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Filing GST returns Filing in India can be confusing. Every business, whether registered under GST Return Filing or not, needs to file returns at a frequency that matches their operations – monthly, quarterly, or yearly. Meeting these deadlines is crucial, as these returns help the Indian government track tax obligations.
GST Replaces The Following Indirect Taxes:
- Excise duty at the central level
- Service Tax
- State VAT
- VAT on Central Sales
- Entrance Fees
- Luxury Tax
- VAT on Amusement and Entertainment
- Purchase Tax
- Lottery, betting, and gambling-related taxes
What is GSTR Filing?
A GST return is a document that summarizes your business’s GST Return Filing activity for a specific period. It shows the tax authorities your total sales and purchases, along with the GST Return Filing you collected and paid. This information helps them calculate your final tax liability.
Here’s a breakdown of the key elements involved in GST return filing:
- Purchases: This section details all the purchases you made during the period, including the amount of GST you paid on those purchases (called Input Tax Credit).
- Sales: This section lists all your sales during the period, including the amount of GST Return Filing you charged your customers (called Output GST Return Filing).
- GST Liability: By comparing the Input Tax Credit (GST Return Filing paid on purchases) with the Output GST (GST collected on sales), the government determines the net tax you owe.
By filing your GST returns Filing accurately and on time, you ensure your business stays compliant and avoids any penalties.
Do You Need to File GST Returns?
In India, any business or individual registered under GST Return Filing is required to file GST returns Filing. This includes:
- Businesses exceeding the annual turnover threshold set by the tax authorities. This threshold can vary depending on your business type (standard taxpayer, composition scheme, etc.).
- Businesses supplying goods or services, both within and outside your state.
Types of GSTR Forms
- GSTR-1: File this form monthly (or quarterly for QRMP) to report your outward sales of goods and services, which helps determine your GST Return Filing liability.
- GSTR-2A: This pre-filled form lets you compare your purchases with what your suppliers reported on their GSTR-1 forms, highlighting any discrepancie.
- GSTR-3B: This monthly return summarizes all GST Return Filing information – sales, purchases, tax liability, and payments.
- GSTR-4 (Quarterly): Filed quarterly by businesses under the Composition Scheme, GSTR-4 reports total outward supplies for the quarter.
- GSTR-5 to GSTR-8: These forms are used by specific taxpayer groups, like e-commerce operators (GSTR-8) and businesses deducting TDS under GST (GSTR-7).
- GSTR-9 (Annual): This annual return summarizes your yearly GST Return Filing activity by compiling data from your GSTR-1, GSTR-3B, and other relevant forms.
- GSTR-9A (Annual): Similar to GSTR-9, this annual return is filed by businesses under the Composition Scheme. It condenses the details from their quarterly GSTR-4 filings for the year.
- GSTR-11: This form is applicable to certain businesses as determined by the government. It allows for reconciliation and verification of the input tax credit (ITC) claimed by these businesses.
Filing Due Dates Of GST Returns?
The due date of filing of GST Return Filing depends on the type of GSTR Form. It’s important for businesses to know the deadlines of the Forms to avoid the penalties. Here are some key due dates of forms:
- GSTR-1: It reports monthly sales of goods or services(GST Return Filing). This is due by the 11th of the succeeding month.
- GSTR-3B: It reports monthly summary of purchases and sales with tax paid. This is due by the 20 th of the succeeding month.
- GSTR-4: It reports quarterly returns of composition taxpayers. This is due by the 18th of the succeeding month.
- GSTR-5: It reports monthly returns for non-resident taxpayers in India. This is due by the 20th of the succeeding month.
- GSTR-6: It reports monthly returns for Input Service Distributors. This is due by the 13th of the succeeding month.
- GSTR-7: It reports monthly returns for TDS. This is due by the 10th of the succeeding month.
- GSTR-8: It reports monthly returns for E-Commerce operators. This is due by the 10th of the succeeding month.
GSTR-9: It reports the annual returns of the business. This is due by 31 Dec of the succeeding Year.
What Are The Documents Needed forFiling a GST Return?
While the specific documents needed can vary slightly depending on your business activity and the type of GST return you’re filing, here are the general documents you’ll likely need:
- Sales and purchase invoices: Copies of all your invoices for sales and purchases during the filing period. These should include details like customer/supplier GSTIN, invoice date, invoice value, HSN code (for goods), and tax rate.
- Debit and credit notes: Records of any adjustments made to invoices during the period.
- GST registration details (GSTIN): Your unique identification number under GST Return Filing.
- Payment challans (if applicable): Proof of any GST payments made during the period.
- Previous return filing details: For some forms, you might need details from your previously filed GST return Filing.
- TDS & TCS: Details of Tax Deducted Source(TDS) and Tax Collected Source(TCS) during the period.
What Are The Penalties For Late Filing Of GST Return?
Filing GST returns on time is critical for avoiding fines and interest costs. Here’s a breakdown of the consequences for late filing:
- Late Filing Fees: A penalty is charged per day of delay, with a maximum limit. The exact amount depends on the type of return and your business turnover.
- Interest on Late Payments: If you owe GST Return Filing and submit your return late, you’ll be charged interest on the outstanding amount at 18% per year, calculated from the due date until the payment is made.
- Delayed Subsequent Filings: You cannot file the next GST return until the previous overdue return is filed. This can lead to a backlog of unfiled returns.
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- Experienced Team: Our team includes expert accountants who have years of experience. They know how to handle everything from taxes to business setup
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Frequently Asked Questions
A person who occasionally supplies goods and/or services in a territory where GST is applicable but he does not have a fixed place of business. Such a person will be treated as a casual taxable person as per GST.
Example: A person who has a place of business in Bangalore supplies taxable consulting services in Pune where he has no place of business would be treated as a casual taxable person in Pune.
When a non-resident occasionally supplies goods/services in a territory where GST applies, but he does not have a fixed place of business in India. As per GST, he will be treated as a non-resident taxable person. It is similar to above except the non-resident has no place of business in India.
‘Input Service Distributor’ means an office of the supplier of goods/services which receives tax invoices on receipt of input services and issues tax invoices for the purpose of distributing the credit of CGST/SGST/IGST paid on the said services to your branch with the same PAN. (It must be a supplier of taxable goods /services having the same PAN as that of the office referred to above).
Thus, only credit on ‘input services’ can be distributed and not on input goods or capital goods. This will be a new concept for assessees who are currently not registered as input service distributors. However, this facility is optional in nature.
A composition taxpayer refers to those registered under the composition scheme who need not collect GST from his customers at normal rates. Instead, he can pay tax at a nominal rate or lower rates to the government on the basis of turnover or receipts on a quarterly basis while filing CMP-08.
There are certain conditions defined for such taxpayers. At the inception of GST, only suppliers of goods could opt into the composition scheme governed by Section 10 of the CGST Act with annual turnover upto Rs.1.5 crore. From 1st April 2019, service providers are also given an option to join a similar scheme. The annual aggregate turnover limit must be up to Rs.50 lakh.
A registered person who is required to furnish a return in GSTR-3B, and who has an aggregate turnover of up to Rs.5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. Under the scheme, one can file GSTR-1 and GSTR-3B once in a quarter whereas make tax payment every month in form PMT-06. Further, if B2B sales invoices need to be uploaded on the GST portal monthly, then Invoice Furnishing Facility (IFF) can be used.
