GST Return Filing

Regular taxpayers would have to file GSTR-1 (details of outward supplies), GSTR-2 (details of inward supplied) and GSTR-3 (monthly return). GSTR-1 would be due on the 10th of each month, GSTR-2 would be due on the 15th of each month and GSTR-3 would be due on the 20th of each month. Compounding taxpayers must file GSTR-4 every quarter, on 18th of the month next to the quarter.

In addition to the monthly or quarterly returns, an annual return must be filed by all persons or entities registered under GST. The due date for filing of annual GST return would be 31st of December following the end of financial year. In case of assesses having to complying with auditing requirements, the GST reconciliation statement must be duly certified by a Chartered Accountant.

GST Returns must be filed online. There would also be a facility to prepare the returns offline and upload the same into an online portal.

There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest, if any would be applicable.

All GST Return non-filers will be tracked by the GST Department and a list of GST return defaulters will be provided to the respective GST authorities for followup and enforcement action. The GST law would also include an imposition of automatic late fee for GST Return non-filers and late filers.

Under GST, all taxpayers, other than an input service distributor, a non-resident taxable person, casual taxable person and a person paying tax under the GST composition scheme are required to file GSTR1 return.

Know more about GSTR1 return filing.

GSTR1 return can be filed online in the GST portal. You can also file GSTR1 return using LEDGERS GST Software, to file GSTR1 return using LEDGERS, create an account, update details of sales made during a month and click on upload GST return to file.

In GSTR1 return, the following information is filed by the taxpayer:

1. Basic details of the taxpayer with GSTIN.
2. Period to which the Return pertains.
3. Invoice level information
   • B2B invoices
   • B2C invoices over Rs.2.5 lakhs in value
   • B2C invoices less than Rs.2.5 lakhs in value
   • Export invoices
   • Summary of Documents Issued
   • HSN Code wise summary of sales

Under GST, the expression “details of outward supplies” means information pertaining to sales transaction in a month like invoices issued, debit notes, credit notes and revised invoices.

Yes, any registered taxable person, who has filed GSTR1 return can rectify the return if there is a discovery of any error or omission. The rectification can be filed in the tax period in which such error or omission is noticed. In case there is any short payment of tax, the payment of tax and interest can also be made during the period of discovery of error or omission.

GST return can be rectified by a taxpayer until the month of September following the end of the financial year to which the details pertain or furnishing of the relevant annual return, whichever is earlier.

For all B2B supplies (whether inter-State or intra-State), invoice level details like customer GSTIN, the item-wise value of supply, amount of tax applicable, place of supply, date of invoice and invoice number should be uploaded.

For all B2C supplies (including non-registered Government entities, Consumer/person dealing in exempted/NIL rated/non-GST goods or services), the suppliers should upload invoice level details similar to B2B invoices, when the value of supply is more than Rs.2.5 lakhs.

For invoices with a value of less than Rs.2.5 lakhs, State-wise summary of supply statement should be filed. The address of the buyer has to be mandatorily reflected in every invoice having a value of Rs.50,000/- or more.

Procedure for uploading invoice to GST portal.

HSN code (4-digit) for Goods and Services Accounting Codes (SAC) for Services must be compulsorily mentioned by all taxpayers with turnover in the preceding financial year above Rs. 5 Crore (For the first year of operations of GST, self-declaration of turnover of previous financial year will be taken as the basis as all India turnover data will not be available in the first year. From the 2nd year onwards, turnover of previous financial year under GST will be used for satisfying this condition.

For taxpayers with turnover between Rs. 1.5 Crores and Rs. 5 Crores in the preceding financial year, HSN codes may be specified only at 2-digit chapter level as an optional exercise to start with. From second year of GST operations, mentioning 2-digit chapter level HSN Code will be mandatory for all taxpayers with turnover in previous financial year between Rs. 1.5 Crores and Rs. 5.0 Crores.

All taxpayers, irrespective of his turnover, can use HSN code at 6-digit or 8-digit level if desired.

To start with, compounding dealers may not be required to specify HSN at 2 digit level also.

HSN Codes at 8-digit level and Accounting Codes for services will be mandatory in case of exports and imports.

The taxpayers who have turnover below the limit of Rs. 1.5 Crore will have to mention the description of goods/service, as the case may be, wherever applicable. In order to differentiate between the HSN code and the Service Accounting Code (SAC), goods will be denoted by G and services will be denoted by S.

Click here to find HSN code and GST rate for all goods and services.