GST Returns are the self-declaration made by the assesse in the specified form as prescribed by the department. According to the GST department, there are different GST returns for different taxpayers. It means according to the criteria of the GST, taxpayers shall be eligible to file GST Returns. Based on different transaction, the nature of business, and filing of GST return varies.
GST Return filing is necessary when the business has an aggregate turnover exceeding Rs. 20 Lakh. These businesses are required mandatorily to register under the Goods and Services Tax. Where the business is located at northeastern and hilly stations then, the limit is Rs. 10 Lakhs.
There are variety of returns that are either filed annually or monthly or quarterly or annually on GST Portal. All of the GST Returns are filed online that too on the Online GST Portal. The ones falling under the GST regime are compulsorily required to file GST returns.
All the registered taxpayers are required to file GST returns. There are various seven types of taxpayers, namely:
Composition taxable persons
Casual taxable persons
There are different types of returns that are required to filed in a specified time period. Read out the topic given below to know more about it.
Interest charged is 18% per annum
Late fees charged is Rs. 100 per day (Rs. 100 under CGST and Rs. 100 under SGST)which come Rs. 200 of total amount, subject to a maximum of Rs. 5000.
As per the latest notification which came in June end 2021, the maximum amount of late fees has been revised.
The notification is as follows:
The taxpayers whose total amount of central tax payable is NIL then, 250 is the late fee applicable.
The taxpayers with an annual aggregate turnover up to Rs. 1.5 crore in the previous financial year, 1000 is the late fee applicable.
Taxpayers with an annual aggregate turnover exceeding Rs.1.5 crore and up to Rs.5 crore in the previous financial year, Rs. 2500 is the applicable late fee.
If the taxpayer has not filed return for 3 consecutive tax periods, then it will lead to cancellation of registration.
Continuous default for 3 months in paying ITC that has been reserves.
Continuous default for 3 months or any 3 months period over 12 months in uploading sales return.
Continuous short reporting of sales for a period of 6 months beyond 5 % of total sales.
GST Return Filing
Step by Step Registration Process
Collection of Documents
First step for GST Return Filing is collecting of documents. When the adequate documents are received, we can start with the filing.
Preparing of Returns
After documents are received, we then prepare the returns.
Sending Computation to Client
After preparing the returns and before filing it on the GST Portal, to make sure everything is in accordance, we send the computation to the client for verification purpose.
Submission of return
The last step includes submitting the returns on GST Portal.
GSTR-3B February 2023
Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). Due date of filing GSTR-3B for the month of February 2023 is 20th March, 2023.
Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. The due date of monthly filed GSTR-1 is 11th March, 2023.
The GSTR 1 form is a return form for the regular taxpayers who have to file details of outward supplies on every 11th of next month for those who cross the turnover more than 1.5 crores annually. The taxpayers who are under the threshold limit to 1.5 crores will have to file quarterly return.
Due date of Filing GSTR-1 for quarterly filed GST return is 13th April, 2023.
Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers who are in QRMP scheme, to file their details of outward supplies in first two months of the quarter (M1 and M2), to pass on the credit to their recipients.
Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable person or taxpayer who have opted for composition levy.
Due date of filing CMP-08 for Jan-March 2023 is 18th April 2023.
GSTR-1 is a statement filed monthly that contain outward supplies by normal as well as casual registered tax payers dealing in outward supplies of goods and services.
GSTR-2 is a return to be filed monthly allowing the taxpayer to declare the details of inwards purchases of taxable goods and services.
GSTR-2B is an auto-drafted ITC statement generated for every normal taxpayer on the basis of the Information furnished by his suppliers in their respective GSTR-1/IFF.
GSTR-3B is a self declaration summary of GST return o be filed every month by taxpayers who needs to report the summary of sales, ITC claimed and net payable.
GSTR-4 is an yearly return to be filed once, for each financial year, by the taxpayers who have opted for composition scheme during the financial year, or were in Composition scheme for any period, during the said financial year, from 1st April, 2019 onwards.
GSTR-5 is a document/statement that has to be filed by every registered non-resident taxable person for the period during which they carry out businesses transactions in India.
GSTR-6 is a monthly return that has to be filed by an Input Service Distributor. It contains details of ITC received by an Input Service Distributor and distribution of ITC. There are a total of 11 sections in this return.
GSTR-7 is a return which is required to be filed by the persons who deduct tax at the time of making/crediting payment to suppliers towards the inward supplies received.
GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST. GSTR-8 contains the details of supplies effected through e-commerce platform and amount of TCS collected on such supplies.
GSTR-9 is an annual return to be filed by all registered taxpayers under GST except a handful. It is an annual compilation of outward supplies, inward supplies, tax liability and input tax credit availed during a financial year. It is due to be filed by 31 December of the year following the particular financial year.
GSTR-9A is an annual return to be filed once for each financial year by taxpayers who have opted for the composition scheme any time during the said financial year.
GSTR-9C is a statement of reconciliation between:the Annual Returns in GSTR-9 filed for a FY.
GSTR-10 is the return to be filed by the registered taxable persons who have opted for the cancellation of the GST registration.
GSTR-11 is a form to be filed by every registered person, who has been issued a Unique Identity Number (UIN), to get tax credit/refunds under GST.
GST Returns are usually filed by an accountant or a person having good knowledge of this field through GST Portal (www.gst.gov.in). Consult EAdvisors for filing your GST Returns. We are the leading professional service providing firm.