GST Return Filing
Every individual registered under the GST Act must regularly provide details of their sales, purchases, and tax paid (Input Tax Credit) by filing returns with GST Authorities. Payment of due tax is a prerequisite before filing any return; otherwise, the return will be considered invalid. For normal taxpayers, the following forms apply: Form GSTR-1: Monthly details of outward supplies by the 10th of the following month. Form GSTR-2: Monthly details of inward supplies (SUSPENDED). Form GSTR-3: Monthly return along with payment of due tax by the 20th of the next month (SUSPENDED). Form GSTR-9: Annual return by 31st December of the following financial year.
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Overview of GST Return Filing
Every individual registered under the GST Act must periodically furnish details of their sales, purchases, and tax paid (Input Tax Credit) to the GST Authorities by filing returns. Payment of due tax is a prerequisite before filing any return; otherwise, the return will be considered invalid.
Shlok Tax Wala Experts will guide you on the applicability and compliances under the new GST regime. GST registration is required for all enterprises involved in buying, selling, or delivering services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for the rest of India. All entities with GST registration must file GST returns. Return filing is mandatory for all GST registered entities, regardless of whether there was any activity/sale during the return filing period. Registered taxpayers are required to furnish three monthly returns and one annual return. Additionally, separate returns apply to taxpayers registered under the composition scheme, Input Service Distributors, and those liable to deduct or collect tax (TDS/TCS).
For normal taxpayers, the following forms apply:
Form GSTR-1: Monthly details of outward supplies by the 10th of the following month.
Form GSTR-2: Monthly details of inward supplies by the 15th of the following month (SUSPENDED).
Form GSTR-3: Monthly return along with payment of due tax by the 20th of the following month (SUSPENDED).
Form GSTR-9: Annual return by 31st December of the following financial year.
Advantages of GST Return Filing
| Single Platform | With the implementation of GST in India, the indirect taxes would be streamlined and standardized. A single GST registration for the respective state(s) in India from where the supply of goods and/or services will be sufficient. |
| Credibility | Proper compliance with filing returns on time increases your credibility among your customers about the transparency of your transactions. |
| Input Tax Credit and Refund | The prior condition for claiming a refund & ITC is that the return must be filed by the assessee. |
| One Nation One Tax | GST subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. |
| Ease of Doing Business | Currently, many businesses like restaurants, computer sales, and services businesses have to comply with both VAT and Service Tax. This creates a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. |
| Increase Taxpayers’ Volume | GST will work on the value addition concept and it is expected that new registration will come into existence to take benefit of Input Tax in the Transaction chain. GST allows a seamless flow of input tax credits. |
| Lower Taxes | Under the GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hilly states, whereas, for the rest of India, the threshold is set at Rs.20 lakhs which ultimately leads to lower tax payment. |
Registration Process
#1: Information Collection
A Shlok Tax Wala Expert will collect the necessary information and documents required for the preparation of your business’s GST return.
#2: GST Return Preparation
Based on the collected documents and information, we will prepare your GST return and send it to you for approval.
#3: GST Return Filing
Once the GST return is verified and approved by you, our GST expert will proceed to file your GST return.
Required Documents
| Return / Form | Details | By Whom? | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Registered Taxable Supplier | 10th of the next month |
| GSTR-2 | Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. | Registered Taxable Recipient | 15th of the next month |
| GSTR-3 | Monthly return based on finalization of details of outward supplies and inward supplies along with the payment of the amount of tax. | Registered Taxable Person | 20th of the next month |
| GSTR-4 | Quarterly return for compounding taxable person. | Composition Supplier | 18th of the month succeeding quarter |
| GSTR-5 | Return for Non-Resident foreign taxable person | Non-Resident Taxable Person | 20th of the next month |
| GSTR-6 | Return for Input Service Distributor. | Input Service Distributor | 15th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Tax Deductor | 10th of the next month |
| GSTR-8 | Details of supplies affected through e-commerce operator and the amount of tax collected. | E-commerce Operator/Tax Collector | 10th of the next month |
| GSTR-9 | Annual Return | Registered Taxable Person | 31st December of the next financial year |
| GSTR-10 | Final Return | A taxable person whose registration has been surrendered or canceled. | 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 | A person having UIN and claiming a refund | 28th of the month following the month for which the statement is filed |
FAQ's GST Return Filing :-
Every entity registered under GST is required to file a GST Return. Even if no purchase or sales activity has been conducted during the return period, a nil return must still be filed..
The frequency of filing returns depends on the type of registration and transactions conducted. Regular, Foreign Non Residents, Input Service Distributors (ISD), and Casual Taxpayers are required to file monthly returns, while compounding taxpayers must file quarterly returns.
If a registered taxable individual submits their return after the designated deadline, they’ll be liable to pay late fees. This penalty amounts to one hundred rupees for each day of delay, up to a maximum of five thousand rupees.
No, separate return forms aren’t necessary for CGST, SGST, and IGST. The return forms are standardized and common across all three categories.
GSTR-1 return encompasses the disclosure of outward supplies or sales made by the taxpayer. This return form records the following information:
Essential particulars such as business name and GSTIN, along with the filing period.
Invoices issued in the preceding month and the respective taxes remitted.
Advances received against forthcoming supplies.
Revisions related to outward sales invoices from previous tax periods.
GSTR-2 return entails the recording of purchases made by the taxpayer. It is prefilled based on the supplier’s GSTR-1. Your role is to review and validate this prefilled data, making adjustments if necessary. GSTR-2 includes:
Auto-populated purchase details provided by the department.
Separate submission of invoices for which partial credit was previously claimed.