GST Return

 


As GST has been implemented in India from 1st July, 2017, entities which are registered under GST are required to file GST returns on monthly/quarterly basis on or before due dates as notified by GSTN department . GST return filing is mandatory for all those entities who have taken GST registration, irrespective of business activity or sales or profitability during the return filing period. Even a loss making /sick industry or dormant business have to file GST registration.

 

The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST roll out.

 

For having smooth process flow. A widespread IT system has been deployed by the Ministry to cope up with such a huge quantum of data which is GSTN (Goods and Service Tax Network) that will store all sales and purchase data as reported in returns.

Advantages

 

  • Subsuming Of Taxes: As most of the indirect taxes would be subsumed in GST so it would be easy for Business to pay taxes & compliance management.

 

  • Ease in Business Operation: Currently many business have to apply many indirect taes on their services like Cinema Hall who has to comply with Luxury Tax, VAT, Service Tax etc. and they had to manage all these compliances creating a burden , now they have to comply only with GST.

 

  • Lower Taxes: Under VAT, in many states exemption limit for turnover was INR 5 lakh only, now it had moved to INR 10 Lakh for Northeast States or Hill States and INR 20 Lakh for Ret Of India, thus helping small business to stay focused on there business instead of compliances.
  • Go Away with Multiple Registration: In Pre GST regime, if a business had to do operations in multiple states they take registration of VAT under each states ,now with GST there is one registration for PAN India.

 

  • Increased Tax Base: More and more people would get registered under GST as in long run it would be helpful to grow and get more business when you comply with GST seamlessly as GST department would give rating for each business.

 

  • Timely Return- No Penalty: Timely filing of return would help In good rating and also saving amount for Interest and penalty, we at complypartner ensures you best compliance management for your business.

Types Of Returns And Due Dates

 

Regular Business

Return Form Particulars Interval 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-9 Annual Return Annually 31st December of next financial year.
GSTR-3B Provisional return for the months of July to December 2017. Monthly 20th of the next month.

Specify Registered Dealers

Return Form Particulars Interval Due Date
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-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.

Composition Scheme

Return Form Particulars Interval Due Date
GSTR-4 Return for compounding taxable person. Quarterly 18th of the month succeeding quarter.
GSTR-9A Annual Return. Monthly 31st December of next financial year.

Who Has To File GST Returns?

 

Following Persons have to file GST Returns

 

1. Registered As Normal GST Tax Payer- Mandatory.

 

2. Registered As Normal GST Tax Payer- Voluntarily.

 

3. Registered as Composition Dealer.

GST Revised Due Dates

 

As per GST Council meeting of 9th September 2017

 

Return Month Revised due date Additional comments
GSTR-1 Jul’17 10-Oct-2017 3rd October for persons with turnover more than Rs. 100 crores.
GSTR-2 Jul’17 31-Oct-2017
GSTR-3 Jul’17 10-Nov-2017
GSTR-4 July-Septmber 2017 18-Oct-2017(no change) GSTR-4A is not required for this quarter
GSTR-6 Jul’17 13-Oct-2017

Due dates for filing of returns for August, September onwards will be notified later by the government.

 

GSTR-3B will continue to be filed for the months of August to December, 2017 (earlier it was for just July and August only).

Due dates of filing GSTR-3B as per latest Notification No. 35/2017 – Central Tax dated 15th September 2017.

Month Last Date for filing GSTR-3B
Aug’17 20th September 2017
Sept’17 20th October 2017
Oct’17 20th  November 2017
Nov’17 20th  December 2017
Dec’17 20th  January 2018

Tax liability of GSTR-3B must be paid by the last date of filing for that month.

Process

Sharing Data with ComplyPartner Team: ComplyPartner Team would collect basic set of data from Client.

 

GST Return Preparation: GST return would be prepared basis data received.

 

Review By Expert: Comply Partner Expert would review return once.

 

Review By Client: It would be send to client for his review.

 

Filing of Return: Voila, Return is filed.

 

Sharing Confirmation To Client: Confirmation regarding filed return would be send to client.

Late Fees

Late Filing

GST Return filing is mandatory under GST. Nil return needs to be filed even in case of no transactions.

 

Without filing previous month return it is not possible to file next month return.

 

Late Fees & Interest

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

 

Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

Individual

INR 199 per return

Silver

Nil Return or Return with less than 5 transactions.

 

 

INR 499 per return

Gold

GST return with less than 75 transactions

 

 

INR 899 per return

Platinum

GST return with less than 300 transactions

Other Than Individual

INR 399 per return

Silver

Nil Return or Return with less than 5 transactions.

 

 

INR 799 per return

Gold

GST return with less than 75 transactions

 

 

INR 1299 per return

Platinum

GST return with less than 300 transactions

Simplify Your Return