GST Returns

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GST Returns

A GST return is an official record that contains details of all the sales, purchases, expenses, taxes paid on purchases and taxes paid by a registered taxpayer in a specific period. GST returns must be filed on a regular basis, typically monthly, quarterly, or annually, depending on the type of taxpayer and turnover.

The introduction of GST returns has made it easier for taxpayers to comply with the tax laws by providing a standardized format for reporting their transactions. GST returns also help tax authorities to verify the accuracy of the tax liability declared by taxpayers and to detect any discrepancies or tax evasion.

Documents Required

  • GSTR 1 preparation
  • GSTR 3B preparation
  • GSTR 2B vs GSTR 3B reconciliation

What You Will Get

  • Taxable Sale made during the month
  • Taxable Purchase made during the month
  • Expenses which are GST included
  • Exempted purchase and Sale

There are several types of GST returns, including GSTR-1, GSTR-2A, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. Each return has a different purpose and is filed by different categories of taxpayers. Failure to file GST returns on time can result in penalties and interest charges.

Who should file GST return?

According to the GST Act, a taxable person has established a business in India, in any state, and is eligible to be registered under the act. This person must be a part of a trade or commerce or any economic activity. In India, under the Goods and Services Tax (GST) regime, the following individuals or entities are required to file GST returns:

  • Regular taxpayers: All registered persons who are registered under GST and who have a turnover exceeding the prescribed threshold limit are required to file GST returns. The threshold limit for turnover is Rs. 20 lakhs (Rs. 10 lakhs for Special category states) except for certain specified categories of persons who are required to register even if their turnover is less than the prescribed limit.
  • Composition scheme taxpayers: Taxpayers registered under the Composition Scheme are required to file quarterly returns instead of monthly returns.
  • Non-resident taxpayers: Non-resident taxpayers who supply goods or services in India are required to file GST returns.
  • Input Service Distributors: Input Service Distributors are required to file monthly returns to distribute the input tax credit (ITC) that they have received to their respective branches.
  • E-commerce operators: E-commerce operators are required to file GST returns if they are supplying goods or services through their platform.

It is important to note that even if there is no business activity during a specific period, a nil return has to be filed.


Normal GST Returns vs QRMP Schemes.

  • The Composition Scheme is very helpful to small businesses. Compare to regular GST scheme, the Composition taxpayers are required to file a total of 5 GST Returns (i.e. Four Quarterly GSTRs in the form of CMP-08 & One annual GSTR in a year in the form of GSTR-4, GSTR-9A return was not yet declared)
  • In case of a Normal Dealer, GST Payable is calculated by deducting OUTPUT GST by INPUT GST. However in case of a Composition Dealer, GST Payable is calculated by paying OUTPUT GST at a lower rate (No input is taken into account).
  • The composition scheme is introduced for small business owners with a turnover of up to Rs. 1.5 crores. While the GST rate can be up to 28% under the regular scheme, the composition scheme has capped the tax rate at 6% for eligible entities. The tax slabs under the composition scheme are 0%, 1%, 2%, 5%, and 6%.
  • A composition dealer has to issue a Bill of Supply. They cannot issue a tax invoice. This is because the tax has to be paid by the dealer out of pocket. A composition dealer is not allowed to recover the GST from the customers.

GST Payments – Interest Levy, Calculation & Payment:-

According to the GST Penalty regulations, interest will be charged at the rate of 18 percent per annum from the taxpayers who fail to pay their taxes on time. The interest will be levied for the days after the due date. Late payment of GST liability attracts interest based on the net tax liability after deducting input tax credit claims. Every taxpayer is required to pay interest if they:

  • Tax paid after due date - 18% per annum
  • Excess ITC Claimed or excess reduction in Output Tax - 24% per annum

The annual interest rate is 18%. It must be estimated by the taxpayer depending on the amount of delinquent tax. It is based on the net tax liability as it appears in the ledger at the time of payment. The time period will run from the day after the filing deadline until the actual payment date.

Frequently Asked Question

GST returns must be filed by every business unit whose turnover exceeds 20 or 40 Lakh (optional) annually. Taxpayers are also supposed to go through various eligibility.

There are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, all returns do not apply to all taxpayers

The specified due date for filing of Form GSTR1 is the 11th day and Form GSTR-3B is the 20th day of the subsequent month.

There are 2 type of GST Returns Composition Scheme and normal monthly Taxpayer

 In the case of non-filing of GSTR-1 and GSTR-3B returns, the maximum late fee payable shall be Rs.500 per return (i.e. Rs. 250 each for CGST & SGST)

Yes, As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis.

Yes, the taxpayer will have the option to change the period (from quarterly to monthly and vice versa) of filing his returns only once – at the time of filing his first return for that financial year.

According to Rule 8, FORM GSTR-9 is known as the ‘Annual Return Form’

The registration limit in GST is 20 Lacs. Such that if the aggregate turnover is greater than 20 lacs or likely to exceed 20 lacs, then Compulsory Registration (Limit is 10 lacs for North Eastern States).

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