WHO NEEDS TO FILE GST RETURNS?

Forms GSTR-1, 2, 3 are to be a filed by a person registered under GST for each month other than the people who are registered under the composition scheme.A person registered under the composition scheme has to file GSTR-4 under GST for each quarter.Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

GST Return Filing Services

Goods and services tax is a tax that implied indirectly on the supply of the various supplies and goods. It's a multistage comprehensive different stage, based destination tax. It is called detailed because of it subsumed all types of indirect types of leaving few. It is applied in different multi stages as it's imposed at each step in the process of the production but is means to refund to every party in different stages except the final consumers. And it is based on destination tax as it is collected from the point where it is consumed and not from the place of origin.

We, as a leading provider of GST return filing services are in the business for over a decade. In entire our service span we have dedicated all our efforts in solving the tax-associated issues of our clients. No matter what the type of GST related complications, our team of experts will undoubtedly offer them the superior GST filing services with most optimized payable tax.

Goods and services tax is divided into 5 different types of slabs of tax for the tax collection that is zero%, five %, 12%, eighteen %, and 28%. However, some products like petroleum, alcohols, and electricity are not taxed GST and are instead separately taxed by the respected state governments. In small or big business it has become essential to return GST yearly.

What And Why Is GST Filing Necessary?

A GST return is a type of document that contains details of taxpayer’s income, and it’s required to be file to the authorities of tax administrative authorities. The tax authority uses it to calculate the liability of tax. In India, filing a GST return is a complete process of online, and not everyone is aware of how to process it, they need experts to do so effectively. If you are looking for GST return filing services that can save you from unnecessarily payable tax, you can contact us. The process is very easy and quick, but only for experts, not an ordinary person. It is imperative to file returns correctly, and free of errors as the credits of GST is passed to the next stage. All you have to do is to register on the GST website to start. Once you have registered yourself, GST return filing becomes compulsory. And not filing the GST results in massive penalties.

A dealer under the GST has to file returns of GST that includes:

  • Purchases done
  • Sales done monthly or yearly
  • GST output
  • Input tax credit

Who is liable to file a GST return?

In the GST system, any regular type of business needs to file one year and two monthly returns. This amount of returns is estimated up to twenty-six returns in a year.

The GST registered person has to file various returns, and it is not an easy task. He/ she may need an expert to offer GST filing services. Be very wise while picking an associate to help you in filing GST. The Main return in GSTR 3B, which is based on monthly summary and GSTR1 is based on the outward supplies. GSTR 3B is filed on every 20th date of the month, and GSTR1 is filed basis of monthly or quarterly, that depends on the turnover. And lastly, GSTR 9 must file annually by all GST registered persons before 31st December.

GSTR4 is the form that is filled by the one who has registered itself to composition types of schemes. Under this scheme, the composited dealer doesn’t issue an invoice of tax that means, the person cannot charge from customers. The dealer is liable to issue bills of supply. The advantage of using the composition scheme is there is less complication as only quarterly GST return filing services are necessary, for example, GST4. The GSTR4 is filed on every 18th of the month, and the government increases the quarterly installment. For example, the quarter of April to June is 18th august 2019. In case there is nil return, GSTR4 is still necessary to file. And an annual return GSTR9A is required to file before 30th July 2019.

If the taxpayer forgets to file return in the due date of time, he has to pay the penalty in case there is tax legibility of Rs. 50 per day and Rs. 25/ day in CGST, SGST and in case there is nil tax legibility, Rs. 20 per day that is Rs. 10 per day in per SGST and CGST, he is subjected to Rs 5000 maximum penalty. From the dates that are due from the actual dates from which the returns are to be filed.

One of the various modes of signing GSTR4 is DSC, which is Digital Signature certificate. DSC is which has formed of electronic is equivalent to certificates that are physical or in the form of paper. A digital certificate can be used to prove a person's identity electronically or to have access to information or service online or to sign documents online digitally. Certified authorities issue DSC in India.

The EVC or electronic verification code helps to authenticate the user's identity at the portal of GST by generating an OTP. The OTP is sent to the user's mobile number which is registered at GST portal of the authorized person who filled part A of application registered.

FORMS PERIOD DUE DATES
GSTR-1(For turnover upto Rs 1.5 cr and opted Quarterly)

Apr-June

July-Sept

Oct-Dec

Jan-Mar

31st July

31st Oct

31st Jan

30th Apr

For turnover of more than Rs 1.5 cr/ For turnover of less than 1.5 cr but opted Monthly

May-18

Jun-18

Jul-18

Aug-18

Sep-18

10th June

10th July

11th Aug

11th Sept

11th Oct

GSTR-3B for July 2018 to Sept 2018

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-18

20th August 2018

20th September 2018

20th October 2018

20th November 2018

20th December 2018

20th January 2019

20th February 2019

Return Forms Particulars Frequency Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services effected Monthly 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Monthly 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Monthly 20th of the next month
GSTR-3B Simple return for Jul 2017- Mar 2018 Monthly 20th of the next month
GSTR-4 Return for compounding taxable person Quarterly 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Monthly 20th of the next month
GSTR-6 Return for Input Service Distributor Monthly 13th of the next month
GSTR-7 Return for authorities deducting tax at source. Monthly 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month
GSTR-9 Annual Return Annually 31st December of next financial year
GSTR-9A Annual Return Monthly 31st December of next financial year
GSTR-10 Final Return Once. When registration is cancelled or surrendered 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 and claiming refund Monthly 28th of the month following the month for which statement is filed

CONSEQUENCES FOR LATE FILING

  • You cannot file a return if you don’t file previous month/quarter’s return.Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.
  • Late fee & Interest

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.

As per GST Act Late fee is Rs.50 per day per Act. So it is 25 under CGST & 25 under SGST. Total will be Rs. 50/day. Maximum is Rs. 10,000. There is no late fee on IGST.

Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers(i.e having Nil tax liability for the month) for GSTR-3B and GSTR-4 & GSTR-5.