GST Return Filing

Home » Learn » GST » GST Return Filing

GST Return Filing

The implementation of GST return filing in India shall roll out by 2016, overhauling the entire indirect taxation regime. The proposed GST would subsume levies like excise, VAT, service tax as well as other local levies. GST filing shall make the process for starting and managing business easy in India (Know more about GST benefits). Just like present service tax or VAT regulations, GST would also require the periodic filing of GST returns. In this article, we shall look at GST Return Filing under the proposed GST regulations.

Who should file GST Returns?

Under GST, every person or entity should file GST returns. The individual shall file the GST by the prescribed period. Late filing of GST shall lead to a fine for the individual. Entities with GST registration but no activity should also file GST Nil Return to stay compliant with GST regulations.

How often would I have to file GST Returns?

Regular taxpayers should file GSTR-1, GSTR-2 as well as GSTR-3. Form GSTR-1 shall provide details on outward supplies. GSTR-2 details on inward supplies and GSTR-3 should detail monthly return. The following are the dates to file GSTR forms:

  • GSTR-1: 10th of each month
  • GSTR-2: 15th of each month and
  • GSTR-3: 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.  The individual shall make the annual GST return filing by 31st of December following the end of the financial year. There might occur some instances where the assesses need to comply with auditing requirements. At those circumstances, the GST reconciliation statement must be duly certified by a Chartered Accountant.

How to file GST Returns?

The individual shall file GST Returns through online. There would also be a facility to prepare the returns offline and upload the same into an online portal.

Can GST Return be Revised?

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

What is the Penalty for not filing GST Returns?

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 the imposition of automatic late fee for GST Return non-filers and late filers.

To know more about GST in India, visit IndiaFilings or connect with a Chartered Accountant.

Other Related Guides

Types of GST Returns and Due Dates Types of GST Returns and Due Dates GST return must be filed by all persons having GST registration. In this article, we look at the different types o...
Important LLP Compliance Important LLP Compliance - Due Date & Penalty An LLP is a form of legal business entity that gives the benefits of limited liability but allows i...
Appeal Against GST Registration Order Appeal Against GST Registration Order The Goods and Services Department of India requires businesses with a turnover of more than INR 20 Lakhs to reg...
Due Date for July GST Return Due Date for July GST Return The due date for July GST return has been extended again to provide more time for taxpayers and streamline the GST porta...
GST E-Invoice Under New GST Return System 2020 GST E-Invoice Under New GST Return System 2020 Provisions relating to the  GST invoice is discussed under Rule 46 of Chapter VI of CGST Rules 2017. E...

Post by IndiaFilings is committed to helping entrepreneurs and small business owners start, manage and grow their business with peace of mind at an affordable price. Our aim is to educate the entrepreneur on the legal and regulatory requirements and be a partner throughout the entire business life cycle, offering support to the company at every stage to make sure they are compliant and continually growing.