GST RETURNS
GST return is a summary document that contains all the details of your business’s sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax credit). Once you file GST returns, you will need to pay the resulting tax liability, if tax on sales is greater than tax paid on purchase otherwise in other scenario your excess paid credit will reflect on your dashboard.
What are the different types of GST Returns?
Here is a list of all the returns which we will be filing for you as prescribed under the GST Law along with the due dates.
Return Form | Particulars | Frequency | Due Date |
GSTR-1 | In this Details of outward supplies of taxable goods and/or services affected are provided. | Monthly or Quarterly | 11th* of the next month/30th of the month succeeding quarter |
GSTR-3B | In this summary of outward supplies along with Input Tax Credit is declared and payment of tax is provided by taxpayer | Monthly | 20th of the next month |
CMP-08 | Return for a taxpayer registered under the composition scheme | Quarterly | 18th of the month succeeding quarter |
GSTR-9 | Annual Return for a Normal Taxpayer | Annually | 31st December of next financial year* |
GSTR-9A | Annual Return a taxpayer registered under the composition scheme anytime during the year | Annually | 31st December of next financial year* |
GSTR-10 | Final Return after cancellation | Once, when GST Registration is cancelled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
1. GSTR-1
GSTR-1 is the return in which details of all outward supplies of goods and services made, or in other words, sales (B2B or B2C) or exports made during a tax period, and also for reporting debit/credit notes issued. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in this return.
It is to be filed monthly, except in the case of small taxpayers with turnover up to Rs.1.5 crore in the previous financial year, who have the option to file the same on a quarterly basis.
2. GSTR-3B
GSTR-3B is a monthly return to be filed, for furnishing summarized details of all outward supplies made, input tax credit to be claimed, tax liability ascertained and taxes paid.
3. GSTR-4 / CMP-08
GSTR-4 is that return which is to be filed by taxpayers who have opted for the Composition Scheme under GST law. CMP-08 is the challan which has replaced the now erstwhile GSTR-4. The Composition Scheme is a scheme in which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared.
The CMP-08 challan is to be filed on a quarterly basis, in which payment of tax as per rate applicable calculated on that quarter sales is to be paid.
4. GSTR-9
GSTR-9 is the annual return which is to be filed by taxpayers registered under GST. It contains details of all outward supplies made, Input tax credit availed on inward supplies received during the relevant previous year on Inputs, capital goods and input services under different tax heads i.e. CGST, SGST & IGST, Reconciliation of 2A and ITC claimed, HSN wise summary of outward and inward supplies, along with details of taxes payable and paid. It is a summarized form of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.
5. GSTR-9A
GSTR-9A is the annual return to be filed by taxpayers who have opted for Composition Scheme in a financial year*. It is a consolidation of all the quarterly returns filed during that financial year.
6. GSTR-9C
GSTR-9C is the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore in a financial year. The registered person has to get their books of accounts audited by a Chartered Accountant /Cost Accountant. The reconciliation is done between these audited financial statements of the taxpayer and the annual return GSTR-9 that has been filed.
GSTR-9C is to be filed for each and every GSTIN and hence, one PAN can have multiple GSTR-9C forms being filed in a financial year.
7. GSTR-10
GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered. This return is also a final return and has to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.
Penalties and Interest payable for not filing GST returns before due date:
Penalties:
Supplies | Returns | Late fees | Maximum penalty |
Both Inter and Intra | GSTR-1 | Rs.50/- per day | Maximum late fees can be Rs 5,000/- |
GSTR-1 In case of Nil return | Rs.20/- per day | ||
Inter-State Supplies | GSTR-3B | Rs.200/- per day | |
GSTR-3B In case of Nil return | Rs.100/- per day | ||
Intra-State Supplies | GSTR-3B | Rs.50/- per day | |
GSTR-3B In case of Nil return | Rs.20/- per day | ||
ANNUAL RETURN-GSTR-9 | Rs.200/- per day | 0.25% of turnover for F.Y |
Summarized View of Late Fees structure for GST Return in GST Act
All returns except Annual Returns: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) of default up to a maximum of Rs 5,000.
Annual Returns: Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) of default up to a maximum of 0.25% of Turnover.
Interest Payable
If GST is not paid upto the due dates of return filing Interest Shall be payable at following rates:
Particulars | Interest |
Tax paid after due date | 18% p.a. |
Excess ITC Claimed or excess reduction in Output Tax | 24% p.a. |
The Interest Shall be calculated from the next day on which tax was due.
What we do For You?
Early filing of returns before due dates to relieve you from last date hurry.
Preventing you from paying penalties unnecessarily.
Dedicated team to handle your returns & follow up.
How to proceed?
STEP 1
- Provide us the data in prescribed format provided by us for return filing.
STEP 2
- Provide us the Accounting data from which we can match the provided data
STEP 3
- We will file the return.
