Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.
An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.
GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.
GST return is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities.
GST Return filing in India is to be done by the following:
|GSTR 1||Details of the outward supplies of the taxable goods and or services||Monthly|
(If opted under the QRMP scheme)
|GSTR 3B||Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer.||Monthly|
|CMP 08||Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act.||Quarterly|
|GSTR 4||Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act||Annually|
|GSTR 5||Returns to be filed by a Non-resident taxable person||Monthly|
|GSTR 6||To be filed by the input service distributor to distribute the eligible input tax credit||Monthly|
|GSTR 7||Is filed by the government authorities||Monthly|
|GSTR 8||Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them.||Monthly|
|GSTR 9||Annual return for a normal taxpayer||Annually|
|GSTR 9C||Certified reconciliation statement||Annually|
|GSTR 10||Is filed by the taxpayer whose GST registration is canceled||Once the GST registration is canceled or surrendered|
|GSTR 11||Details of the inward supplies are furnished by a person who has UIN and also claims a refund.||Monthly|
GSTR 1: The 11th of Subsequent of that month
GSTR 3B: The 20th of that subsequent month
CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4: 18th of the month succeeding the quarter.
GSTR 5: 20th of the subsequent month
GSTR 6: 13th of the subsequent month
GSTR 7: 10th of the subsequent month
GSTR 8: 10th of the subsequent month
GSTR 9: 31st December of the Fiscal year.
GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
GSTR 11: 28th of the month that is following the month for which the statement was filed.
IndiaFilings is a leading business service platform in India that offers end-to-end GST services. We have helped thousands of business owners to get GST registration, as well as file GST, returns.
Filing GST returns takes around 1 to 3 working days subject to the availability of the government portal and the submission of documents by the client.
All persons registered under the Composition Scheme are required to pay taxes using CMP-08 every quarter and GSTR 4 to be filled annually through the GST Common Portal or a GST Facilitation Centre. GST return for those enrolled under Composition Scheme is due on the 18th of the month, succeeding a quarter. Hence, the GST return for the composition scheme would be due on April 18th, July 18th, October 18th, and January 18th. The GST return filed by a Composition Scheme supplier must include details of:
I If a registered person opted to pay tax under composition scheme from the beginning of a financial year, then the taxpayer must file monthly GST returns on the 10th, 15th, and 20th of each month and monthly returns till the due date of furnishing the return for September of the succeeding financial year or furnishing of annual return of the preceding financial year, whichever is earlier. Hence, even if a taxable person under GST opted for a composition scheme from April onwards, the taxpayer must continue filing monthly GST returns until September.
A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filings. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will also remind you periodically so that no deadlines are missed.
Monthly reports detailing the status of GST return filing including GSTR- 3B and the way forward will be shared with the clients by the GST advisors.
GST returns are prepared by LEDGERS- the GST software so that it is error-free and filed on time without hassles.
GSTR-1 is a quarterly return that should be filed by every business. Turnover determines the due dates for GSTR- 1. Business with sales up to Rs. 1.5 Crore can file their quarterly returns.
Businesses will be enabled to benefit from the input tax reconciliation mechanism provided by the government to achieve neutrality in the incidence of tax and ensure that such input tax element does not enter into the cost of production or cost of supply of goods and services.
All of your financial transactions and invoices will be recorded in LEDGERS by accountants so that the filing of all your returns including ITR, TDS, and GST is seamless and cost-effective.
In addition to the GST advisor support, LEDGERS GST Software will be provided to the client for GST invoicing, payments, returns filing and accounting.
Some of the features of LEDGERS are:
If there are any offenses committed then a penalty has to be paid under GST
Late filing of the GST returns can attract a penalty called a late fee. And according to the Goods and Service Tax can attract a penalty which is Rs. 100 under CGST and Rs.100 under SGST that accounts for Rs.200 a day.
With the late fee, an interest of 18% has to be paid per annum. It is calculated on the tax to be paid.
In case if the taxpayer is not filing the GST returns then the subsequent returns cannot be filed. Hence, to avoid heavy fines and penalties it is better to file the GST returns on time as it will lead to a cascading effect.
An offender who is not paying taxes or is making short payments must pay a penalty of 10% of the amount of tax due subject to a minimum of Rs.10,000.
An offender is subject to a penalty amount of tax evasion or short deducted.
Even in case if there is no business the taxpayer is required to file the Nil GST returns.
Outsource your GST compliance to IndiaFilings to ease your compliance burden and focus your efforts on growing your business. With IndiaFilings, your GST compliance will be maintained on the LEDGERS GST platform, providing you access to live business data - anywhere, anytime. LEDGERS can also seamlessly sync and work with other online and offline applications you regularly use.
You can send us the information through email in any platform or upload the information. We also accept soft copy of invoices and purchase data.
Monthly GSTR 1 returns must be filed by taxpayers having a turnover of more than Rs.1.5 crores on 11th of every month.
Quarterly returns must be filed by taxpayers having a turnover of less than Rs.1.5 crores on 13th of every quarter.
CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore on 18th of every quarter.
The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.
Annual GST return filing for the financial year is due on 31st December. This is mandatory for all entities.
|Turnover||Deadline for Dec 2020||Applicable to|
|More than 5 crores||20th of Every month||All the states and UTs|
|Less than 5 crores||22nd of Every month
for Group A States
|Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh|
|Less than 5 crores||24th of Every month
for Group B States
|Jammu and Kashmir, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha|
Under GST, every person or entity registered under GST would be required to file a GST return for the prescribed period. Even those entities having a GST registration but no activity would be required to file a GST Nil Return to stay compliant with GST regulations.
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.
The due date for filing GSTR1 return is usually the 10th of every month. However, for the month of July 2017, the due date for filing GSTR1 return is 10th of October. The due date for filing all other GSTR1 return is yet to be announced by the GST Council.
In GSTR1 return, the following information is filed by the taxpayer:
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.
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.
Last updated: Nov 18, 2021