GST Return Filing
What is filing a GST return?
Businesses that have registered for GST are required to submit GST returns on a monthly, quarterly, or annual basis, depending on their particular industry. Here, information on the sales or purchases of goods and services is required, as well as information about the tax that was collected and paid. GST, a comprehensive income tax system, has been implemented in India, guaranteeing that taxpayer services including registration, returns, and compliance are within budget and precisely coordinated.
Regardless of the business activity, sales, or profitability during the period of filing the reports, all organizations with a valid GST registration in India are required to file GST returns. Consequently, even an inactive entity with a current GST registration is required to file GST returns.
A GST return is a form that a taxpayer must submit to the tax administration authorities detailing all of their income and expenses.
Four forms, including returns for supplies, returns for purchases, monthly returns, and yearly returns, must be submitted by an individual taxpayer who is completing GST returns.
Who needs to submit the GST returns?
In India, the following actions must be taken to file a GST return:
The GST returns must be compulsorily filed by everyone with a valid GSTIN.
A person must also register for GST and submit GST returns on a mandatory basis if their annual revenue exceeds Rs. 20 lakh.
The cap on annual turnover in cases involving Special States is Rs. 10 lakh.
GST Registration Types
What are the various GST registration categories in India?
Details of the outward supplies of the taxable goods and or services
Monthly /Quarterly (If opted under the QRMP scheme
Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer
Monthly / Quarterly
Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act
Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act
Returns to be filed by a Non-resident taxable person
To be filed by the input service distributor to distribute the eligible input tax credit
Is filed by the government authorities
Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them
Annual return for a normal taxpayer
Certified reconciliation statement
Is filed by the taxpayer whose GST registration is cancelled
Once the GST registration is cancelled or surrendered Once the GST registration is cancelled or surrendered
Details of the inward supplies are furnished by a person who has UIN and also claims a refund.
Due dates for filing the GST returns
What are the due dates for filing GST returns?
GSTR 1 : The 11th of Subsequent of that month
GSTR 3B : The 20th of that subsequent month
CMP 08 : 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4 : 18th of the month succeeding the quarter.
GSTR 5 : 20th of the subsequent month
GSTR 6 : 13th of the subsequent month
GSTR 7 : 10th of the subsequent month
GSTR 8 : 10th of the subsequent month
GSTR 9 : 31st December of the Fiscal year.
GSTR 10 : Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
GSTR 11 : 28th of the month that is following the month for which the statement was filed.
GST Return Filing Process
How to file the GST returns?
Leading business service platform in India, ACCOUNTKART provides end-to-end GST services. We have aided tens of thousands of business owners in registering for GST and filing GST returns.
A dedicated GST advisor is appointed to the company when GST return filing is outsourced to ACCOUNTKART.
Every month, this committed advisor would get in touch with you to gather the relevant data, prepare the GST returns, and assist with filing the GST returns.
Why Account kart for Filing GST returns?
Depending on whether the government portal is accessible and the client has submitted the necessary paperwork, filing GST returns can take anywhere from one to three working days.
Return Filing under the Composition Scheme
All individuals registered under the Composition Scheme are expected to file GSTR 4 annually through the GST Common Portal or a GST Facilitation Centre and pay taxes using CMP-08 on a quarterly basis. The 18th of the month following a quarter is the deadline for Composition Scheme enrollees to submit their GST returns. Due dates for the GST return for the composition plan would therefore be 18 April, 18 July, 18 October, and 18 January. A Composition Scheme supplier's GST return must include information on:
Interstate and intrastate inbound supplies, broken down by invoice, from both registered and unregistered parties
Combined information about supplies sent abroad.
If a registered person chose to pay tax under the composition scheme as of the start of a fiscal year, the taxpayer is required to submit monthly GST returns on the 10th, 15th, and 20th of each month, as well as monthly returns up until the earlier of the due date for submitting the return for September of the following fiscal year or the deadline for submitting the annual return of the year prior. As a result, even if a GST taxable person chose a composition plan starting in April, the taxpayer must continue submitting monthly GST returns until September.
Benefits of choosing Account kart for the GST returns
Dedicated GST Advisor
You will be assisted by a relationship manager with knowledge of the industry you work in as you register for and file your GST returns. They will support you with particular chores like uploading invoices and make sure your filing is finished on time.
The need to submit GST returns
Our software makes sure that you receive timely notifications before the deadline after which a penalty may be assessed. Additionally, your GST advisor will remind you on a regular basis to ensure that no deadlines are missed.
GST Status Reports each month
The GST advisors will provide clients with monthly reports outlining the status of GST return filing, including GSTR-3B, and the next steps.
By LEDGERS, GST returns
The GST software, LEDGERS, prepares GST returns to ensure that they are hassle-free, error-free, and filed on time.
