How to file GST return & due date ?

GST Return

Filing GST return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.

All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business . In this article, we cover the following topics:

1. What is GST Return?
2. Who has to file GST Returns?
3. What are the types of GST Returns?
4. Late Fees for not Filing Return on Time

1. What is GST Return?

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that includes:

• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)

To file GST returns, GST compliant sales and purchase invoices are required.

2. Who has to file GST Returns?

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.

The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.

There are separate returns required to be filed by special cases such as composition dealers .

3. What are the types of GST Returns?

Here is a list of all the returns to be filed under the GST Law along with the due dates.

3.1. Any regular business:

As per Act

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 2017 to March 2018	Monthly	20th of the next month

3.2. A dealer opting for composition scheme :

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

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

**Latest Update:

As per 23rd GST Council meeting of 10th November 2017

Due date of FORM GSTR-4 for the quarter July-September, 2017 is extended to 24th Dec 2017

3.3. Returns to be filed by specific 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

***Latest Update:

As per 23rd GST Council meeting on 10th November 2017

Return	Revised Due Date	Old Due Date
GSTR-5 (for July to October)	11th Dec 2017	Earlier of 20th August 2017 or 7 days from date of registration
GSTR-6 (for July)	31st Dec 2017	13th August 2017

If GST Returns are not filed within time, you will be liable to pay interest and a late fee.
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 (26th/ 29th Aug) 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.

***Latest Update:

As per 23rd GST Council meeting on 10th November 2017

For delayed filing of NIL returns,  late fee reduced from Rs 200 per day to Rs 20 per day.

• Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back in Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.

 

For further details, please visit us at www.myCAfilings.com.