GST return is a document containing all the information about a business owner or organization’s sales, purchases, output tax, input tax. Once it is filed then the taxpayer has to pay all the levied tax that it owes towards the government.
GST Return Filing:
GST return filing is a process of filing for returns by organizations registered under the GST registration. It is mandatory for all GST registered companies in spite of their profits or sales or activity during a return filing period.
Types of GST Return Filings in GST Laws:
Filing of GST returns can be done online on GST portal. And the GST return must be filed through various forms provided to the taxpayer. These are:
- GSTR-1: This is filed by registered taxable suppliers on or before 10th of every subsequent
- GSTR-2: This is to be filed by registered taxable recipients on or before of 15th of every month.
- GSTR-3: This is to be filed by any registered taxable person on or before of 20th of every month.
- GSTR-4: This is to be filed by composition suppliers on quarterly basis.
- GSTR-5: This to be filed by taxable persons who are non-resident on or before of 20th of every
- GSTR-6: This to be filed by input Service distributors on or before of 13th of subsequent month.
- GSTR-7: This to be filed by authorities that carry out tax deduction at source by 10th of every month.
- GSTR-8: This is filed by tax collectors or e-commerce operators by 10th of every month.
- GSTR-9: This is to be filed by the registered taxable person on annual basis i.e. at the end of a fiscal period I.e. 31st December of each year.
- GSTR-10: This to be filed by any person whose registration stands cancelled or surrendered within 3 months of date of cancellation or date of cancellation of order whichever is later.
- GSTR-11: This is to be filed by the persons who have a UIN claiming refunds on 28th of the month following the month for which the statement has been filed.
NOTE: For GST return filing date are subject to differ in July, September, October for GSTR-1, GSTR-2 and GSTR-3. For GSTR-4 the dates may be different if January, April, July and October.
GST Return Filing Online:
All the taxpayer either it be the manufacturer or consumer or suppliers and dealers everyone has to file returns every year with the GST department. To make the process more viable and easy the GST department has made it automated. Now the taxpayer can file for the GST returns online through the software or the app provided by the Goods and Service Tax Network. Here are the steeps one must follow in order for GST return filling:
- Go to the GST portal (GST.gov.in)
- Based on a person’s state code and PAN number a 15-digit GST identification number is issued.
- Upload the invoice. An invoice reference number is issued for each uploaded invoice.
- File the outward return, inward return and cumulative monthly return online. If there are any errors one can simply correct them and refill the returns.
- With GSTR-1 form one can easily file the outward return on or before 10th of every month in information section on GST portal.
- Details of the outward supply are made available in GSTR-2A to the recipient as furnished by the supplier.
- The details of the outward supplies has to be verified, validated and modified by the recipient. And then the details of the credit or debit notes are to be filed.
- In GSTR-2 the recipient has to furnish the details of inward supplies of goods and Service that are taxable.
- The modifications made by the recipient in the details of inward supplies of goods and Service in GSTR-1A can be either accepted or rejected by the supplier.
GST Return Filing with GSTN:
The Goods and Service Tax Network stores all the information of the GST registered sellers and buyers. It combines all the information furnished by the recipient and maintains a record for future references. Every registered company has to file 3 monthly returns after every 3 months and one annual return for every fiscal year that total ups to 37 returns in a year. An excel workbook can be downloaded by the taxpayer in GST portal for free of cost. A taxpayer can regularly collate the invoice data using this template. Data can be prepared offline and then uploaded online by the taxpayer before the due date on the GST portal.
Penalties for Late GST Return Filing:
If a taxpayer fails to file GST return on time then a penalty is levied on them in the form of late fee. A late fee of Rs. 100 per day for both Central Goods and Service Tax and State Goods and Service Tax i.e. Rs. 200 each day. The maximum amount of late fee levied on a taxpayer cannot be more than Rs. 5000. Also the taxpayer has to pay 18% interest p.a. on the amount of tax to be paid. There is no late fine on integrated GST or IGST in case of delayed GST return filing. The time period for the late fee payment is calculated from the last date to file GST return to the date on which the return was filed and payment was made.