GST RETURN

ABOUT GST RETURN

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that include:

  • Purchases
  • Sales
  • Output GST (On sales)
  • Input tax credit (GST paid on purchases)

 

To file GST returns, GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on Clear Tax Bill Book.

BENEFITS

  • Removing cascading tax effect
  • Higher threshold for registration
  • Composition scheme for small businesses
  • Simpler online procedure under GST
  • Lesser number of compliances
  • Regulating the unorganized sector
  • Defined treatment of E-Commerce
  • Increased efficiency of logistics.

TYPE OF GST RETURN

Return FormParticularsIntervalDue Date
GSTR-1Details of outward supplies of taxable goods and/or services affected from July 2018 to March 2019 ( Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year)Monthly*11th of the next month**
GSTR-2Details of inward supplies of taxable goods and/or services effected claiming input tax credit.Monthly*15th of the next month
(Suspended now )
GSTR-3Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.Monthly*20th of the next month
GSTR-9Annual ReturnAnnually*31st December of next financial year
GSTR-3BReturn for the months of up to March 2019Monthly20th of the next month

A DEALER OPTING FOR COMPOSITION SCHEME

Return FormParticularsIntervalDue Date
GSTR-4Return for compounding taxable personQuarterly18th of the month succeeding quarter**
GSTR-9AAnnual ReturnMonthly*31st December of next financial year

RETURNS TO BE FILED BY CERTAIN SPECIFIC REGISTERED DEALERS

Return FormParticularsIntervalDue Date
GSTR-5Return for Non-Resident foreign taxable personMonthly20th of the next month***
GSTR-5AReturn for Non-resident persons providing OIDAR servicesMonthly*20th of the next month***
GSTR-6Return for Input Service DistributorMonthly*13th of the next month***
GSTR-7Return for authorities deducting tax at source.Monthly*10th of the next month
GSTR-8Details of supplies effected through e-commerce operator and the amount of tax collectedMonthly*10th of the next month
GSTR-10Final ReturnOnce. When registration is cancelled or surrenderedWithin three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11Details of inward supplies to be furnished by a person having UIN and claiming refundMonthly28th of the month following the month for which statement is filed

PROCESS

In order to submit GST returns, the business owner or other relevant person needs to log into the GST portal using their login information.

The Login Page Is Available On The GST Services Login Page
THE LOGIN PAGE
Once Logged Into The GST Portal Using Valid Credentials, GST-Registered Tax Payers Can Carry Out A Number Of Activities Including But Not Limited To GST Returns Filing, Verification Of GST Paid, Status Of GST Refunds And So On.
ONCE LOGGED INTO THE GST PORTAL
For Those Logging In For The First Time Key Instructions Are Available On The GST Return Log In Page Itself. The Following Is The Format Of The Page Retrieved 6th Of July, 2018.
FOR THOSE LOGGING IN FOR THE FIRST TIME KEY INSTRUCTIONS

PENALTY

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

 Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.

 As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

 Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.

 As per latest update, late fees for GSTR-5A earlier reduced stands withdrawn. So, the Late fee of Rs 200 per day (or Rs. 100 per day in case of NIL return filing) shall apply with effect from 7th March 2018.

 Late Fee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 & GSTR-6 after the due date has been reduced to Rs. 50 per day of delay.

 Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers (i.e having Nil tax liability for the month) for GSTR-1, GSTR-3B and GSTR-4 & GSTR-5.