Filing of GSTR-1 and GSTR-3B
GSTR-1 is a quarterly return that every company is required to submit. The GSTR- 1 due dates are based on turnover. Businesses can file their quarterly returns if their sales are up to Rs. 1.5 Crore.
Reconciliation of Input Tax Credits
Businesses will be able to take advantage of the input tax reconciliation mechanism offered by the government to achieve tax incidence neutrality and guarantee that such an input tax element does not come into the cost of manufacturing or the cost of providing goods and services.
Accounting conventions and online records
Accountants will record all of your financial transactions and invoices in LEDGERS so that you can easily file all of your returns, including ITR, TDS, and GST.
Which fines, late fees, and interest rates apply?
If any violations are made, a penalty must be paid in accordance with GST.
A charge known as a late fee may be applied if the GST returns are filed late. A penalty of Rs. 100 under CGST and Rs. 100 under SGST, or Rs. 200 per day, is applicable to violations of the Goods and Service Tax. A yearly interest rate of 18% must be paid in addition to the late fee. It is based on the tax that must be paid.
The subsequent returns cannot be filed if the taxpayer is not filing the GST returns. Therefore, it is preferable to file the GST returns to avoid paying expensive fines and penalties.
For 21 offenses with no intention of fraud or tax evasion
An offender who is not paying taxes or is making short payments must pay a penalty of 10% of the amount of tax due subject to a minimum of Rs.10,000.
For 21 offences that have the purpose to defraud or evade taxes
A fine for tax evasion or short-deduction may be imposed on the offender.
The taxpayer must submit the Nil GST returns even if there is no business.
Delegate GST Compliance
To reduce your compliance load and concentrate your efforts on expanding your business, outsource your GST compliance to ACCOUNTKART. Your GST compliance will be upheld using ACCOUNKART on the LEDGERS GST platform, giving you access to real-time business data wherever you are. Additionally, LEDGERS can effortlessly sync and function with other online and offline programmes you frequently use.
How is the service going to be provided?
Your company will be given a specialized GST Accountant. The accountant will compile all the data each month and submit your GST reports.
What returns are going to be filed?
For regular taxpayers who are GST-registered, we will file GSTR-3B returns and GSTR-1 returns. We will help composition dealers file their GSTR-4 returns.
What will be my obligation?
Only the data or paperwork needed to complete your GST return will be your responsibility. You can check the calculation and approve the submission after we've finished preparing it.
Will you offer assistance with the GST Input Tax Credit?
Yes, we will give you a reconciliation of your input tax credits. The same might be used to confirm the input tax credit receivable for your company.
Will you offer assistance with GST refunds?
Yes, we offer assistance with processing GST refunds to clients who purchase our annual package for filing GST returns.
Will you offer assistance with GST payment?
Yes, we offer assistance with GST payment challan production for clients that purchase our GST return.
Find GST Filing Return Due Dates for GSTR 1 to GSTR 11
11th of every month
Taxpayers with a monthly revenue of more than Rs. 1.5 crores are required to file GSTR 1 returns on the eleventh of each month.
13th of every quarter
Taxpayers with a revenue of less than Rs. 1.5 crores are required to file quarterly returns by the thirteenth day of each quarter.
CMP-08- Quarterly-Composition Scheme
18th of every quarter
CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore on 18th of every quarter.
GSTR-4- Annual-Composition scheme
The due date for filing GSTR 4 is 30th of the month succeeding the financial year for which the composite taxpayer is filing the annual return.
GSTR-9- Annual returns
The deadline to file an annual GST return for the fiscal year is December 31. All organisations are required to do this.
All taxpayers with regular GST registration must submit GSTR 1, or a return of outbound supplies. The 10th of every month is the deadline for submitting a GSTR 1 return. The GST return due dates for July, September, and October depart from the regular schedule.
All taxpayers with regular GST registration are required to file GSTR2, or returns of inward supply. The 15th of every month is the deadline for submitting a GSTR 2 return. The GSTR2 return due dates for July, September, and October depart from the regular schedule.
After submitting GSTR1 and GSTR2 returns, a taxpayer is required to submit GSTR3, or the monthly GST return. Every month on the 20th, GSTR3 is due. The GSTR2 return due dates for July, September, and October depart from the regular schedule.
Taxpayer enrolled under the GST composition scheme is required to submit GSTR4 return. The 18th of October, January, April, and July is the deadline for the quarterly GSTR4 tax return.
Persons who have registered under GST as non-resident taxable persons are required to file a GSTR5 return. Every month on the 20th, GSTR5 is due.
GSTR6 return must be filed by persons registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.
All taxpayers who are required to deduct tax at source are required to file a GSTR7 form (GST TDS). Only a few government entities are required to deduct tax at source under GST after registering. GSTR7 is therefore only required of firms that have registered for GST TDS. Every month on the tenth, GSTR7 is due.
