GST Returns Filing & Compliances
Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file a GST return.
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 a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and 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 entities 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.
Filing GST Returns are now super easy! Opt for this plan and get all filing and compliance needs taken care off!
Within the respective due dates.
- Filing GSTR 3B & GSTR 1 for ONE GSTIN
- Filing for B2B and B2C invoices
- Book-Keeping and Accounting are not part of this package
- Wholesale Traders
- E-Commerce Suppliers
- Retailers
- Manufacturers
- Goods Distributors
- Freelancers
- Service Providers
- Business registered under GST
- Purchase of Plan
- Expert Assigned
- Upload Documents
- Monthly Delivery of Services
- Purchase and Sales Register/Invoices
- Payment challan for GST
GST Return Filing Explained
What is GSTR 1?
A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include:
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Who should file GST Returns?
Under the GST regime, regular businesses having more than Rs.5 crore as annual aggregate turnover (and taxpayers who have not opted for the QRMP scheme) have to file two monthly returns and one annual return. This amounts to 25 returns each year.
Taxpayers with a turnover of up to Rs.5 crore have the option to file returns under the QRMP scheme. The number of GSTR filings for QRMP filers is 9 each year, which include 4 GSTR-1 and GSTR-3B returns each and an annual return. Note that QRMP filers have to pay tax on a monthly basis even though they are filing returns quarterly.
There are also separate statements/returns required to be filed in special cases such as composition dealers where the number of GSTR filings is 5 each year (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).
How many returns are there under GST?
How many returns are there under GST?
There are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, all returns do not apply to all taxpayers. Taxpayers file returns based on the type of taxpayer/type of registration obtained.
Eligible taxpayers, i.e. with a turnover exceeding Rs.5 crore are also required to also file a self-certified reconciliation statement in Form GSTR-9C.
Besides the GST returns that are required to be filed, there are statements of input tax credit available to taxpayers, namely GSTR-2A (dynamic) and GSTR-2B (static). There is also an Invoice Furnishing Facility (IFF) available to small taxpayers who are registered under the QRMP scheme to furnish their Business to Business (B2B) sales for the first two months of the quarter. These small taxpayers will still need to pay taxes on a monthly basis using Form PMT-06.
We have explained the various GST returns, along with applicability and due dates in the section below.
What are the different types of GST returns and the due dates to file them?
What are the different types of GST returns and the due dates to file them?
| Return Form | Description | Frequency | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected. | Monthly | 11th of the next month. |
| Quarterly (If opted under the QRMP scheme) | 13th of the month succeeding the quarter. | ||
| IFF (Optional by taxpayers under the QRMP scheme) | Details of B2B supplies of taxable goods and/or services affected. | Monthly (for the first two months of the quarter) | 13th of the next month. |
| GSTR-3B | Summary return of outward supplies and input tax credit claimed, along with payment of tax by the taxpayer. | Monthly | 20th of the next month. |
| Quarterly (For taxpayers under the QRMP scheme) | 22nd or 24th of the month succeeding the quarter*** | ||
| 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 | 18th of the month succeeding the quarter. |
| GSTR-4 | Return for a taxpayer registered under the composition scheme under Section 10 of the CGST Act. | Annually | 30th of the month succeeding a financial year. |
| GSTR-5 | Return to be filed by a non-resident taxable person. | Monthly | 20th of the next month. (Amended to 13th by Budget 2022; yet to be notified by CBIC.) |
| GSTR-5A | Return to be filed by non-resident OIDAR service providers. | Monthly | 20th of the next month. |
| GSTR-6 | Return for an input service distributor to distribute the eligible input tax credit to its branches. | Monthly | 13th of the next month. |
| GSTR-7 | Return to be filed by registered persons deducting tax at source (TDS). | Monthly | 10th of the next month. |
| GSTR-8 | Return to be filed by e-commerce operators containing details of supplies effected and the amount of tax collected at source by them. | Monthly | 10th of the next month. |
| GSTR-9 | Annual return by a regular taxpayer. | Annually | 31st December of the next financial year. |
| GSTR-9C | Self-certified reconciliation statement. | Annually | 31st December of the next financial year. |
| GSTR-10 | Final return to be filed by a taxpayer whose GST registration is cancelled. | Once, when the GST registration is cancelled or surrendered. | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed. |
| ITC-04 | Statement to be filed by a principal/job-worker about details of goods sent to/received from a job-worker | Annually (for AATO up to Rs.5 crore) Half-yearly (for AATO > Rs.5 crore) | 25th April where AATO is up to Rs.5 crore. 25th October and 25th April where AATO exceeds Rs.5 crore. (AATO = Annual aggregate turnover) |
***For the taxpayers with aggregate turnover equal to or below Rs 5 crore, eligible and remain opted into the QRMP scheme, 22nd of month next to the quarter for taxpayers in category X states/UTs and 24th of month next to the quarter for taxpayers in category Y states/UTs
- Category X: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.
