GST Return Filing
Government brought a massive taxation reform by implementing Goods and Services Tax (GST) system in 2017 with the object of ‘One Nation One Tax’ and to remove the cascading effect of tax. It is an indirect tax that has presumed all the other prevailing Central & State level indirect taxes in India. As the name indicates, it is a comprehensive tax which is levied on the supply of goods and services. It has also relaxed the Inter-State taxation system.
Generally, every regular business has to mandatorily file monthly GST Returns along with Annual GST Return. The number and type of GST Return to be filed by businesses shall be as prescribed by law.
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To prevent tax evasion and any kind of tax corruption, GST has come up with strict penalties for offenders. Delay in filing GST returns leads to considerable fines and punishments. Taxpayers have to pay late fee as well as interest in case of delay in submission of GST returns and payment of taxes.
Click Here to Know Which GST Form is applicable on you?
GSTR-1
- Monthly /Quarterly Return
- For Registered Dealers to show Outward Supplies (Sales) Details
GSTR-3B
- Monthly Return
- Self-Declaration to show all outward supplies details, Input Tax Credit claimed, tax liability
GSTR-4 (CMP-08)
- Annual Return
- For Taxpayers registered under Composition Scheme u/s 10 of the CGST Act, 2017
GSTR-5
- Monthly Return
- For Taxpayers registered under Composition Scheme u/s 10 of the CGST Act, 2017
GSTR-6
- Monthly Return
- Filed by Input Service Distributor (ISD)
GSTR-7
- Monthly Return
- Filed by Government Authorities deducting Tax at Source
GSTR-8
- Monthly Return
- Filed by E-Commerce Operators registered under GST who is required to Collect tax at source
GSTR-9
- Annual Return
- It is a Consolidation of all the monthly or quarterly Returns that are GSTR-1, GSTR 2A and GSTR-3B
GSTR-9A
- Annual Return
- For Taxpayer registered under Composition Levy Scheme
GSTR-9C
- Annual Return
- It is a Certified Reconciliation Statement for Taxpayers registered under GST
GSTR-10
- Filed by Taxpayer whose GST Registration is cancelled or surrendered
GSTR-11
- Monthly Return
- To show inward supplies received and all the refund claimed
- Filed by persons who has Unique Identity Number (UIN) to get a refund under GST
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Frequently Asked Questions (FAQs)
What is Goods & Services Tax Return?
GST Return is a form in which taxpayer is supposed to disclose details of all income/sales and/or expense/purchase received from carrying business or rendering services to the tax authorities. Thereafter, the taxpayer is required to pay his net tax liability.
Who are required to file GST Return?
- E-commerce Operators
- Input Service Distributor
- Person making Interstate taxable supply
- If turnover exceeds prescribed limit (40 lakhs in case of business and 20 lakhs in case of services)
What are the benefits of filing GST Return?
- Nation Building
- Avoid Penalties
- Become a Law abiding Citizen
- Avail GST Credit
When to file GST Returns?
|
GST RETURNS |
TIME-LIMIT |
|
GSTR-1 |
Monthly / Quarterly |
|
GSTR-3B |
Monthly / Quarterly |
|
GSTR 9/9A |
Annually |
What are the documents required for filing GST Return?
- Customers GSTIN
- List of all Invoices
- Details of Sales/Purchase
- Place of Supply/Purchase
What are the consequences of not filing GST Return within prescribed time limit?
If any registered taxpayer who is mandatorily required to file GST Return fails to file it on or before due date then he shall be liable to pay penalty.