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GST RETURN FILING

GST (GOODS & SERVICES TAX) RETURN FILING

INTRODUCTION

Businesses registered under GST have to file GST returns monthly, quarterly, annually to provide the information related to their sales, purchases, income tax paid, etc. Taxpayers have to file returns for every GSTIN he has registered on the portal.

There are various types of registrations; the type of return to be filed depends on the registration such as, a regular taxpayer, composite dealer, e-commerce operator, Input Service Distributors (ISD), a casual taxable person, etc.

There are 22 types of GST returns, out of which 11 Returns are active, 3 are suspended, and 8 are only view-in nature.

GSTR-1

This return is filed by every regular taxpayer including casual taxable person for reporting details of outward supplies of goods & services made by him.

It can be filed every quarter by the 13th of the month following the quarter end if he has opted for the same, or by 11th of every month if has not opted for quarterly scheme or has an aggregate annual turnover of more than Rs. 5Cr.

GSTR 2A

It is a view-only return and is not filed by the taxpayer.

It is a system-generated form containing details of all inward supplies relevant to a recipient. It is auto-populated based on data filed in corresponding returns in GSTR 1.

GSTR-3B

This return is a self-declaration to be filed by all normal taxpayers containing summarised details of all outward supplies made, taxes paid and ITC claimed.

But, before filing GSTR 3B, you have to reconcile it with GSTR 1 and 2B every tax period. Reconciliation is very important as it shows the mismatches in any figures which can lead to GST notices in the future.

It can be filed every quarter by the 22nd of every month following the quarter end if the taxpayer has opted for the same, and every month by 20th if has not opted for the quarterly scheme or has an aggregate annual turnover of more than Rs. 5Cr.

GSTR 4

It is an annual return filed by the composite taxable person every year by the 30th of April following the end of the Financial Year.

Composite dealer:

Dealing in goods having a turnover of less than or equal to Rs.5 cr. pays tax on the turnover at a fixed rate.

Dealing in services having turnover up to Rs. 50 lakhs can also opt for the fixed rate on the declared turnover.

GSTR 5

This Return is filed by every registered non-resident foreign taxpayer who does not have a business establishment in India but carries business in India. It is filed by the 20th of every month.

GSTR 5 contains details of all outward supplies, inward supplies, credit/debit notes, tax liability, etc.

GSTR 5A

This is a summary return filed by Online Information and Database Access or Retrieval Services (OIDAR) for reporting the details of outward supplies.

It is filed monthly by the 20th of every month.

GSTR 6

This return is filed by Input Service Distributor (ISD) containing details of all input tax credit received and distributed. It also includes the manner of distribution and related documents. It is filed by the 13th of every month.

GSTR 7

This return is filed by persons required to deduct TDS at the time of making payment for Inward supplies. He has to furnish details of tax deducted, TDS payable and paid & refund claimed in GSTR 7 form.

This return should be filed by the 10th of the succeeding month.

Persons required to deduct TDS include the department of Central Government or State Government, local authority, governmental agencies, or any authority notified by the government on recommendations of the council.

GSTR 8

It is filed by e-commerce operators registered under GST who are required to collect TCS (Tax Collected at Source). It reports details of taxable supplies and the amount of tax collected thereupon.

This return should be filed by the 10th of the succeeding month.

GSTR 9

It is an annual return filed by every registered taxpayer by 31st December of the year following the relevant financial year.

Annual return is a consolidated form of all monthly or quarterly returns filed like GSTR 1, GSTR 2A, GSTR 3B. It contains details of all the outward supplies, inward supplies, and supplies reported under the HSN Code.

This return is optional for taxpayers having an aggregate annual turnover of up to Rs. 2 Cr.

Taxpayers who have opted for composition scheme, casual taxable person, input service distributors, etc. who are filing their respective annual returns are not required to file GSTR 9.

GSTR 9C

It is a reconciliation statement to be compulsorily filed by taxpayers registered under GST Law whose aggregate annual turnover exceeds Rs.5 cr. It is to be filed for every GSTIN and the due date is the same as GSTR 9.

Please note that this reconciliation statement should be duly certified by a Chartered Accountant/Cost & Management Accountant after conducting GST Audit by comparing Books of Accounts with GSTR 9.

GSTR 10

It is filed by a taxable person whose return has been canceled or surrendered.

This is a final return and has to be filed within 3 months from the date of cancellation or order of cancellation, whichever is earlier.

GSTR 11

This return is filed by taxpayers to whom UIN is issued. UIN is a classification made for foreign diplomatic missions and embassies not liable to tax in India, to get a refund of taxes.

It contains details of inward supplies and refunds claimed.

What if you have filed your GST Return late?

A late filing fee is Rs.100/day under CGST Act and Rs. 100/day under SGST Act. subject to a maximum of Rs.5000.It also has a cascading effect as you cannot file a quarter or month’s return if you have not filed the previous quarter or month’s return. Also, for GSTR-1 and GSTR-3B, the total late fee was reduced to Rs. 50 /day (Rs.20 /day for Nil filing).

Interest is required to be paid @ 18% p.a. on the amount of tax liability not paid from the next day following the due date.

Frequently Asked Questions

Yes. GST Annual Return 9 is mandatory if your turnover exceeds Rs. 2Cr. and if turnover exceeds Rs. 5Cr. Then both 9 & 9C are required to be filed.

No, GSTR 9 is an annual return, it is not required to be certified by a CA/CMA.GSTR 9C is a reconciliation statement and it is certified by a CA/CMA as it requires a thorough audit of Accounts.

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