GST Return Filing- Overview

GST stands for Goods and Services Tax. It was introduced in 2017 as an indirect tax reform which replaced various types of indirect taxes applicable.

GSTR stands for Goods & Services Tax Return which is an official document that includes all purchases, sales, tax paid on purchases, & tax collected on sales-related information.

GST return can be filed online on the GST portal. Provide the necessary details and in case of any error you can correct it and refile the return. In case of not filing GST return on time, penalty may be levied along with interest.

All taxpayers with GST registration should file GST return on time and if there was no business activity or transaction in a month, the taxpayer will have to file nil GST return.

This can be done by subtracting comprehensive GST you paid on your purchases and expenses from the holistic GST you got from your sales and income.

The GSTR-1 return may be filed through the GST portal/GSTN. Every registered dealer must file GSTR-1 return for each month/quarter as applicable.

When the GST Annual Return Form (GSTR-9) is prepared then you may file the same by visiting the GST portal. It can be filed with DSC/EVC.

To file GSTR 3B, the registered person should login in to the GST common portal and under returns, select monthly return GSTR 3B. Provide all the necessary details and verify the return with EVC or DSC.

An individual who has been granted a Unique Identity Number (UIN) for the purpose of receiving a refund on his/her purchase in India needs to file GSTR 11. Only diplomatic bodies or foreign embassies holding UN can file GSTR 11.

For filing GST returns online, the person needs to first visit the GST portal. Secondly, you have to login using your username and password. Once the person has logged-in with his username and password, he can access his profile, and head to the ‘Services’ section and click on the ‘Return’ tab. On choosing the period of return filing, the applicant can view the various forms present and the due date for filing each return. Select on ‘Prepare Online’ to proceed with filing GST returns.

Yes, e-commerce operator needs to file GSTR-8 who collects tax at source. The main objective of filing GSTR-8 forms is to maintain a complete record of the transactions done on an e-commerce platform. GSTR-8 must be filed before the 10th of every month.

Any person who has surrendered his GST registration or it has been cancelled needs to file GSTR 10. It should be filed within three months of the date of surrender or cancellation of the license.

A person who is registered under GST as an input service distributor needs to file GSTR-6 return before 13th of every month.

Steps to file GST return:

• First of all to file GST Return you need to have a GST number.
• Login to the ‘GST portal’ using the GST registration number.
• Click on the ‘Services’ button.
• Click on Returns dashboard and then from the dropdown option fill in the financial year and the return filing period.
• Now select the return you want to file and click on ‘prepare online’.

Yes, all assesses having GST registration should file GST returns on 10th, 15th and 20th of each month. In case, there was no business activity or transaction in any month, the taxpayer must still log in to the GST portal and file NIL GST return to avoid paying of penalty.

There are 22 types of GST Returns prescribed under the GST rules, but only 11 are active, 3 are suspended and 8 are view only in nature.

Just as earning individuals file income-tax returns (ITR), all business owners, dealers, traders and taxpayers registered under the GST system need to file GST returns wherein business information such as purchases, sales, tax collected, tax paid etc. are included. This procedure is carried out by filing GST return periodically by using appropriate GST return forms.

GSTR-2 is a monthly return which summarises the details of inward purchases of taxable goods and services or both. Every registered taxable person needs to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2.

GSTR-1 is a sales return that must be filed by every GST registered person. Tax payers must enter details relevant to their sales and outward supplies in the GSTR 1 sales return.

Yes, there is late fee for Form GSTR 1. Late Fees for not filing GSTR-1 is Rs. 200 / day (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act). The late fees will be charged from the date after the due date. As per the Latest Update: The late fees have been reduced to Rs. 50 per day and Rs 20 per day in case of nil return.

No, GSTR 1 needs to be filed before filing GSTR 3B. GSTR-1 and GSTR-3B are matched as the return-filing system is integrated and a mismatch between the same could result in improper disclosure in the annual return.

Small taxpayers with annual turnover up to Rs. 1.5 crore in the previous financial year can file GSTR 1 on a quarterly basis.

Taxpayers having an annual aggregate turnover up to Rs 1.5 crore in the previous financial year or anticipated in the current financial year can avail the option of filing quarterly returns.

Taxpayers have the option to opt for either monthly or quarterly returns.

GSTR 3B AND GSTR 1:

• GSTR 3B-It is a monthly summary return filed by a taxpayer. GSTR-3B discloses all the supplies made during the month along with GST to be paid, input tax credit claimed, purchases on which reverse charge is applicable, etc., and also makes a provision for the payment of taxes, if any, for the relevant month.
• GSTR 1- It is a monthly or quarterly return usually filed by taxpayers to disclose details of their outward supplies for the month, along with their tax liability.