GST Returns

GST Returns

Definition of GST Returns:

A GST Return may be a document or file containing the details of all revenue from sales and output GST thereon, also as all GST Purchases including input GST thereon, that a GST Dealer needs to file with the products and Services Tax Authorities/Department. The GST Return contains information like Purchases, Sales, Output Tax, and Input Tax.

A regular taxpayer is required to file monthly and one annual GST returns. There are separate returns for a taxpayer registered under the composition scheme, a non-resident taxpayer, a taxpayer registered as an Input Service Distributor, an individual liable to deduct or collect the tax (TDS/TCS), and an individual who has been issued a Unique Identification Number. it’s essential to note that a taxpayer is NOT required to file all return types. Taxpayers are required to file returns supported by the nature of their activities.

The GST Council has however recommended easing the compliance requirements for little taxpayers by permitting taxpayers with an annual aggregate turnover of up to Rs. 5 Crores to file details of outward supplies in FORM GSTR-1 on a quarterly basis, as against taxpayers with an annual aggregate turnover of more than Rs. 5 Crores, who must file details of outward supplies on a monthly basis.

How GST Returns are Filed:

All returns must be filed electronically. Returns could also be submitted by any of the following means:

The following table details the various types of GST returns:

Type of ReturnDescriptionWho FilesDue Date
GSTR-1Statement of Supplies of products or Services to RecipientsNormal Registered Person11th of the next month
GSTR-3BDetails regarding monthly sales, purchases, and GST payments. The GST are going to be remitted via this Return.Normal Registered Person20th of the next month
GSTR-4Quarterly ReturnTaxable Person opting for Composition Levy18th of the month succeeding the quarter
GSTR-5Monthly return for a non-resident taxpayerNon-resident taxpayer20th of the month succeeding tax period & within 7 days after expiry of registration
GSTR-5AMonthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipientSupplier of OIDAR Services20th of the next month
GSTR-6Monthly return for an Input Service Distributor (ISD)Input Service Distributor13th of the next month
GSTR-7Monthly return for authorities deducting tax at sourceTax Deductor10th of the next month
GSTR-8Monthly statement for E-Commerce Operator depicting supplies effecting through it.E-Commerce Operator10th of the next month
GSTR-9Annual ReturnRegistered Person other than an ISD, TDS / TCS Taxpayer, casual taxable person and Non-resident taxpayer31st December of next Financial Year
GSTR-9ASimplified Annual Return under Composition SchemeTaxable Person opting for Composition Levy31st December of next Financial Year
GSTR-10Final ReturnTaxable person whose registration has been surrendered or cancelledWithin three months of the date of cancellation or date of order of cancellation, whichever is later.
GSTR-11Details of inward supplies to be furnished by a person having UINPersons who have been issued a Unique Identity Number(UIN)28th of the next month

The GST Council may extend the deadlines for a spread of reasons.

Quarterly GSTR-1 filing is required for taxpayers with a turnover of up to 1.5 Crore Rupees within the preceding fiscal year or the current fiscal year (ie. QRMP System). Other Registered persons with an annual turnover of quite Rs. 1,5 Crore are required to submit these returns monthly.

Revision of Returns:

The mechanism for submitting revised returns to correct errors or omissions has been eliminated. Corrections of errors and omissions are permitted on the return for the subsequent month (s). However, no corrections are permitted after submitting the return for the month of September following the top of the fiscal year to which the details pertain, or the annual return, whichever comes first.

Interest on Late GST Payment:

Under the GST regime, interest of 18 percent is charged on late tax payments. Interest would be assessed for every day that the tax was not paid by the due date.

Penalty for non-filing of GST Returns:

 If a taxpayer fails to file his/her return by the maturity , he/she are going to be required to pay a late fee of Rs. 200/- per day (up to a maximum of Rs. 5,000) from the maturity until the date the returns are filed.

The GST Council has recommended that, beginning within the month of October 2017, the late fee payable by a taxpayer whose liabilities for that month is “NIL” will be Rs. 20 per day (Rs. 10 per day under the CGST and SGST Acts). Nevertheless, if the liabilities for that month are not ‘NIL,’ the quantity of the late fee is Rs 50 per day (Rs 25 per day under the CGST and SGST Acts).

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Let's Deal With Your Confusions

A GST return may be a document or file containing the details of all revenue from sales and output GST thereon, also as all GST purchases and input GST thereon, that a GST Dealer is required to file with the products and Services Tax Authorities/Department. The GST Return contains information like Purchases, Sales, Output Tax, and Input Tax.

Monthly Return on Form GSTR-1 is due by the first of the following month, or the 13th of the month following the quarter if QRMP is applicable.

Monthly Return in Form GSTR-3B by the 20th day of the subsequent month, or if QRMP scheme, by the 22nd (for X category States) and 24th (for Y category States) of the month following the quarter.

Form GSTR-9 Monthly Return Due by New Year's Eve of the Next Financial Year

Monthly Return on Form GSTR-3B due by the 20th of the subsequent month

A quarterly return on Form GSTR-4 due by the 18th of the month following the quarter, and an annual return on Form GSTR-9A due by the 31st of December of the subsequent Financial Year.

A final return may be a GST return. The taxable individual whose registration has been surrendered must file a return within three months of the date of cancellation or the date of cancellation order, whichever is later.

The GST Council has recommended that, beginning within the month of October 2017, the late fee payable by a taxpayer whose liabilities for that month is "NIL" will be Rs. 20 per day (Rs. 10 per day under the CGST and SGST Acts). Nevertheless, if the liabilities for that month is not 'NIL,' the amount of the late fee is Rs 50 per day (Rs 25 per day under the CGST and SGST Acts).

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