GST - Goods And Service TAX Return Filing

What is Goods And Service Tax Return Filing?

Goods and Services Tax (GST) is applicable in India from 1st July 2017. As per the GST law, every individual/Company/LLP registered under the GST Act have to file GST returns that include:

Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
The GST return filing process has to be done electronically in the GST portal.

Goods & Services Forms & Filings :

Registered entities are required to file various GST returns, mandatory Returns for total of 26 returns in a year. GST return can be filed in different forms depending upon the nature of transaction and registration. Here are the Types of GST Returns:

GSTR 1 :

GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services every month by those whose turnover more than INR 1.5 Crore and to be filed quarterly by those whose turnover upto INR 1.5 Crore. Due date for filing of GSTR 1 is 10th of the next Month.

GSTR 3B :

Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). Every business have to file GSTR-3B even when there has been no business activity (nil return). Due date for filing GSTR-3B return form is 20th of the next Month.

GSTR 4 :

GSTR-4 has to filed by every Composition dealer (those who opt for this scheme are known as compounding vendors). They would be required to pay taxes at fixed rate without any input tax credit facilities. Due date of GSTR-4 is 30th of April of following the relevant financial year.

GSTR 5 :

GSTR 5 return to be filed by Non resident taxpayers. It furnished all the details of inward and outward supplies and the tax liabilities. Due date of GSTR-3B is 20th of next month.

GSTR 6 :

GSTR-6 is a monthly return and it is filed by Input Service Distribution (ISD). It contains the details of ITC received by an Input Service Distributor and distribution of ITC. Due date of GSTR-6 is 13th of every month.

GSTR 8 :

GSTR-8 is a monthly return form to be filed by all e-commerce operators who are required to deduct TCS (Tax Collected at Source) under GST. It furnished all the details of supplies effected through the e-commerce platform and the amount of TCS collected on such supplies. Due date of GSTR-8 is 10th of the next Month.

GSTR 9 :

It is filed annually and carries all the details of income tax and GST paid by the registered taxpayer. It is calculated according to the total turnover and the taxable amount payable by the merchant. Due date of GSTR 9 is 31st September of the financial year.

GSTR 10 :

Any taxpayer who opts for cancellation of GST registration.

GSTR 11 :

Form GSTR-11 is the return form to be furnished by the persons who have been issued a Unique Identity Number (UIN), in order to obtain refunds under GST, for all the goods and services purchased by them in India.

GSTR GST Rates :

The GST is imposed at variable rates on variable items. Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

Non – Filing of GST Returns :

The penalty for non-filling of GST return completely depends on which return you haven't filed yet and under which category or how much is your return.

Late Filing Fee :

There is a Late Filing fee of Rs. 50 per day in case of non-NIL returns. For NIL returns, it is Rs. 20 per day.
Even if there is no Business, still you need to file NIL GSTR 3B to avoid the penalty of Max Rs. 10,000/-

How we help :

We will be sharing a Dashboard, you can directly upload all the invoices and purchase documents in the portal or email it to your assigned Account Manager, and he / she will collect all the information and prepare for GST filing, you can also verify the calculation and confirm the filing.

Benefits of GST Return to the Indian economy :

• 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

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