GST

GST Return – Who Should File, Due Dates & Types of GST Returns

Need help filing your GST Return? Don’t worry, we have got you covered.

GST is a Goods and Service Tax that is imposed on the exchange of goods and services between organizations. It’s an Indirect tax. It is imposed on value addition of the commodity at each stage. It is levied by the manufacturer on the consumer. GST varies from item to item. Every item has different GST rates that are set by the government.

GST return is a form that contains all the sales, purchases, tax collected on sales and the taxes that are paid on purchases. A tax collected on sales is also known as output tax and the tax collected on purchases are known as input tax. It takes into account every transaction that any individual has ever made.

GST return

As an individual taxpayer, you must account for the income that you earn through your business transactions.

Should you file a GST Return?

If your turnover is more than 20 lakhs a year, you are liable to follow the new GST registration. Specific details are required to register under the GST and get your GST number (GSTIN).

For some special category states like Arunachal Pradesh, Manipur, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, Himachal Pradesh, Jammu and Kashmir, and Himalaya the minimum annual turnover is 10 Lakhs.

Types of GST Returns

Types of GST ReturnsGSTR1

Tax return for external supplies to be filed by all the normal taxpayers that are registered under the GST filed every month. This contains the details of the sales done within the state or other states as well as the purchases made during the tax period.

GSTR2

This is the monthly tax return for internal supplies received. It contains the information of the taxpayer, tax return period and final statement of purchase, information related to the tax period, which is listed differently for goods and services.

GSTR2A

This is a read only document with a complete list of the invoices from the various sellers during the month.

GSTR3

It is done every month on all the details on the outward supplies of goods. This return is auto-generated if you have filed GSTR1 and GSTR2.

GSTR3B

It is a self-declaration that is to be done every month for all the outward supplies made.

GSTR4

It is to be filed by the taxpayers who have opted for the Composition Scheme under GST, but it has been replaced by the CMP-08 now. It is paid every quarter.

GSTR-5

It is filed by NRI taxpayers, who are registered under GST and carry out business transactions in India. The return contains details of all outward supplies made, inward supplies received, credit/debit notes, tax liability and taxes paid. It is done every month.

GSTR-6

It is a monthly return filed by an “Input Service Distributor” (ISD).

GSTR-7

It is done every month and is filed by people required to deduct TDS (Tax deducted at source) under GST. GSTR 7 contains details of the TDS deducted.

GSTR-8

E-commerce operators registered under the GST file every month who are required to collect tax at source (TCS). All the supplies made through E-commerce are recorded.

GSTR-9

The taxpayers registered under GST file it. It contains details of all outward supplies made, inward supplies received. Composition Scheme, Casual Taxable Persons, Input Service Distributors, Non-resident Taxable Persons and Persons paying TDS under section 51 of the CGST Act are unaccountable to pay the taxes.

GSTR-9A

Taxpayers who have registered under the Composition Scheme file it on an annual basis. It is a combination of all the quarterly returns filed during that financial year.

GSTR-9C

Taxpayers registered under the GST whose turnover exceeds Rs 2 crore in a financial year file it on an annual basis. Taxpayers have to get their accounts done through a CA (Chartered Accountant). GSTR-9C is filed for every GSTIN, and therefore, one PAN can have multiple GSTR-9C forms being filed.

GSTR-10

A taxable person whose registration has been surrendered or canceled. Another term for this return is the final return and has to be filed within 3 months from the date of cancellation.

GSTR-11

This is for taxpayers who have been issued a Unique Identity Number (UIN) to get a rebate under GST for the goods and services purchased in India. GSTR-11 contains all the details of inward supplies that are received and the refunds claimed.

The Simplest Way to File a GST Return

All taxpayers who have registered under the GST, including manufacturers, consumers, and individuals who have registered themselves under the GST are liable to file their GST returns. With the new GST regime, filing taxes has become automated and can be done online using the GST software or the app provided by the GSTN (Goods and Services Taxes Network)

The following are the steps to file GST returns –

  • Visit (www.gst.gov.in) – The GST Portal or you can also use the GST software provided by the GSTN
  • Based on your PAN card, a 15 digit identification number will be issued.
  • Upload the invoice stating all the purchases and sales, an invoice reference number would be generated against every invoice uploaded.
  • Then upload all the inward, outward returns and also the consolidated monthly return online, you can always correct the errors by refiling the  returns
  • Before the 10th of every month, file the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN)
  • GSTR-2A will list all the details of the outward supplies by the supplier to the recipient.
  • The recipient has to verify, confirm, and adjust the details of outward supplies and also file details of credit or debit notes.
  • The recipient has to provide the details of inward supplies of taxable goods and services in the GSTR-2 form.
  • The supplier has the option to either accept or reject the adjustments of the details of inward supplies made available by the recipient in GSTR-1A.

How GST Filing with GSTN works (Goods and Services Taxes Network)

The GSTN stores all the information of buyers and sellers maintains registers and also consolidates the submitted details for further reference. Organizations have to file 3 returns every month and one annual return every financial year, which makes it 37 returns in total. To make filing GST returns easier for organizations/entities, GSTN has made an excel based template. The GST portal allows you to download the GST Certificate free of cost on their site. It makes it easier for the taxpayer to combine the invoice data regularly.

GST Return – Who Should File, Due Dates & Types of GST Returns

Late filing of GST Returns

You must file a Nil return, even if there’s no transaction carried out. Filing a return is mandatory under GST. If you miss filing previous month’s return, you cannot file a return

Therefore, the late filing of GST returns will lead to hefty fines and penalties.

Late Fees Assessment

Per annum, the interest is set to be 18%. It is to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will continue starting from the due date to the actual date of payment. As per the GST Act, the Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. The maximum is Rs. 5,000. There is no late fee on IGST.

Step-by-step Process to Download Your GST Certificate

Once you’ve registered GST, you can view it and also download your GST certificate for registration.

  • Visit (www.gst.gov.in) – the GST Portal. You can also use the GST software provided by the GSTN
  • Go to Services > User Services > View/Download GST Certificate.
  • Click on the ‘Download’ icon
  • The certificate contains all the details of the business i.e Name, Address, Date of registration, etc.