GST Return Filing
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What is a GST Return ?
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). As per the GST law, every dealer (whether composition/regular) registered under GST has to file its return electronically on the GST portal. https://www.gst.gov.in/
Registered dealers are required to file GSTR-3B on monthly basis and also file GSTR-1 on monthly or quarterly basis.
Who should file GST Returns ?
All business owners and dealers who have registered under GST regime, must file GST returns according to the nature of their business or transactions. Businesses with turnover above the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, should register under GST.
Under the GST regime, regular businesses having more than Rs.5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme) have to file two monthly returns and one annual return.
Types of all GST Returns
|
RETURN FORM |
DETAILS IN RETURN |
FREQUENCY |
DUE DATE OF FILING THE RETURN |
|
GSTR-1 |
Details of outward supplies of taxable goods and/or services affected. Even NIL Return Filing is compulsory. |
Monthly/Quarterly |
Monthly:- Every 11th of the next month Quarterly: 13th of the month succeeding the quarter. |
|
IFF (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 |
|
GSTR-3B |
Summary returns of outward supplies and Input Tax Credit claimed, along with payment of tax by the taxpayers |
Monthly/Quarterly |
Monthly:- 20th of the next month
|
|
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 |
Annual Return for Composition dealers. |
Annually |
30th of the month succeeding a financial year. |
|
GSTR-5 |
Return to be filed by Non-Resident taxable person. |
Monthly |
13th of the next month. |
|
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 the tax payer whose GST registration has been 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. |
|
|
Late Fees and Interest for not filing fees on time
If GST returns are not filed within the specified time limits, you will be liable to pay interest and a late fee.
Interest is charged at 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.
Late fees are charged at Rs.100 per day per Act. Hence, it will be Rs.100 under CGST and Rs.100 under SGST. The total will be Rs.200 per day, subject to a maximum of Rs.5,000
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