Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers.
Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns’ to avoid GST compliance issues. Some of the benefits of GST return filing are;
BENEFITS OF GST RETURN FILING
Greater Tax Base
Lower taxes, subsuming of taxes
Ease of doing Business
Unified Platform
GST return is a document that consists of all the details of income/sales, expense/purchase of any tax-paying individual or company. One must file their GST return with the tax administrative authority, according to the GST return filing consultants. The net tax liability of a person is calculated by the tax authorities with a GST return. In the GST regime, any regular business with more than 5 crores of annual aggregate turnover is obliged to file 2 monthly returns and 1 annual return. This totals to about 26 GST return filings in a year. However, under the QRMP scheme, the number of GST filings may vary for quarterly GSTR-1 filers. For them, the number of return filings in a year is 9 (this also includes GSTR 3B and annual return). Special cases such as composition dealers have separate returns that need to be filed. They are required to file 5 GSTR return filings in a year.
Here is the list of all the GST returns to be filed (along with their due dates) as prescribed under the CGST Act:
? GSTR 1: It is to be filed by normal taxpayers. It is just a return to report the sales transactions, no tax is required to be paid through this return. GSTR1 for 2024 must be filed before the due dates of Jan 13th and April 18th for the quarters Oct-Dec and Jan-March respectively.
? GSTR 2: This contains the purchases made during the tax period and must be filed by all normal taxpayers registered under GST.
– GSTR 2A: It contains all the data of inward supplies of goods and services. The data is auto-populated and is a read-only return.
– GSTR 2B: It is a fixed statement and shall be generated on the 12th of every month. It is an auto-drafted ITC statement introduced by GSTN to simplify ITC claims for taxpayers.
? GSTR 3: GSTR 3 contains the details of all the outward supplies. It is auto-generated on the basis of GSTR-1 and GSTR-2.
– GSTR 3B: This contains summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. GSTR 3B Monthly Payment of tax for the first two months of the quarter should be made by the 25th of the next month.
? GSTR 4: GSTR 4 must be filed on annual basis by taxpayers who have opted for the Composition Scheme. It must be filed before April 30th of the next year.
? GSTR 5: This is to be filed by non-resident foreign taxpayers provided they are registered under GST and carry out transactions in India. The due date for filing GSTR-5 is within 20 days after the end of the calendar month or within 7 days after the validity of the period of registration, whichever is earlier.
? GSTR 6: This must be filed by Input Service Distributor. It contains details of all the documents issued for the distribution of input credit and the manner of distribution. The dues date for filing GSTR-6 is the 13th of the succeeding month.
? GSTR 7: This is to be filed by people required to deduct TDS under GST. It has information of TDS deducted, the TDS liability (payable and paid) and TDS refund claimed (if any). It must be filed before the 10th of the succeeding month.
? GSTR 8: This is to be filed by e-commerce operators who are required to collect TCS and are registered under GST. It contains information on all the supplies made through the E-commerce platform and the TCS collected on the same. GSTR-8 should be filed before 10 of the succeeding month.
? GSTR 9: This is an annual return filed by taxpayers registered under GST. It is a combination of all the monthly and quarterly returns filed during that year (GSTR-1, GSTR-2A and GSTR-3B)
– GSTR 9A: This is a consolidation of all the quarterly returns filed during the year.
– GSTR 9B: This is an annual return that contains details filed in GSTR 8.
– GSTR 9C: This is a reconciliation filed by all the taxpayers whose turnover has exceeded 5 crores in that financial year.
? GSTR 10: This is a final return filed by a taxable individual whose registration has been cancelled or surrendered. It must be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.
? GSTR 11: Required to be filed by a person who has been issued a Unique Identity Number (UIN), this return contains data of all the inward supplies received and claimed refund.
Working with GST return filing consultants will ease the compliance burden for SMEs, and they can focus more on their business rather than getting occupied in compliance procedures.
Late fee & Penalty for delayed GST return filing –
Filing GSTR-3B is mandatory. Even if a business has no transactions during July, it will still have to file a nil return. Hiring D M & Associates as your GST return filing consultants to ensure prompt filing of GST returns without any delays, complications, or discrepancies.
From June 2021 onwards, the late fees will be levied and capped as follows:
For nill tax liability, the penalty is ?20 per day and maximum ?500. For others the penalty is ? 50 per day and thee maximum charges may vary depending on the Annual Aggregate Turnover (AATO). The maximum penalty for AATO upto 1.5 crores is ?2000, for AATO between 1.5 to 5 crores the charges are ?5000 and ?10000 for AATO above 5 crores.
Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.
In case of nil GSTR-3B filing, the maximum late fee charged will be Rs.500 per return (i.e Rs. 250/- each for CGST & SGST). The maximum penalty is Rs. 10,000 (if the turnover is more than 5 crores). There is no late fee on IGST.
Why Partner with D M & Associates for GST Return Filing?
D M & Associates is a trusted name in business consultancy and registration services. Partnering with D M & Associates for GST return filing ensures a seamless and efficient compliance process. Our team of professionals possesses extensive knowledge of GST regulations, guaranteeing accurate and timely submissions. D M & Associates’s commitment to precision, combined with their proactive approach, minimizes the risk of errors and potential penalties. Clients benefit from personalized attention, as the firm tailors solutions to individual business needs. Based in Mumbai, we provide proficient Audit and Tax Consultancy services performed by a team of Chartered Accountants, Company Secretaries, Cost Accountants, System Auditors, and Management Graduates with extensive professional experience. The financial expert team at D M & Associates understands various business processes, identifies challenges, and works to present our valued clients with an ideal and practical solution. Along with GST return filing, we offer a wide range of services that includes various Incorporation, Registrations, ROC Compliances, Tax Compliances, LLP Registration, Audit services, GST Registration, Private Limited Company Registration, Retainership services, Assessment, Scrutiny and many more.
Connect with us today to avail our GST return filing consultancy