Goods and services Tax Return Filling
A GST return file is a document that contains information about a taxpayer's earnings that must be filed with the tax authorities. Tax officials use this to figure out the tax liability. GST-registered businesses must file GST returns on a monthly, quarterly, and annual basis, depending on the type of their business operations.
The specifications of the sales or purchases of goods and services, as well as the tax collected and paid, must be included here. In India, the deployment of a holistic income tax system like GST has assured that taxpayer services like registrations, returns, and conformity are all in line and completely linked.
Filing GST return is compulsory in India for all organizations that have a valid GST registration, regardless of their business activity, sales, or profitability during the accounting periods. As a result, even an inactive business with a legitimate GST registration is required to file GST returns.
Individual taxpayers must file four forms of GST returns for supply, returns for products purchased, monthly returns, and yearly returns.
Various types of GST returns filed by normal taxpayers are:
|GSTR 1||Description of the taxable goods and/or services that were supplied outward||Monthy or Quarterly(if opted under QRMP scheme i.e., Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme)|
|GSTR 3B||GSTR 3B is a self-declaration filed on a monthly basis. It provides a summary of the following information: All supplies made outward Input tax credit claimed Liability for taxes Taxes that have been paid.||Monthy or Quarterly(if opted under QRMP scheme i.e., Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme)|
|CMP 08||A taxpayer enrolled under the composition system under Section 10 of the CGST Act can use a statement cum challan to make a tax payment.||Quarterly|
|GSTR 4||Section 10 of the CGST Act mandates the filing of returns by taxpayers who are enrolled under the composition scheme.||Annually|
|GSTR 5||The GSTR-5 form is for non-resident foreign taxpayers who conduct business in India. What are the ramifications of these returns? They include the following information: Outward supplies done Arrival of inbound supplies||Monthy|
|GSTR 6||To disburse the eligible input tax credit, the input service distributor must file this form.||Monthy|
|GSTR 7||Persons who are obligated to deduct TDS under GST must file Form GSTR-7. "Tax deducted at source" is what TDS stands for. This is filed by the government authorities.||Monthy|
|GSTR 8||Filed by e-commerce operators||Monthy|
|GSTR 9||Taxpayers registered under GST||Annually|
|GSTR 9C||Statement of certified reconciliation||Annually|
|GSTR 10||Is filed by those whose GST registration was surrendered or cancelled.||If GST registration is cancelled or surrendered.|
|GSTR 11||For refund claims by foreign diplomatic missions and embassies.||Monthy|
|Type of GST return||Due date|
|GSTR 1||The 11th of the following month/the 13th of the following quarter.|
|GSTR 3B||The 20th of the subsequent month/ 22nd or 24th of the subsequent quarter.|
|CMP 08||The 18th of the month after the quarter.|
|GSTR 4||18th of the month succeeding the quarter|
|GSTR 5||20th of the following month|
|GSTR 6||13th of the subsequent month|
|GSTR 7||10th of the subsequent month|
|GSTR 8||10th of the next month|
|GSTR 9||31st December of the coming financial year|
|GSTR 10||Three months from the date of cancellation order, whichever succeeds the other.|
|GSTR 11||The 28th of the month following the month for which the statement is being filed.|
Every year, all taxpayers, from manufacturers and suppliers to dealers and consumers, must file tax returns with the GST administration. The new GST regime has simplified the process of filing tax returns.GST returns could be filed online utilizing GSTN software or apps, which will auto-fill the details on each GSTR form. The following mentioned procedure describes the steps for filing a GST return online:
The list of documents required for filing GST return are:
|1. B2B Invoices is a listing of all invoices issued to anyone who has a valid GSTIN. The GSTN must be used to upload these invoices. The document does not have to be included in the invoice when it is uploaded to GSTN. In the GSTN-accepted format, only the following information regarding a B2B invoice must be uploaded:|
|List of all invoices (B2C services)List of all invoices sent to non-GSTIN individuals (B2C invoices) with an invoice value greater than Rs.2.5 lakhs. The GSTN must receive details of all B2C invoices having a value of more than Rs.2.5 lakh. The B2C large invoice information listed below must be uploaded to the GSTIN.|
|Consolidated intra-state and inter-state sales.|
|All export bills must be submitted with the GSTN. For all export invoices issued, the following information must be included in the GSTR1 report.|
|HSN wise summary details of all goods sold|
|Summary of documents issued during the tax period i.e., credit note, debit note, amendments, and advance receipts|
The GSTR-4 form is just the annual return form for taxpayers who have chosen the GST Composition scheme as part of the new indirect tax regime. Taxpayers will only have to file one return every fiscal year under the GST composition scheme.
In addition, taxpayers will be required to complete Form CMP-08 for payment every quarter of the year. Every CMP-08 submission is due on the 18th of the following quarter. A GST return filed by a supplier under the composition scheme must include the following information:
Furthermore, if a taxable person chooses to pay tax under the composition scheme from the start of a financial year, the taxpayer must file monthly GST returns on the 10th, 15th, and 20th of each month, and monthly returns until the due date of providing the return for the month of September of the following financial year, or the furnishing of the previous financial year's annual return, whichever comes first. As a result, even if a GST taxable person chooses the composition scheme beginning in April, the taxpayer must continue to file monthly GST returns until September.
Return filing is compulsory under GST. A NIL return must be filed even if there is no transaction. Not filing a GST return within the stipulated time period (including extension) is seen as non-compliance with the law and it attracts strict penalty costs. The amount charged for late fees varies depending upon the type of return filing. The 3 types are:
The description of these is as follows:
Due to some technical difficulties that businesses were facing on the GST portal and frequent amendments of the GST clauses, CBIC has temporarily reduced the late fee amount as
Interest rate shall be filed by a GST registered member if they fall under the below-mentioned category:
GST must be paid monthly while filing GSTR-3B and on a quarterly basis when filing GSTR-4.
If a taxpayer does not file a GST return for a certain month, he or she will be unable to file a GST return for the following month. Furthermore, if a taxpayer fails to file their GSTR-1 return by the 10th, they will be unable to file their GSTR-2 return on the 15th. As a result, late GST return submission will have a cascading impact, resulting in significant fines and penalties.
The following type of taxpayers are exempted from filing GSTR-1
No, having a DSC is not mandatory for all taxpayers. However, It is required for all public and private limited liability businesses, as well as Limited Liability Partnerships (LLPs).
CGST stands for Central Goods and Services Tax. CGST is a tax charged on the intrastate supply (home state) of goods and services by the central government of India and is governed by the CGST Act 2017.
A normal taxpayer is required to file monthly tax obligations in form GSTR-3. The current due date for filing GSTR-3 is the 20th of the subsequent month.
For filing GSTR-1, the following are the prerequisites
Yes, it is a mandatory requirement that the tax liability should be filed before filling out form GSTR-3, if not done so, it will be treated as an invalid return.
The tax liability can be addressed by using credit from the electronic credit ledger and the electronic cash ledger
The GSTR filed in such a way would be treated as an invalid return and the taxpayer would have to file part B of the GSTR-3 again.
The taxpayer would be able to claim a refund from the electronic cash ledger after addressing all the tax liabilities for that period.
A GST return is a type of form that a GST-registered taxpayer (every GSTIN) is expected to file with the tax administrative authorities, telling about all income/sales and/or expenses/purchases. Tax authorities use this to calculate and find the net tax liability.
No, every registered individual who pays tax as a regular taxpayer is required to file an Annual Return. Only those registered persons who have asked for cancellation of registration need to file a Final Return. The final return must be filed within three months after the date of cancellation or the date of cancellation order.