GST Return filing
GST Return Filing
GST forms
GST Return Filing
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services in India. Since its implementation in July 2017, GST has become an integral part of the Indian taxation system. It has brought about significant changes in the way businesses function and has also streamlined the taxation process to a large extent. GST Return Filing is an essential aspect of GST compliance, and it is mandatory for all registered taxpayers.
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Tax Zone India provides a hassle-free experience for GST return filing. We prioritize our involvement with clients, ensuring the best price and quality service in the market. We value your feedback, whether it’s positive or negative, and use it to improve our services. Our focus is on providing the best possible service, and we strive to ensure that our clients receive nothing but the best.
GST forms
- GSTR – 1 Details of Purchase Details
- GSTR – 2A & 2b Details Of Auto Drafted ITC Statement
- GSTR – 3B Monthly And Quarterly Return
- GSTR – 4 Composition
- GSTR – 5 NRI ( Non – Resident India )
- GSTR – 6 ISD ( Input Service Distributors)
- GSTR – 7 TDS ( Tax Deductor Source )
- GSTR – 8 TCS ( Tax Collector Source )
- GSTR – 9 Annual Return
- GSTR – 10 Final Return After Cancellation
GST Return Filing
What is GST Return Filing?
GST Return Filing refers to the process of filing periodic returns with the tax authorities. Every registered taxpayer is required to file GST returns on a monthly, quarterly, or annual basis, depending on their turnover and other factors. GST returns are filed using the GSTN (Goods and Services Tax Network) portal, which is a single platform for all GST-related activities.
Why is GST Return Filing Important?
GST Return Filing is important for several reasons. Firstly, it is a legal requirement for all registered taxpayers, and non-compliance can attract penalties and legal action. Secondly, it is a way for the tax authorities to keep track of a taxpayer’s tax liability and ensure that they are paying the correct amount of tax. Lastly, it is also a way for the taxpayer to claim input tax credit (ITC) and reduce their tax liability.
Types of GST Returns
There are several types of GST returns that a registered taxpayer may be required to file. The most common ones are:
GSTR-1: This is a monthly or quarterly return that contains details of outward supplies (sales) made by the taxpayer during the period. It is due on the 11th of the following month for monthly filers and the 13th of the following month for quarterly filers.
GSTR-3B: This is a monthly return that contains a summary of inward and outward supplies made by the taxpayer, as well as the amount of tax payable. It is due on the 20th of the following month.
GSTR-4: This is a quarterly return that is filed by taxpayers who have opted for the Composition Scheme. It contains a summary of the taxpayer’s inward and outward supplies, as well as the tax payable. It is due on the 18th of the month following the end of the quarter.
GSTR-9: This is an annual return that contains a summary of all the monthly or quarterly returns filed by the taxpayer during the year. It is due on the 31st of December of the following year.
GSTR-9C: This is a reconciliation statement that is filed along with the GSTR-9 return by taxpayers whose turnover exceeds Rs. 2 crores. It contains details of the taxpayer’s audited financial statements and the tax paid during the year.
Steps for GST Return Filing
The process for GST Return Filing is as follows:
Log in to the GSTN portal using your registered credentials.
Select the type of return you want to file.
Fill in the details of your outward and inward supplies, as well as the amount of tax payable.
Verify the details and submit the return.
Make the payment of tax (if applicable) using the designated payment gateway.
Download and save the acknowledgement receipt for future reference.
Penalties for Late or Non-filing of GST Returns Late or non-filing of GST returns can attract penalties and legal action. The penalties are as follows:
Late filing fee: A late fee is charged for filing GST returns after the due date. The late fee is INR 50 per day (for CGST and SGST, making it a total of INR 100 per day) and INR 20 per day for IGST returns. The maximum late fee is capped at 0.25% of the taxpayer’s turnover in the state or union territory.
Interest on late payment: If GST returns are filed late, interest is charged on the outstanding tax liability from the due date until the date of payment. The interest rate is 18% per annum. The interest is calculated on the outstanding amount of tax to be paid, including any late filing fees.
Penalty for non-filing: If GST returns are not filed within the due date, the taxpayer is liable to pay a penalty. The penalty is INR 5,000 for each return not filed. This means if GSTR-3B and GSTR-1 are not filed, the penalty will be INR 10,000.
Cancellation of GST registration: If GST returns are not filed for six consecutive months, the GST registration of the taxpayer may be cancelled by the authorities. Once the registration is cancelled, the taxpayer will not be able to conduct any business under GST and will have to apply for a fresh registration.
Legal action: If GST returns are not filed or filed incorrectly, the taxpayer may be subject to legal action. This may include fines, imprisonment, or both. In extreme cases, the authorities may even seize the assets of the taxpayer to recover the outstanding tax liability.
It is important for taxpayers to file GST returns on time to avoid penalties and legal action. GST returns should be filed accurately to avoid any discrepancies or errors, which may also attract penalties and legal action. Taxpayers can take the help of professionals or use GST software to ensure timely and accurate filing of returns.