GST Return
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A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases) To file GST returns, GST compliant sales and purchase invoices are required
Under GST, a registered dealer has to file GST returns that include:
Who should file GST Returns?
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In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
- The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
- There are separate returns required to be filed by special cases such as composition dealers.
Steps for filing GST return
GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:
Monthly Details
Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
FORM GSTR-2
Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
Monthly Filing
Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
Annual Filing
Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
Types of GST Return
List of all the returns to be filed under the GST Law along with the due dates:
| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services effected. | Monthly | 10th of the next month |
| GSTR-2 | Details of inward supplies of taxable goods and/or services effected claiming input tax credit. | Monthly | 15th of the next month |
| GSTR-3 | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. | Monthly | 20th of the next month |
| GSTR-9 | Annual Return | Annually | 31st December of next financial year |
| GSTR-3B | Provisional return for the months of July 2017 to March 2018 | Monthly | 20th of the next month |
A dealer opting for composition scheme
A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns
| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-4 | Return for compounding taxable person | Quarterly | 18th of the month succeeding quarter |
| GSTR-9A | Annual Return | Annually | 31st December of next financial year |
Returns to be filed by specific registered dealers
| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-5 | Return for Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-10 | Final Return | Once. When registration is cancelled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming refund | Monthly | 28th of the month following the month for which statement is filed |
Late Fees for not Filing Return on Time
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If GST Returns are not filed within time, you will be liable to pay interest and a late fee.
- Late Fees for GSTR-1, GSTR-3B, GSTR-4, GSTR-5 has been reduced to:
- Rs. 50 per day of delay
- Rs 20 per day of delay for nil return Also, late fees for GSTR-6 has been reduced to Rs 50 per day of delay.
Interest 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 (26th/ 29th Aug) to the date of payment.
Late fee is Rs. 200 per day per Act. So it is 100 under CGST & 100 under SGST. Maximum is Rs. 5,000. There is no late fee on IGST.
GST return for E-commerce sellers
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There can be two types of E-commerce sellers:
- E-commerce operator/ marketplace (e.g. Flipkart, Amazon etc): It is an entity which owns, operates or manages digital or electronic facility or platform for E-commerce.
- Suppliers on E-commerce platform: It is an entity which supplies goods or services on an E-commerce platform.
Steps for filing GST return for E-commerce sellers
FORM GSTR-1
Monthly Details of outward sales by seller in FORM GSTR-1 by the 10th of next month.
FORM GSTR-2
Monthly Details of purchase made by seller in FORM GSTR-2 by the 15th of next month.
FORM GSTR-3
Monthly Filing of return along with the payment of amount of tax in FORM GSTR-3 by the 20th of next month.
FORM GSTR-4
Monthly Filing of GST return of E-commerce operator in FORM GSTR-8 by the 10th of next month.
Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.