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What is GST and How to file GST Returns

What is GST and How to file GST Returns

HOW TO FILE GST RETURNS EFFICIENTLY

Goods and Services Tax (GST) in India is a massive transformation in registration, filing, returns, and so forth related to the indirect tax regime. Every taxpayer will soon be required to submit multiple Goods and Services Tax returns (GSTR) at regular intervals so as to be fully compliant with the GST India system. Every person registered under GST Act has to periodically furnish the details of sales, purchases and tax paid and collected thereon by filing return with GST Authorities. Before filing any return payment of tax due is pre requisite otherwise such return will be invalid.

Types of returns under GST

Return/Form

Details

Frequency

Due Date

GSTR – 1

Outward sales by business

Monthly

10th of next month

GSTR – 2

Purchases made by Business

Monthly

15th of next month

GSTR – 3

GST monthly return along with the payment of amount of tax

Monthly

20th of next month

GSTR – 4

Quarterly return for GST

Quarterly

18th day of next quarter

GSTR – 5

Periodic return by Non-Resident foreign taxpayer.

Monthly

20th of next month

GSTR – 6

Return for Input Service Distributor (ISD).

Monthly

15th of next month

GSTR – 7

GST Return for TDS

Monthly

10th of next month

GSTR – 8

GST return for ecommerce suppliers

Monthly

10th of next month

GSTR – 9

GST Annual Return

Annually

31st Dec of next financial year

GSTR-10

Taxable person whose registration has been surrendered or cancelled.

Final return

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

Person having UIN and claiming refund

28th of the month following the month for which statement is filed

 Conclusion :

All these returns are required to be filed digitally online through a common portal to be provided by GSTN, non-government, private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing Goods and Services Tax (GST). The return forms are common for CGST, SGST and IGST. Even though no purchased or sales happened in the tax period, a nil return should be filed within the due date. If the return is not filed within the due date then the tax payer is penalized with late fee of Rs 100 per day upto a maximum of Rs. 5000/-. 

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