GST Return Filing

What is GST return filing?

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the collected and paid tax. Implementing a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are within range and perfectly aligned.

An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as returns for the supplies, returns for the purchases made, monthly returns, and annual returns.

GST return filing in India is mandatory for all entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.

A GST return is a document that contains the details of all the income or expenses that a taxpayer is required to file with the tax administrative authorities.

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.

How much are Late Fees for not Filing GST returns on time?

If GST returns are not filed within the specified time limits, you will be liable to pay interest and a late fee. It must be paid in cash as it cannot be adjusted with Input Tax Credit (ITC) available in the Input Tax Credit ledger.

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

For GSTR-1 late fee is Rs 200 per day as per the act. But currently Govt. doesn't charge it.

The GSTR-3B late fee is Rs 20 per day for nil return; otherwise, it's Rs 50 per day.

For GSTR-9, 9A & 10 late fee is 200 per day up to a maximum of 0.50% of turnover but there is no limit for GSTR-10.