GST Return Filing.
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What is a GST return filing?
The businesses registered under GST have to file returns monthly, quarterly and annually based on the category of business through the Government of India’s GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.
Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file quarterly returns. All filing of returns will be done online.
Who should file GST Return?
GST returns must be filed by every business units whose turnover exceeds 20 or 40 lakh (Optional) annually. Taxpayers are also supposed to go through various eligibility criteria for different slabs.
| Return Form | Who should file the return and what should be filed? | Frequency | Due date for filing |
|---|---|---|---|
| GSTR-1 | Registered taxable supplier should file details of outward supplies of taxable goods and services as effected. | Monthly | 11th of the subsequent month. |
| GSTR-2 | Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit. | Monthly | 15th of the subsequent month. |
| GSTR-3 | Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax. | Monthly | 20th of the subsequent month. |
| GSTR-4 | Composition supplier should file quarterly return. | Quarterly | 18th of the month succeeding quarter. |
| GSTR-5 | Return for non-resident taxable person. | Monthly | 20th of the subsequent month. |
| GSTR-6 | Return for input service distributor. | Monthly | 13th of the subsequent month. |
| GSTR-7 | Return for authorities carrying out tax deduction at source. | Monthly | 10th of the subsequent month. |
| GSTR-8 | E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected. | Monthly | 10th of the subsequent month. |
| GSTR-9 | Registered taxable person should file annual return. | Annual | 31 December of the next fiscal year. |
| GSTR-10 | Taxable person whose registration has been cancelled or surrendered should file final return. | Once, after the registration of GST is cancelled | Within 3 months of date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Person having UIN claiming refund should file details of inward supplies | Monthly | 28th of the month, following the month for which the statement was filed. |
Penalty for Late Filing GST Return
- Late fees for non-annual GST returns
If the taxpayer fails to file the GST return on time, then a late fee of Rs. 100 is applicable under the CGST Act and Rs. 100 under SGST Act. Thus, per day a late fee of INR 200 is applicable. This late fee is accumulated every day till the returns are filed and the late fees have been paid. The total amount cannot gather more than INR 5000. The per day and maximum amounts hold even for inter-state supplies. - Late fees for annual GST returns
Just like non-annual GST returns, the late fees for annual GST returns are INR 100 under CGST law per day and INR 100 under SGST law per day. Thus, a total of INR 200 per day is applicable till the date late fees have been paid. The maximum penalty amount cannot be more than 0.25% of the total turnover of the taxpayer for the particular financial year. - Late fees for filing NIL returns
Even if there is no GST return amount to be paid to the tax department, a NIL return has to be filed within the stipulated time period. So if there is a delay in filing NIL returns, a late fee is applicable on per day basis. According to the CGST Act, INR 50 is charged per day and according to SGST INR 50 is charged per day. So, in all a late fee of INR 100 is charged per day till the date of fee payment for late filing NIL returns.
Composition Scheme Return Filing
The GSTR- 4 form is an annual return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file only one return in every financial year.
Also, the taxpayers will have to file CMP-08 for the payment in every quarter of the year. The due date for each CMP-08 filing is 18th of every succeeding quarter Under normal circumstances, the last date for the GST competition return filing is April 30th, following the assessment year. For instance, taxpayers must file the GST return for the composition scheme for the assessment year 2019-2020 by April 30th, 2020. However, this year the dates have been extended due to the unexpected arrival of the coronavirus pandemic. All taxpayers who have opted for the Composition Scheme under the GST regime must file GSTR4.
- The GST portal now offers an offline Excel-based tool to help taxpayers file their annual GSTR4 return on time. The facility for GST composition return filing was added to the GST portal only in August of last year.
- The due date to file the GST return for the composition scheme was extended to 31 August 2020 from 15 July 2020. This will be the new due date for filing GSTR4 returns for the assessment year 2019-2020.
- The due date to opt for the composition scheme in the assessment year 2020-2021 by filing form CMP-02 was extended to 30 June 2020. This will apply for taxpayers registered under both Section 10 of the CGST Act and those who will opt-in through the CGST notification that came out on 7 March 2019.
Composition Scheme – GST Payment Due Date
The due date for payment of GST is 20 days from the end of the month. For persons registered under composition scheme, the due date will be 18 days after the end of the quarter.
GSTR-3B or GSTR-4 can be filed only after payment of GST. GSTR-1 can be filed without payment of GST.
1. Suppliers making supplies – 2.5%
2. Any other supplier eligible for composition levy – 0.5%
3. Manufacturers, other than manufacturers of such goods as may be notified by the Government – 1%.
Basic
- 2 Digital Signature 1
- 2 DPIN
- LLP Deed Drafting
- Incorporation Fees
- 1 Lakh Capital
- PAN & TAN
- Certificate of Incorporation
Standard
- 2 Digital Signature 1
- 2 DPIN
- LLP Deed Drafting
- Incorporation Fees
- 1 Lakh Capital
- PAN & TAN
- Certificate of Incorporation
- ISO Certificate 2
- MSME Certificate
- GST Registration
- GST Invoice Software 3
Premium
- 2 Digital Signature 1
- 2 DPIN
- LLP Deed Drafting
- Incorporation Fees
- 1 Lakh Capital
- PAN & TAN
- Certificate of Incorporation
- ISO Certificate 2
- MSME Certificate
- GST Registration
- GST Invoice Software 4
- Website Design 5
- Trademark Registration
- Logo & Letterhead
Process for GST Return Filing
We are on the top of business services platform in India, we helps thousands of business owner to file their GST. Our Business help end to end GST services from registration to return filing. When GST Return Filing a committed to our experts, He will contact you every month to collect the information to prepare and file the GST. There is Advantage of assigning the expert to file your.
- Reminders each month to file GST return
- Monthly GST Status reports
- GST returns prepared using Tally
- GSTR-1 and GSTR-3B return filing
- Input Tax Credit Reconciliation
- Proper accounting and saving of records for future references
The Average to file the GST return after preparing the data is estimated 1-3 working days. Rest depend on data provided by client and government portal accessibility.