Monthly GST Filing ( GSTR 1 and 3B)
Deliverables - Timeline
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Deliverables
GST Return Copy
GST Workings
Challan copy in case of Payment made
GST Refund Claims (If Applicable)
Compliance Report
Timeline
2 Days
(from receipt of all documents)
What is GST Return?
A GST Return is a detailed statement that captures all the financial transactions of a person registered under GST, reflecting revenues and expenditures. It is a mandatory submission for every holder of GSTIN to the tax authorities, allowing them to determine the net tax liability with precision.
The GST return filing encompasses several critical elements:
Purchases: It records in detail the purchases the taxpayer has made.
Sales: It provides a comprehensive log of the taxpayer's sales activities.
Output GST (On Sales): It notes the GST charged on the taxpayer's sales.
Input Tax Credit (GST Paid on Purchases): It lists the GST paid on purchases, which is eligible to be deducted from the GST owed on sales.
For those seeking guidance on GST return filing or support with managing their GST compliance, Lineuptax LLP offers GST software designed to streamline the process.
How Many Returns are there under GST?
Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer’s financial dealings. It’s important to recognize that not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer’s category and the particulars of their GST registration.
Detail of the 13 GST returns:
GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
GSTR-5A: For providers of online information and database access or retrieval services.
GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
GSTR-7: For entities required to deduct TDS under GST.
GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
GSTR-10: The final return upon cancellation or surrender of GST registration.
GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.
Additionally, there are return-related statements for input tax credits:
GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report.
GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers’ filings.
Due dates for various types of GST returns
|
GST Return
|
Type of Taxpayer
|
Due Date
|
|---|---|---|
|
GSTR-1
|
Regular Taxpayer
|
Monthly: 11th of the following month
Quarterly: 13th of the month following the quarter |
|
GSTR-2A (Auto-generated)
|
All Taxpayers
|
Auto-generated, utilized for reconciliation purposes
|
|
GSTR-3B
|
Regular Taxpayer
|
Monthly: 20th of the following month
|
|
GSTR-4
|
Composition Scheme Dealer
|
Annually: 30th of April following the end of the financial year
|
|
GSTR-5
|
Non-Resident Foreign Taxpayer
|
20th of the following month
|
|
GSTR-6
|
Input Service Distributor
|
13th of the following month
|
|
GSTR-7
|
Tax Deducted at Source (TDS)
|
10th of the following month
|
|
GSTR-8
|
E-commerce Operator
|
10th of the following month
|
|
GSTR-9
|
Regular Taxpayer (Annual)
|
31st December of the following financial year
|
|
GSTR-9C
|
Regular Taxpayer (Annual)
|
Filed along with GSTR-9, by 31st December of the following financial year
|
Penalty for Late Filing GST Returns
If you submit GST returns late, you could face penalties and interest charges. Businesses should submit on time to avoid these costs. Here's what you need to know about late GST returns:
Filing Returns is Required : Every registered taxpayer has to file GST returns regularly, even if there's no business activity.
Delays Lead to More Delays : If you miss a filing deadline, you can't file for the next period until you've filed for the previous one. This can lead to a pile-up of late returns.
Penalties for Late Filing : If you file GSTR-1 late, for example, you'll get a penalty that shows up when you file GSTR-3B.
Interest on Late Tax Payments : If you owe taxes and pay late, you'll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay.
Late Filing Fees : The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
Annual Return Late Fees : For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.
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FAQs
GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.