- Category Y: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union Territories of Jammu and Kashmir, Ladakh, Chandigarh and New Delhi.
Please note: GST filings as per the CGST Act are subject to changes by CBIC notifications/orders.
Late Fees for not Filing Return on Time
Late Fees for not Filing Return on Time
If GST returns are not filed within the specified time limits, you will be liable to pay interest and a late fee.
Interest is charged at 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.
Late fees are charged at Rs.100 per day per Act. Hence, it will be Rs.100 under CGST and Rs.100 under SGST. The total will be Rs.200 per day, subject to a maximum of Rs.5,000. Please note that from the month of/quarter ended June 2021, the maximum amount of late fees has been revised as below.
| Taxpayer category | Late fee capped at |
| Taxpayers whose total amount of central tax payable is Nil | Rs.250^ |
| Taxpayers with an annual aggregate turnover up to Rs.1.5 crore in the previous financial year | Rs.1,000^ |
| Taxpayers with an annual aggregate turnover exceeding Rs.1.5 crore and up to Rs.5 crore in the previous financial year | Rs.2,500^ |
^Taxpayers should note that an equal penalty will apply under SGST. There are no late fees under IGST.
Does GST have to be paid monthly?
Does GST have to be paid monthly?
GST is to be paid monthly by regular taxpayers, even those who have opted for quarterly filing of returns, i.e. the QRMP scheme.
However, for small taxpayers, there is an option to choose the composition scheme under GST, if their annual aggregate turnover is up to Rs.1.5 crore for manufacturers/dealers and Rs.50 lakh for pure service providers. They can file a quarterly statement-cum-challan and pay taxes quarterly.
Benefits of Filing your Compliances with TAXAJ?
1. Timely Submission - We will submit your GST returns within a period of 3 days from the date of submission of all details. There is also no chance of penalties in future.
2. Year Around Expert Consultation - Get consultation for GST on call. There is no limit on the number of questions or time limit.
3. Save Money (100% ITC Guaranteed) - We offer trusted and professional at affordable prices when compared to market standards.
4. In-House Team of Professionals - We have our professional in-house team. We do not sub-let your work to others
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 includes:
» Purchases
» Sales
» Output GST (On sales)
» Input tax credit (GST paid on purchases)
There are three types of GST Returns to be filed every month and an annual return for registered businesses as below:
GSTR-1 includes monthly details of outward supplies of taxable goods and/or services effected. It's due on 10th of the next month.
GSTR-2 includes monthly details of inward supplies of taxable goods and/or services effected claiming input tax credit. It's due on 15th of the next month.
GSTR-3 is a monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax. It's due on 20th of the next month.
GSTR-9 is required to be filed annually on 31st December of next financial year.
A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST compliant tax invoice is a bill which will have 16 mandatory information some of which are:
→ Name, address and GSTIN of the supplier
→ Invoice number
→ Date of issue
→ Name, address and GSTIN of the recipient (if registered)
→ HSN code
→ Description of the goods/services
→ Quantity of goods
→ Value after discount
→ Rate and amount of GST
Under this plan, we expect you to provide a summary of invoices (purchase & sale) covering all this information to help us file your GST returns.
In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. In this package, we will help you claim input tax credit if you have tax invoice from registered dealers.
If you are registered under GST, then you need to file GST returns. By filing GST returns, you will be able to claim Input tax credit.
The processing time for a refund application has been kept as sixty days under GST model law but it could be as early as two weeks. Our experts will assist you with claiming the refund.
Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST. Audit can be done by the taxpayer himself or the tax authorities. Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 1 crore] must get his accounts audited by a CA or a CMA.
To prevent tax evasion and corruption, GST has brought in strict provisions for offenders regarding penalties, prosecution and arrest. These cover cases of fraud, tax evasion among others.
