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GST RETURN FILING
GST RETURN FILING:
o All GST Registered businesses have to file monthly or quarterly GST returns and an annual GST return based on the type of business. These GSTR filings are done online on the GST portal.
o A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities.
o GST returns broadly include: Purchases, Sales, Output GST (On sales), Input tax credit (GST paid on purchases).
- Single GST Return Filing for One Month.
- Carry NIL Transaction during the relevant period.
- Single GST Return Filing for One Month.
- Carrying up-to 50 Transaction during the relevant period.
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- 3 Month GST Return Filing.
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- 1 Year GST Return Filing.
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GST RETURN FILING
- The Goods and Services Tax (GST) is an Indirect Tax levied on the Supply of Goods and Services in India.
- Every Taxpayer Registered under GST has to file GST Returns.
- These Returns are used to calculate the Tax liability by the government.
- What is GST Return ?
- GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
- GST Return Filing include:
- Output GST (On sales)
- Input tax credit (GST paid on purchases).
- Who should file GST Returns ?
- Any regular business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
- The number of GSTR filings vary for quarterly GSTR-1 filers under QRMP scheme.The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.
- There are separate returns required to be filed by special cases such as composition dealers whose number of GSTR filings is 5 in a year.
TYPES OF GST RETURNS
- Purpose of this return is to furnish details of all Sales including B2B and B2C.
- Due Date of this Return is 10th of every month. In case of a Quarterly Return, the end of Next Month of every Quarter.
- This is a Summary Return with details of Net Tax Liability based on the Output &Input Tax.
- Due Date of this Return is 20th of every month.
- A Business who opt for Composition Scheme and needs to pay to subsidize GST rates from 1% to 5% and file this Quarterly Return.
- Due Date of this Return is 18th of every end of the quarter.
- The Purpose of this Return is to rectify/resolve the mismatch in Sales figures with your customers to whom you raise the Tax Invoice.
- An E-Commerce operator who needs to collect TCS (Tax collected at source) under GST requires to File this Return.
- Date of this Return is 10th of every month.
- This is the Annual GST return, which is to be filed by all Registered persons.
- Due Date of this Return is 31st March of every Financial Year.
BENEFITS FOR GST RETURN FILING ON-TIME
- Failing to File GST Returns on time will attract a penalty of Rs 200 per day and maximum up to Rs 5000 of each return.
- In worst case, if you don’t file GST Returns on time your Certificate might get cancelled.
- GST Return Filing On-time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects.
- Timely and accurate GST Return Filing will helps a taxpayer a lot while applying for loans from a Bank or Financial institutions. The Banks ascertain a taxpayer’s credibility on the basis of his GST Returns.
- In order to compel the Businesses for regular compliance and GST Return Filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST Returns for 2 successive months.
- Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.
FREQUENTLY ASKED QUESTION - FAQ.
What is GST Return?
- A GST return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for specific period.
What are the different types of GST Returns?
- GSTR-1: monthly return for outward supplies.
- GSTR-2: monthly return for inward supplies.
- GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7).
- GSTR-4: quarterly return.
- GSTR-5: variable return to be filed by Non-Resident Taxpayers.
- GSTR-6: monthly return to be filed by input service distributors.
- GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions. • GSTR-8: monthly return to be filed by e-commerce operators.
- GSTR-9: annual return.
- GSTR-10: final return to be filed when terminating business activities permanently.
I am an e-commerce operator; do I need to file any special GST Returns?
Yes, all e-commerce operators who allow other suppliers to sell goods or services through their portals are required to file the GSTR-8 return. Those who use their own portal to sell their goods or services need not file this return.
Is scanned copy of invoices to be uploaded along with GSTR-1?
No, the scanned copy of invoices to be uploaded along with GSTR-1. Only certain prescribed fields of information from invoices need to be uploaded.
Do the taxable person have to feed anything in the GSTR-2 or everything is auto-populated from GSTR-1 ?
Large part of GSTR-2 will be auto-populated, there are some details that only recipient can fill like details of imports, details of purchases from non-registered or composition suppliers and exempt/non-GST/nil GST supplies etc.
Who all need to file annual return?
- All taxpayers filing return in GSTR-1 to 3 other than casual taxpayers and taxpayers under composition scheme are required to file an annual return.
- For-example casual taxpayers, non-resident taxpayers, ISDs and persons authorized to deduct tax at source are not required to file annual return.