What is GST return?

What is GST return?

GST return summarizes all the transactions and provides clear information about the purchases, sales, and taxes collected by the business. It is a critical part of the business

Who should file GST return?

Every business owner registered under GST is required to file returns depending upon the nature of the business. For example, if a business owner has an annual aggregate turnover of more than ?5 crores, he/she must file two monthly returns and one annual return for GST purposes.

Taxpayers having turnover up to ?5 crores have the option to file a return under QRMP Scheme (Quarterly Return Monthly Payment). He has an option to upload IFF [Invoice Furnishing Facility] on a monthly basis.

On the other hand, if the trader has opted for the composition scheme with an annual turnover of ?1.5 crores or less, he/she is only required to file one return in a year.

Types of GST returns and who should file them?

1.??????GSTR-1

GSTR-1 has to be filed against all goods and services rendered by a company. This includes all the invoices raised as well as credit-debit notes against sales for a tax period. GSTR1 needs to be filed on monthly basis on 11th of every month for previous month. If opted for QRMP scheme by 13th of the month succeeding the quarter.

IFF (Optional by taxpayers under the QRMP scheme)

IFF can be filed only for B2B supplies of taxable goods and services before 13th of next month

2.???????GSTR- 3B

GSTR 3B is a monthly self-declaration. It furnishes the summarized details of:

All outward supplies made

Input tax credit claimed

Tax liability

Taxes paid

GSTR3B needs to be filed by the 20th of next month and for QRMP it can be filed up to the 22nd or 24th of the month for the succeeding quarter.

3.????????GSTR-4

GSTR-4 is an annual return to be filed by composition taxable persons. It is to be filed by April 30th following the relevant financial year. This return replaced GSTR-9A.

4.???????GSTR-5

GSTR-5 is for those non-resident foreign taxpayers who carry out transactions in India. What do these returns entail? It contains the following details:

Outward supplies made

Inward supplies received

Credit-debit notes

Tax liability

Taxes paid

?

GSTR5 is to be filed by the 20th of every month for the previous month.

5.???????GSTR-5A

GSTR-5A summarizes all the outward taxable supplies and tax payable by OIDAR, which stands for the Online Information and Database Access or Retrieval Services provider.

You have to file this return by the 20th of every month.

6.???????GSTR-6

GSTR-6 must be filed by an Input Service Distributor (ISD) every month. Its composition details are:

Input tax credit distributed and received by ISD

All the details of all documents related to the input tax credit

The due date of the GSTR-6 is the 13th of every month.

7.???????GSTR-7

GSTR-7 is to be filed by the persons who are required to deduct the TDS under GST. TDS stands for “Tax deducted at source.” Here’s what the GSTR-7 entails:

Details of TDS deducted

TDS liability payable and paid

TDS refund if any

The due date of the GSTR-7 is the 10th of every month.

8.???????GSTR-8

This form is required to be filed by the e-commerce operators registered under GST. They are usually required to collect tax at the source. All the details of supplies made through the e-commerce platform and the TCS on the same are recorded.

It is to be filed by the 10th of every month.

9.??????GSTR-9

This is an annual return to be filed by taxpayers who are registered under GST. It is due by December 31st for the year following the specific financial year. What does the GSTR-9 contain? It consists of the following:

Details of outward supplies made

Inward supplies received

Summary of supplies received under HSN code

Details of tax payable and paid

10.???GSTR-9C

It is a statement filed by all the taxpayers registered under GST whose turnover exceeds Rs. 2 crores in a financial year. This is a unique form that has to be certified by a Chartered Accountant or a Cost Management Accountant after a GST audit and looking over the GST-9.

It is to be filed by December 31st of the year that follows the relevant financial year.

However, as per the Union Budget 2021, the mandate for the GST audit by CAs and CMAs has been removed and can be filed with self-certify reconciliation statement

11.???GSTR-10

The GSTR-10 form is to be filled in by a person whose registration was surrendered or cancelled. It is also called a final return which needs to be filed within three months of the cancellation order or the date of cancellation, whichever comes first.

12.???GSTR-11

GSTR-11 is for foreign diplomatic missions and embassies that do not pay tax in India but require a refund of taxes. It is filed by those persons who have been issued a Unique Identity Number (UIN) to get a refund for the goods and services incurred by them in India. These returns have details of the inward supplies received and refunds claimed. This needs to be filed by 28th of the month for which the statement is filed.

13.???ITC-04

ITC 04 Statement is to be filed by a principal/job-worker about details of goods sent to/received from a job-worker. Taxpayers with Annual aggregate turnover (AATO) more than Rs.5 crore need to file ITC04 on Half-yearly basis - April-September- due on 25th October and October-March due on 25th April.

Those with AATO up to Rs.5 crore – Yearly on 25th April

These were the different types of GST returns and who should file them.

?

*Kindly note that due dates are subject to change as per CBIC Notifications.

How to file GST online?

The GST return online filing process can be completed in the following steps.

Step 1: Use the GST portal that is www.gst.gov.in .

Step 2: Based on your state code and PAN number, a 15-digit number will be issued.

Step 3: Each invoice you generate needs to be uploaded.

Step 4: On Return Dashboard fill the return filing period and financial year from drop down list.

Step 5: Choose the return you want to file i.e., GSTR1, GSTR3B and input the details in the respective tables.

Step 6: Ensure correct details are mentioned in each table

Step 7: Tab on save button

Step 8: After you have successfully saved the details filled, click on the ‘Submit’ button available at the bottom of the page to file the GST tax return.

Step 9: click on the ‘Payment of tax’ block > Check Balance to view your credit balance and the cash. It’s important to be informed of such details prior to paying taxes.

Step 10: choose an authorized signatory from the dropdown list. Later, tap on ‘File form with DSC’ or ‘File form with DSC’ and click on the ‘Proceed’ tab.

How To Check Status of GST Returns?

?

?Open the portal?https://www.gst.gov.in/ .

Enter the details on the login page.

?Choose and click Service > Returns > Track Returns Status.

?From the drop-down, select “Status of Return.”

?Click the Search button.

?The status may show up as to be filed or filed invalid or submitted but not filed or filed valid.?

?This is how to track GST return filing.

?

Penalty For Late Filing Of GST

Late Fee: A late fee of ?100 per day is charged after the due date on the late filing of CGST and SGST each (total of ?200 per day), subject to a maximum late fee of ?5,000.

Interest: The taxpayer is also liable to pay interest at 18% per annum on the total amount of tax to be paid. This interest rate is applicable from the due date of filing the return till the payment is made.

Late Fees for non-filing of Annual return is Rs. 200/- per day (CGST Rs.100/- + SGST Rs.100/-), subject to a maximum of an amount calculated at a quarter percent of his turnover in the State or Union territory

We assist clients in drafting responses to letters or notices received from the department and making submissions before GST Authorities on their behalf, provide training to staff on GST Rules and Regulations, written opinions on GST matters, GST Refunds, Returns, and all GST Compliances. Furthermore, we help them in maintaining a database, wherein litigations are segregated based on the issue, forum, etc.

For any queries about GST assistance, mail us at [email protected] or call us on 9833229199