What is GST Return?


As per the GST Act, monthly returns and one annual return need to be filed by a regular taxpayer. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayers, taxpayers registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS), and UID holders. It is important to note that a taxpayer isn't required to file all the types of returns. They are required to file returns depending on the activities they undertake.

GST Return is a form that shall be filed by every registered taxable person. Furnishing GST Returns timely helps the GST authorities carry out taxpayer assessments. Also, business owners need to maintain records systematically to further simplify the online GST return filing process.

A business or the taxpayer while online GST return filing requires details of the following for a specified period of time-

-  The total sales

-  The total purchases

-  The output GST or the GST paid by the customers

It is crucial for every business, irrespective of the business structure, to adhere to statutory compliance and complete all the necessary filings before the due dates. It is important to stay compliant with enormous compliance falling in the year for businesses and entrepreneurs.

Different Types Of GST Returns and Due date?

Due dates are crucially important for every taxpayer not only for sake of online GST return filing and filing prescribed forms under the GST law in a timely, but also to avoid incurring any interest or late fee. Below is the list of all the returns to be filed as prescribed under the GST Law and their due dates.


Return Form

Description

Frequency

Due Date

GSTR 1

Statement of Outward Supplies made

Monthly

  

Quarterly

(If opted under the QRMP scheme)

11th of the next month.

 

13th of the month succeeding the quarter.

 

GSTR 2 (Suspended)

Statement of Inward supplies made

Monthly

           ---

GSTR - 2A

Read-only documents for the recipient, to verify the details uploaded by the seller in GSTR-1.

Monthly

15th of the next month

GSTR 3 (Suspended)

Auto populated document based on the details filled in GSTR-1, GSTR-2 and tax liability of any preceding period.

 

---

GSTR - 3B

Inward and Outward supply summary

Monthly

 


 

Quarterly

20th of the next month from the month of January 2021 onwards

 

22nd or 24th of the month next to the quarter

GSTR 4

Quarterly return for composition traders.

Annually

30th of the month succeeding a financial year.

GSTR 5

Monthly return for Non-Resident taxable people.

Annually

20th of next month.

GSTR 6

Monthly return for Input Tax Distributor

 

Annually

13th of next month.

GSTR 7

Monthly Return for Tax Deductor.

Annually

10th of next month.

GSTR 8

Monthly return for E-Commerce Operators.

Annually

10th of next month.

GSTR 9

Annual GST return

Annually

31st December of next financial year.

GSTR 9A (Suspended)

Annual Return for Composition Scheme taxpayer

Annually until FY 2017-18 and FY 2018-19

---

GSTR 9B

To be filed by the E-Commerce operator

 

Annually

31st December following the financial year-end.

GSTR 9C

Reconciliation Statement

Annually

31st December following the financial year-end.

GSTR 10

Final GST Return

Once, when GST registration is cancelled or surrendered.

Within 3 months of the date of cancellation or date of cancellation order, whichever is later.

GSTR 11

GST Return for UID holders

Monthly

28th of the next month in which the inward supplies are received.

j

CMP 08

 

 

18th of the month succeeding the quarter.
  

Online GST Return filing process

The returns are to be filed online using any of the below methods:

1. Official GSTN portal (www.gst.gov.in )

2. Offline utilities provided by GSTN

3. GST Suvidha Providers (GSPs).

If a taxpayer is already using the services of ERP providers such as Tally, SAP, Oracle etc, there is a high likelihood that these ERP providers would provide inbuilt solutions in the existing ERP systems. 

Penalty

The rate of interest prescribed 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 Fees

The original late fees used to be Rs.100 per day under each CGST Act and SGST Act and Rs.200 per day under IGST Act. Also, the original late fee for Nil return filers used to be Rs.25 per day under each CGST Act and SGST Act and Rs.50 per day under IGST Act. However, CBIC has notified reduced late fees to provide relief for businesses having difficulties in GST return filing. There is no late fee on IGST but the maximum limit of late fee is Rs. 5,000.

Form GSTR 9 Annual return, the total Late fees to be paid Rs 200/day (Rs 100 SGST + Rs 100/day CGST). The law has fixed a maximum late fee of an amount calculated at 0.25% of the Turnover for the financial year.

Final Thoughts

In a nutshell, we suggest all the GST registered people must get their online GST return filing done on a monthly, quarterly, or annual basis, based on the type of their business within the due date as ignoring timely filing of GST returns may lead to unnecessary fines. Hence, being honest citizens of our country and staying compliant, we must get it filed within the given time period.

 

SuperCa

 

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