GST RETURN
FILING
What is GST return?
A GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
GST RETURN FILLING
All registered businesses have to file monthly or quarterly and an annual GST return based on the type of business. All these GSTR filings are done online on the GST portal.
Who should file GST Returns?
In the GST regime, any regular business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The number of GSTR filings vary for quarterly GSTR-1 filers under QRMP scheme. The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.
There are separate returns required to be filed by special cases such as Composition dealer whose number of GSTR filings is 5 in a year.
Types of GST Returns under New GST Law
The list of all types of GST returns in India along with frequency and the due date for filing returns.
| Return form | Who should file the return and what should be filed? | Frequency | Due date for filing |
|---|---|---|---|
|
GSTR-1/ IFF |
Registered taxable supplier should file details of outward supplies of taxable goods and services as effected. |
Monthly/ Quarterly |
For Monthly Due Date is 11th of the subsequent month & for Quarterly 13th of the subsequent Quarter. (Due date of IFF is 13th of the subsequent month but IFF is Optional for Quarterly opted businesses). |
|
GSTR-2 |
Registered taxable recipient should file details of inward supplies of taxable goods and services claiming input tax credit. |
Monthly |
15th of the subsequent month. |
|
GSTR-3b |
Registered taxable person should file monthly return on the basis of finalization of details of outward supplies and inward supplies plus the payment of amount of tax. |
Monthly/ Quarterly |
For Monthly Due Date is 20th of the subsequent month & for Quarterly 24th of the subsequent Quarter. |
|
GSTR-4 |
Composition supplier should file quarterly return. |
Quarterly |
15th of the subsequent month. |
|
GSTR-9 |
Registered taxable person should file annual return. |
Annual |
31 December of the next fiscal year. |
Penalty for late filing of GST Returns
A penalty will be levied on the taxpayer in case he/she fails to file the returns on time. This penalty is called the late fee. As per the GST Law, the late fee is Rs.25 for each day for each Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.50 per day.
Nil return filers late fee is Rs.10 for each day for each Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.20 per day.
* The original late fees used to be Rs.100 per day under each CGST Act and SGST Act. Also, the original late fee for Nil return filers used to be Rs.25 per day under each CGST Act and SGST Act. However, CBIC has notified reduced late fees to provide relief for businesses having difficulties in GST return filing.
For Annual Filing late fee is Rs.100 for each day for each Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.200 per day. The law has fixed a maximum late fee of an amount calculated at 0.25% of the Turnover for the financial year.
Integrated GST or IGST does not attract any late fee in case the return filing is delayed. The taxpayer will also be required to pay an interest at the rate of 18% p.a. in addition to the late fee. This interest has to be calculated by the taxpayer on the amount of tax that is to be paid. The time period will be calculated from the day following the filing deadline till the date when the actual payment is made.
OUR GST RETURN PACKAGES
Monthly Package
- Nil Return from Rs. 199/- per month
- Upto 10 Transaction Rs. 499/- per month
- Upto 50 Transaction Rs. 999/- per month
- Upto 100 Transaction Rs. 1499/- per month
Quarterly Package
- Nil Return from Rs. 399/- per quarter
- Upto 10 Transaction Rs. 999/- per quarter
- Upto 50 Transaction Rs. 1999/- per quarter
- Upto 100 Transaction Rs. 2999/- per quarter
Yearly Package
- Nil Return from Rs. 1199/- per year
- Upto 10 Transaction Rs. 2999/- per year
- Upto 50 Transaction Rs. 5999/- per year
- Upto 100 Transaction Rs. 8999/- per year
Payment
