GST Returns

GST Returns

What is GST Return filing?

Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law.

With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC).

  • Any kind of business will have to file monthly GST returns at two times and annual return once. This indicates that as total, you have to file GST returns 25 times a year. There are different types of forms to fill in the GST Returns. They are:
  1. GSTR-3B (Summary of Inward and Outward)
  2. GSTR-1 (Return for Supplies)
  3. GSTR-9 (Annual Returns)
  • But, in case of small business (whose turnover less than 1.5 Cr.), the taxpayers in India just have to file GSTR-1 Returns on a quarterly basis. Return Filing Process can be done online and TAXFUSION will help you in this whole process.
  • Except this, there is some more returns have to fill by Taxpayers depends on nature of business are:
  • GSTR-4 (for Composition dealer)
  • GSTR-5 & GSTR-5A (Non-Taxable Person and OIDAR)
  • GSTR-6 (for Input Service Distributor)
  • GSTR-7 (for TDS Deductor)
  • GSTR-8 (for E-commerce operator)                                      
  • Eligibility of GST Returns

In the GST regime, any daily business has to file two monthly returns and one annual return. Overall, it’s a 26 GST Returns in a year.

The main base of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR-3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. There is a different kind of GST Return.

Benefits of GST Return filing

  • Seamless flow of ITCC

The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.

  • Simple and common form for all taxes

Under the GST regime, three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.

  • Score higher compliance rating

To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.

  • Avoid penalty and interest

For delay in filing return, the taxpayer is charged with a late fee of ? 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of ? 20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.

Requirements to File GST Return Online

There are many of the documents are required to file GST Return like;

  • Digital Signature (DSC of Authorized Partner or Director, in case of LLP and Company only).
  • Certificate (GST Registration Certificate).
  • Log in Credentials (Required Login Credentials of the registered user).
  • Details of Supplies (Need details of the inward and outward taxable supplies along with the invoice details).

Steps for Filing GST Return:

GST return can be filed in different forms depending upon the nature of transaction and registration. Return Forms that are applicable for Normal Tax payers and their due dates are:

  • Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
  • Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
  • Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
  • Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.






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