Taxpayers who are required to collect tax at source must file a GSTR8 form. Operators of online stores must collect tax at the source. As a result, anyone running an online business needs to register for TCS, collect tax at source, and file a GSTR8 return by the tenth of every month.
All regular taxpayers are required to file GSTR9, which is the annual GST return. If the firm has a turnover of more than Rs. 2 crores, the information provided with GSTR9 must be audited. GSTR9 must be submitted no later than December 31.
Any person whose GST registration has been revoked or given up must submit a GSTR10 return. Within three months of the date of the cancellation order or surrender, GSTR10 must be filed.
People with Unique Identity Numbers are required to file GSTR11. For the purpose of seeking a refund on incoming goods, consulates, Embassies, and UN Bodies are each given a GST Unique Identity Number.
GST Return Filing FAQ's
1. Who needs to submit GST returns?
Every individual or organization registered for GST would be required to submit a GST return for the specified time period. To be in compliance with GST requirements, even organizations with a GST registration but no activity must submit a GST Nil Return.
2. How frequently must I submit GST returns?
Regular taxpayers must submit GSTR-1 (details of outgoing supplies), GSTR-2 (details of inward supplies), and GSTR-3 (general tax return) (monthly return). The 10th of every month would be the deadline for GSTR-1, the 15th would be the deadline for GSTR-2, and the 20th would be the deadline for GSTR-3. Compounding taxpayers are required to submit GSTR-4 on the 18th of the month following the quarter every three months. All individuals or companies registered under GST are required to submit an annual return in addition to their monthly or quarterly reports. The 31st of December following the conclusion of the fiscal year is the deadline for filing the yearly GST return. The GST reconciliation statement must be prepared in the event that assessors are required to adhere to auditing regulations.
3. How can I submit my GST returns?
GST returns must be electronically filed. Additionally, it would be possible to prepare the returns in advance and post them online.
4. Is a GST return revision possible?
A GST Return wouldn't go through any steps or be revised. The return for the current month must include all unreported invoices from the prior tax period, together with any relevant interest.
5. What is the cost of failing to submit GST returns?
The GST Department will keep track of all GST Return non-filers, and the relevant GST authorities will receive a list of defaulters for follow-up and enforcement action. The GST law would also impose an automatic late fine on late and incomplete filers of GST Returns.
6. Who needs to submit a GSTR 1 Return?
All taxpayers are obliged to file a GSTR1 return under GST, with the exception of an input service distributor, a non-resident taxable person, a casual taxable person, and a person paying tax under the GST composition system. Learn more about filing GSTR1 returns.
7. How long do I have to file my GSTR 1 return?
Typically, GSTR1 returns are due on the 10th of each month. The GSTR1 return deadline for the month of July 2017 is, however, October 10th. The GST Council has not yet established the deadline for submitting any other GSTR1 returns.
8. What details must be included into GSTR 1?
The taxpayer must include the following information in their GSTR1 return: Taxpayer's basic information including GSTIN. Time frame during which the return is relevant. invoice-level details B2B bills B2C bills worth more than Rs. 2.5 lakh B2C bills with a value under Rs. 2.5 lakh invoices for export HSN Code by HSN Code Summary of Documents Issued
9. What does "details of outer supplies" mean?
Details of outward supplies, as used in the GST, refer to data relevant to sales transactions in a month, such as issued invoices, debit notes, credit notes, and updated invoices.
10. GSTR 1 Return: Is it correctable?
Yes, if an error or omission is found in a GSTR1 return that has been filed by a registered taxable person, the return may be corrected. In the tax period in which the error or omission is discovered, the correction may be lodged. If there is a shortfall in tax payment, tax and interest can also be paid at the time the error or omission is discovered.
11. What is the deadline for rectifying a GST return?
A taxpayer may correct a GST return up until the month of September following the end of the financial year to which the information belong or until the sooner of the submitting of the pertinent annual return.
12. Where should invoices be uploaded to the GST portal?
All B2B transactions (whether interstate or intrastate) must include invoice-level information such as the customer's GSTIN, the item-by-item value of the supply, the amount of tax that applies, the location of the supply, the date of the invoice, and the invoice number. Suppliers must upload invoice level details akin to B2B invoices for all B2C supplies (including those to non-registered government bodies, consumers, and individuals dealing in exempted, NIL-rated, or non-GST goods or services) when the supply value exceeds Rs. 2.5 lakhs. State-wise summary of supply statements must be filed for invoices with a value of less than Rs. 2.5 lakhs. Every invoice with a value of Rs. 50,000 or more must compulsorily include the buyer's address must, by law, accurately represent the invoice uploading process on the GST gateway.
13. How should the invoice reference the HSN Code?
HSN code (4-digit) for Goods and Services Accounting Codes (SAC) for Services must be compulsorily mentioned by all taxpayers with turnover in the preceding financial year above Rs. 5 Crore