GST Return Filing
A GST Return is a document that registered taxpayers must file with the Goods and Services Tax (GST) authorities. It contains details of their sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Filing GST returns is mandatory for all registered businesses under the GST regime.
Types of GST Returns
Here are the common types of GST returns:
| Form Name | Purpose | Frequency | Who Should File? |
|---|---|---|---|
| GSTR-1 | Details of outward supplies (sales) | Monthly/Quarterly | Regular taxpayers |
| GSTR-3B | Summary of sales, purchases, and tax payable | Monthly | Regular taxpayers |
| GSTR-4 | Returns for Composition Scheme taxpayers | Quarterly | Composition taxpayers |
| GSTR-5 | Return for non-resident taxable persons | Monthly | Non-resident taxpayers |
| GSTR-6 | Input Service Distributor (ISD) return | Monthly | Input Service Distributors |
| GSTR-7 | Return for tax deducted at source (TDS) | Monthly | Entities deducting TDS under GST |
| GSTR-8 | Return for e-commerce operators | Monthly | E-commerce operators collecting TCS |
| GSTR-9 | Annual return | Annually | Regular taxpayers (turnover > ₹2 crores exempted)** |
| GSTR-10 | Final return for cancellation of GST registration | Once | Taxpayers who have canceled their registration |
| GSTR-11 | Return for entities with UIN | Monthly | Foreign embassies and organizations claiming GST refund |
Steps to File GST Returns Online
Log in to the GST Portal:
Visit www.gst.gov.in and log in using your GSTIN and password.Select the Return Type:
Navigate to the “Returns” section and choose the applicable return form (e.g., GSTR-1, GSTR-3B).Fill in the Required Details:
- For GSTR-1: Provide details of outward supplies, including invoice details.
- For GSTR-3B: Input summary details of sales, purchases, and tax payable.
Verify the Return:
Check for errors or missing data.Pay Taxes (if applicable):
Calculate your tax liability and make payments through the portal, if needed.Submit the Return:
Use either the Electronic Verification Code (EVC) or a Digital Signature Certificate (DSC) to submit the return.Acknowledgment:
After successful filing, an acknowledgment receipt with a unique reference number is generated.
Late Fees and Penalties
Late Filing Fees:
- ₹50 per day (₹25 CGST + ₹25 SGST) for regular taxpayers.
- ₹20 per day (₹10 CGST + ₹10 SGST) for taxpayers with nil returns.
Interest:
- 18% per annum on the outstanding tax amount if payment is delayed.
Benefits of Timely GST Return Filing
- Seamless claim of Input Tax Credit (ITC).
- Avoid penalties and maintain compliance.
- Builds credibility with stakeholders and customers.
If you need help with GST return filing or compliance, let me know, and I can guide you through the process or connect you with professionals AK Mehta & Associates. 😊