GST Returns

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GST Returns

Know more about GST Returns

All the businesses registered under GST are required to file various monthly, quarterly or annual GST Returns. Different types of GST Returns are prescribed depending on the category of a person registered, turnover or other criteria such as GSTR-1, GSTR-3B, GSTR-4, etc.

TYPES OF GST RETURNS

Type of GST ReturnDescriptionDue date
GSTR-1GSTR-1 consists of the details of outward supplies of taxable goods or services i.e. Sales of goods or services or both. Businesses having annual turnover upto Rs 1.5 crore can opt for quarterly filing of GSTR-1. Those having an annual turnover of more than Rs 1.5 crore must have to file GSTR-1 monthly.11th of the next month or the month immediately following the quarter.
GSTR-3BGSTR-3B is a monthly summary statement that is required to be filed by every registered person consisting of a summary of outward supplies and inward supplies. Payment of tax (if any) is also to be made by the person along with the filing of GSTR-3B.20th of the next month
GSTR-4GSTR-4 is a statement required to be filed by a person registered under Composition Scheme. GSTR-4 is required to be filed quarterly.18th of the month immediately following the quarter.
GSTR-5GSTR-5 is a return that is required to be filed by a Non-Resident Foreign taxable Person. It is required to be filed monthly.20th of the next month.
GSTR-6GSTR-6 is a return that is required to be filed by an Input Service Distributor (ISD). It is also required to be filed monthly.13th of the next month.

 

GSTR-7GSTR-7 is a Return required to be filed by those authorities who are required to deduct tax at source as per the provisions of the GST Acts. It is required to be filed monthly.10th of the next month.
GSTR-8GSTR-8 is required to be filed by an e-commerce operator who is required to collect tax at source as per the provisions of the GST Acts. It is required to be filed monthly.10th of the next month.
GSTR-9 & 9AGSTR-9 & 9A are Annual Returns. GSTR-9 is required to be filed by a normal taxpayer. GSTR-9A is required to be filed by a person registered under Composition Scheme.

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Benefits of Filing GST Returns

  • Supplier can claim credit of GST paid on purchases only on filing of GST Returns.
  • Interest and Penalty can be avoided on filing GST Returns on time.
  • GST Returns can be filed online so there is advantage of ease of access and flexibility.
  • GST Returns are a transparent method to keep financial transactions accountable.

Required Documents/Details to File GST Returns

Details required to file GST Returns

  • Log-in Credentials of the registered person
  • Details of Outward or Inward Supplies
  • Any other details required as per the type of Return
  • Digital Signature of the Authorized Person (other than Individual/Proprietorship Firm)

Procedure and Compliance

  • Collecting documents from client
  • Calculation of input tax credit and output tax liability
  • Filing of GST returns

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GST Returns

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Yes, GSTR-1 needs to be filed even if there is no business activity (Nil Return) in the tax period.

If any error or omission has been discovered in GSTR-1, it can be rectified in the Return of the tax period in which such error or omission is discovered. However, the return to which such error or omission relates cannot be rectified. For example, if an error has been discovered in the GSTR-1 of August in October, it can be rectified in the GSTR-1 of the month of October, GSTR-1 of August cannot be rectified.

It depends on the annual turnover of the supplier in the preceding financial year. If the turnover is upto Rs 1.5 crore then HSN Code is not required. If the turnover is more than Rs 1.5 crore but upto Rs 5 crore then 2 digits of HSN Code is required to be furnished. If the turnover is more than Rs 5 crore then 4 digits of HSN Code is required to be furnished.

Scanned copies of invoices are not required to be uploaded. Only certain prescribed fields from invoices e.g. invoice no., date, value, taxable value, rate of tax, amount of tax etc. need to be uploaded

No, GSTR-3B is a summarized return. All the details will be self declared in summary manner.

Yes, every registered person has to file GSTR-3B. If the person has no business activity during the relevant period, he has to lodge a Nil Return for the period.

Late filing fee of Rs.20 per day for Nil Returns and Rs.50 per day in other cases shall be levied.

No, all details are not required regarding inward supply. Only details of eligible and ineligible Input Tax Credit need to be declared in Table 4 of GSTR-3B.

GSTR-4 is required to be filed by a composition dealer on an annual basis, by 30th of April following the Financial Year.

No, GSTR-4 cannot be revised after filing on the GSTN Portal.

Yes, an Excel based offline tool has been provided on GST Portal to prepare GSTR-4.

Late Fee of Rs 200/- per day shall be levied after the due date of filing GSTR-4.

However, Maximum Late Fees charged cannot exceed Rs 5000/-.

GSTR-9C is required to be filed by every registered person whose turnover exceeds the prescribed limit of Rs 2 crore during the Financial Year and get his accounts audited by a Chartered Accountant or Cost Accountant.

GSTR-9C is required to be filed by 31st December of the next Financial Year (same as due date of submission of GSTR-9). However, as per the Government notification, the due date of GSTR-9 and GSTR-9C for FY 2018-19 is extended upto 30th September 2020.

There are two main parts of GSTR-9C :-

Part A : Reconciliation Statement

Part B : Certification

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