Description
What is GST return filing?
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 ainclusive Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are 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 taxpayers 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.
Eligibility Criteria
Who should file the GST returns?
- A person having a valid GSTIN has to compulsorily file the GST returns.
- Also, a person whose annual turnover is crossing Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
- In the cases of Special states, the limit for the annual turnover is Rs.10 lakh.
Types of GST Returns
What are the different types of GST returns in India?
| GSTR-1 | Details of the outward supplies of the taxable goods and or services | Monthly or Quarterly |
| 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 or Quarterly |
| 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 Input service distributor to distribute input tax credit | Monthly |
| GSTR-7 | To be filed by 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 | Annually |
| GSTR-9C | Reconciliation Statement | Annually |
| GSTR-10 | Is filed by the taxpayer whose GST registration is cancelled | After cancellation of registration |
| GSTR-11 | Details of the inward supplies are furnished by a person who has UIN and also claims a refund. | Monthly |
Due dates for filing the GST returns
What are the due dates for filing GST returns?
- 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 whichever
GST Return Filing Process
How to file the GST returns?
Taxology is a one of the most efficient and leading business service platform in India that offers end-to-end GST services. We have helped hundreds of business owners to get GST registration, as well as file GST, returns.
- When GST return filing is outsourced to Taxology a committed GST Expert is assigned to the business.
- This committed expert would reach out to you every month and collect the necessary information, prepare the GST returns and help in filing the GST returns.
GST Return Filing Plans
All Inclusive Pricing – No Hidden Fee
1 year accounting and GST Return Filing for Business
with turnover less than Rs 10 lakhs
1 year accounting and GST Return Filing for Business with turnover less than Rs 10 lakhs to Rs 50 lakhs
1 year accounting and GST Return Filing for Business with turnover less than Rs 50 lakhs to Rs 100 lakhs
Why Taxology for Filing 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.
Return Filing under the Composition Scheme
- Invoice wise inter-State and intra-State inward supplies received from registered and unregistered persons
- Consolidated details of outward supplies made
Benefits of choosing Taxology for the GST returns
1- Committed GST Expert
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.
2- Reminder to file GST returns
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 expert will also remind you periodically so that no deadlines are missed.
3- Monthly GST Status reports
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.
4- GSTR- 1 and GSTR- 3B filing
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.
5- Input Tax Credit Reconciliation
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.
Penalties
What are the penalties, late fees, and interest rates?
If there are any offenses committed then a penalty has to be paid under GST
Late filing
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.
Non-compliance
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.
For 21 offenses with no intention of fraud or tax evasion
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.
For 21 offenses with the intention of fraud or tax evasion
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 GST Compliance
Outsource your GST compliance to Taxology to ease your compliance burden and focus your efforts on growing your business.
1- How will the services be delivered?
You will have a committed GST Expert assigned to your business. Each month, the Expert will collect all the information and file your GST returns.
2- How will the information be collected?
The documents can be mailed to us or uploaded online, or through a detailed excel sheet, the clients can even whats app the data to us.
3- What returns will we file?
GSTR-1 and GSTR-3B for normal Tax payers and GSTR-4 for composition scheme tax payers
4- What will be your responsibility?
You will be responsible to provide the data on time and confirming once the data and calculation is prepared.
5- Will we provide ITC support?
Yes, we will provide full input tac credit reconciliation if demanded as that is a different service.
6- How will the GST payments be done?
The clients can make the payments themselves or can send the tax amounts to us and we will make the payment on your behalf.
General questions
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) and GSTR-3B (monthly return). GSTR-1 would be due on the 10th of each month, and GSTR-3B 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.
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.
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