxpayers fall under. Every business often faces problems due to lack of finances. This gap stops them from growing and makes it challenging to manage the finance available to the company and the finance that they could productively use.

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