GST (Goods and Services) applicable in India from 1st July 2017. GST is the indirect tax that is levied on the supply of goods and services between different entities. GST return is a document that a taxpayer is required to file as per the law with the tax administrative authoritie. GST returns file furnished with all the details of sales, purchases, ITC (GST paid on purchases) and output GST (on sales). GST return filing process has to be done electronically in the GST portal.
Who should file GST Returns
Every GST registration holder needs to file GST Returns monthly and annually depending upon the nature of Business and turnover. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores and if business has a yearly revenue of less than Rs.1.5 crores, then it can be filed quarterly. GSTR-3B has to be filed monthly and it includes all the details of purchase and sales. If Dealer / Business have no transaction, taxpayer will have to file the NIL return.
Types of GST Returns
GST return can be filed in different forms depending upon the nature of transaction and registration. Here are the Types of GST Returns:
GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.
Due date of GSTR-1 is 10th of the next Month.
GSTR-2 is a monthly return filed by normal registered persons for furnishing details of inward/purchases made by business.
Due date of GSTR-2 is 30th September of coming year.
GSTR-2A is a return filing of all the information of goods and/or services which have been already fetched in a given month from the GSTR-1.
Due date of GSTR-2A is 15th of every month.
GSTR 3B return is to furnish the details of outward supplies, inward supplies, liability and input tax credit of a business. GSTR 3B Return filing is mandatory for all those who have registered for the Goods and Services Tax (GST) even when there has been no business activity (Nil Return).
Due date of GSTR-3B is 20th of next month.
GSTR-4 has to filed by every Composition dealer (those who opt for this scheme are known as compounding vendors). They would be required to pay taxes at fixed rate without any input tax credit facilities.
Due date of GSTR-4 is 30th of April of following the relevant financial year.
GSTR-5 return to be filed by Non resident taxpayers. It furnished all the details of inward and outward supplies and the tax liabilities.
Due date of GSTR-3B is 20th of next month.
GSTR-6 is a monthly return and it is filed by Input Service Distribution (ISD). It contains the details of ITC received by an Input Service Distributor and distribution of ITC.
Due date of GSTR-6 is 13th of every month.
GSTR-6A is a system generated statement of inward supplies for a receiver taxpayer. It is a read-only form.
GSTR-7 : GSTR-7 is the return that has to be filed by the tax deductor about tax deducted at source. It has to provide all the detail of amount of TDS in his return.
Due date of GSTR-7 is 10th of the subsequent month.
GSTR-8 is a monthly return form to be filed by all e-commerce operators who are required to deduct TCS (Tax Collected at Source) under GST. It furnished all the details of supplies effected through the e-commerce platform and the amount of TCS collected on such supplies.
Due date of GSTR-8 is 10th of the next Month.
The GSTR 9 is a GST annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year.
Late Fee/Penalty on GST Returns
GST Return Filing is compulsory for every Business or Dealer having GST Number. A registered Dealer or Business who files return beyond the prescribed date will have to pay late fee. In case of Non-filing of GST Returns, penalty will be levied on the basis of GST Law. The late fees will be Rs. 20 per day in case of Nil Filing or only Purchase. Penalty of Rs.100 per day (Rs.50/- on CGST and Rs. 50/- on SGST) will be applicable to those who fail to furnish the details of sales. The maximum penalty is Rs. 5000/- for per Return.
How We Proceed
We will be assigning an Accountant for your Company, he/she will be the responsible person to collecting all the information or documents and remind you every month.
We will be sharing a Dashboard, you can directly upload all the invoices and purchase documents in the portal or email it to your assigned Accountant monthly.
An Accountant will be preparing all the documents and share with you to verifying the calculation and will confirm the Return Filing on GST Portal.