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GST return is a document containing all details of your sales, purchases, tax collected and paid. GST Return can be filed on monthly or quarterly or annually depending on different factors. In this article we will look at the types of GST returns and their due dates.
In order to determine which GST return is to be filed by a taxpayer first; we have to figure out the types of taxpayers[1]. The nature of the taxpayer will determine what returns are to be filed by them.
A taxpayer can be:
GST returns have been made easy for taxpayers. GST compliance is important for every business. On-time filing of GST return will determine compliance rating and will help in getting timely refunds.
Every taxpayer whether you are registered as a regular taxpayer or registered under composition scheme or registered as input service distributor or registered as a causal taxpayer or registered as a non-resident or registered as E-commerce aggregator will have to file GST returns on time. Under GST law, the Normal taxpayer has to file three returns in a month. GSTR-1 for Sale, GSTR-2 for Purchase and GSTR-3 as combined details of Sale, purchase and debit credit notes. There is separate GST Return form for each type of taxpayer.
In the table below, we have discussed all types of GST returns, the applicability of GST Returns and the deadline for submission of GST return.
*GSTR-2 and GSTR-3 have been suspended from Sep 2017 onwards.
Return filing is very essential. Late filing of return will have a cascading effect thereby leading to heavy fines and penalties. According to the GST Act, late fee amounts to 100 rupees per day and per Act. The maximum is 5000 rupees.
All the business entities are required to do GST Registration and file their applicable types of GST returns online or offline. In case of any query related to the same, contact Enterslice.
Read our article: CBDT Clarifies Issues Related to Challenges Regarding Implementation of Provisions of GST Laws Faced by Registered Persons
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