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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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.
