Filing GST return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.
All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business. In this article, we cover the following topics
1. What is GST Return?
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
To file GST returns, GST compliant sales and purchase invoices are required.
2. Who should file GST Returns?
In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other returns GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers.
3. What are the types of GST Returns?
Here is a list of all the returns to be filed as prescribed under the GST Law along with the due dates.
3.1. Any regular business:
As per the CGST Act (Note: subject to change by Notifications /orders)
|GSTR-1||Details of outward supplies of taxable goods and/or services affected ( Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year)||Monthly||11th of the next month**|
|GSTR-2||Details of inward supplies of taxable goods and/or services effected claiming input tax credit.||Monthly||15th of the next month(Suspended now )|
|GSTR-3||Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.||Monthly||20th of the next month|
|GSTR-9||Annual Return||Annually||31st December of next financial year*|
|GSTR-3B||Return for the months of up to March 2019||Monthly||20th of the next month|
3.2. A dealer opting for composition scheme:
A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:
|GSTR-4||Return for compounding taxable person||Quarterly||18th of the month succeeding quarter**|
|GSTR-9A||Annual Return||Monthly||31st December of next financial year*|
3.3. Returns to be filed by certain specific registered dealers:
|GSTR-5||Return for Non-Resident foreign taxable person||Monthly||20th of the next month***|
|GSTR-5A||Return for Non-resident persons providing OIDAR services||Monthly||20th of the next month***|
|GSTR-6||Return for Input Service Distributor||Monthly||13th of the next month***|
|GSTR-7||Return for authorities deducting tax at source.||Monthly||10th of the next month|
|GSTR-8||Details of supplies effected through e-commerce operator and the amount of tax collected||Monthly||10th of the next month|
|GSTR-10||Final Return||Once. When 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 refund||Monthly||28th of the month following the month for which statement is filed|
4. Due Dates to file GST Returns
Due Dates for filing GST Returns can be extended by issuing Orders or Notifications. Here, we have got for you the list of upcoming GST returns due dates that you must not miss!
5. Late Fees for not Filing Return on Time
If GST Returns are not filed within time, you will be liable to pay interest and a late fee.
Interest is 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 fee is Rs. 50 per day per Act. So it is 25 under CGST & 25 under SGST. Total will be Rs. 50/day. Maximum is Rs. 5,000. There is no late fee on IGST.