GST RETURN FILING
Introduction
GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax).Once you file GST returns, you will need to pay the resulting tax liability ( money that you owe the government).
A GST Return India is a form that shall be filed by every registered taxable person. Further, GST Return can be furnished, either through the portal or GST software. Furnishing GST Returns helps the GST authorities carry out taxpayer’s assessment.
WHO SHOULD FILE GST RETURNS?
Every normal taxable person has to file 2 monthly GST returns and 1 Annual GST Return under the GST regime. So, in total, a taxpayer has to file almost 26 GST Returns annually. The best thing about the GST system is that GSTR 2A/2B data gets auto populated when the supplier files GSTR-1.
Taxpayers with a turnover of up to Rs.5 crore have the option to file returns under the QRMP scheme. The number of GSTR filings for QRMP filers is 9 each year, which include 4 GSTR-1 and GSTR-3B returns each and an annual return. Note that QRMP filers have to pay tax on a monthly basis even though they are filing returns quarterly.
DIFFERENT TYPES OF GST RETURN AND THE DUE DATES TO FILE THEM.
Return Form | Description | Frequency | Due Date |
GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Monthly
| 11th of the next month. |
Quarterly | 13th of next Month succeeding the quarter | ||
GSTR-3B | Summary return of outward supplies and input tax credit claimed, along with payment of tax by the taxpayer. | Monthly | 20th of the next month. |
Quarterly | 22nd/24th of the month succeeding the quarter depending on the state | ||
CMP-08 | Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act. | Quarterly | 18th of the month succeeding the quarter. |
GSTR-4 | Return for a taxpayer registered under the composition scheme under Section 10 of the CGST Act | Annually | 30th of the month succeeding a financial year |
GSTR-5 | Return to be filed by a non-resident taxable person. | Monthly | 20th of the next month. (Amended to 13th by Budget 2022; yet to be notified by CBIC.) |
GSTR-5A | Return to be filed by non-resident OIDAR service providers. | Monthly | 20th of the next month. |
GSTR-6 | Return for an input service distributor to distribute the eligible input tax credit to its branches. | Monthly | 13th of the next month. |
GSTR-7 | Return to be filed by registered persons deducting tax at source (TDS). | Monthly | 10th of the next month. |
GSTR-8 | Return to be filed by e-commerce operators containing details of supplies effected and the amount of tax collected at source by them | Monthly | 10th of the next month. |
GSTR-9 | Annual return by a regular taxpayer. | Annually | 31st December of the next financial year. |
GSTR-9C | Self-certified reconciliation statement | Annually | 31st December of the next financial year. |
GSTR-10 | Final return to be filed by a taxpayer whose GST registration is cancelled. | Once, when the GST registration is cancelled or surrendered. | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed. |
ITC-04 | Statement to be filed by a principal/job-worker about details of goods sent to/received from a job-worker | Annually | 25th April where Aggregate Annual Turnover is up to Rs.5 crore. |
Half-yearly | 25th October and 25th April where Aggregate Annual Turnover exceeds Rs.5 crore | ||
IFF (Optional by taxpayers under the QRMP scheme) | Details of B2B supplies of taxable goods and/or services affected. | Monthly (for the first two months of the quarter) | 13th of the next month. |
HOW TO FILE GST RETURNS?
1.GST return online filing process.
The GST return online filing process can be completed in the following steps.
Step 1: Use the GST portal that is www.gst.gov.in
Step 2: Based on your state code and PAN number, a 15-digit number will be issued.
Step 3: Each invoice that you have needs to be uploaded. Against each invoice, a reference number will be issued.
Step 4: After this, the next step is to file the outward returns, inward returns, and cumulative monthly returns. All errors can be rectified.
Step 5: File the outward supply returns of GSTR-1 using the information section at the GST Common Portal on or before the 10th of the month.
Step 6: The outward supplies furnished by the supplier will be gotten from the GSTR-2A.
Step 7: After this, the recipient must verify the details of the outward supplies and file details of credit or debit notes filed by the Supplier
Step 8:- File the outward supply returns of GSTR-3B using the information section at the GST Common Portal on or before due date
2. Offline process
To file your GST returns in the offline mode, you need to visit and download the following offline tool, Website Link. Once you have downloaded this tool, you can easily fill in the GSTR-1
PENALTY FOR THE LATE FILING OF GST RETURNS?
If you have failed to pay the GST returns, there is an interest and late fee to be paid. The interest is at 18% per annum to be calculated on the amount of outstanding tax. And under the CGST and SGST, there is a late fee of Rs. 25 to be paid each day, so the total comes to Rs. 50 per day.
HOW TO CHECK STATUS OF GST RETURNS?
To check GST, return status online, just follow these steps.
- Open the portal https://www.gst.gov.in/.
- Enter the details on the login page.
- Choose and click Service > Returns > Track Returns Status.
- From the drop-down, select “Status of Return.”
BENEFITS OF THE FILING GST RETURNS.
- The Elimination of a Wide Range of Different Taxes
- Doing Away with the Cascading Effect
- The ease with which businesses may operate on both a national and international scale.
- The Control and Supervision of Unorganized Businesses
- Efficient Economy
