GST Return Filing

What Is GST Return Filing

The Goods and Services Tax is a multi-stage, destination-based indirect tax levied on the manufacture, sale, and consumption of goods and services. By subsuming a number of state and central taxes into a single tax, GST aims to eliminate the cascading effect of taxation in a big way. GST was introduced by the government of India with the aim ofone nation and one tax .

Under the Goods and Service Act, a person has to produce the details of the sales and purchases of products and services as well as the tax collected and paid. For this, the concerned person has to file the GST returns. It is mandatory to file GST returns to theIncome Tax authorities of India on a periodic basis. Those registered on the GST portal have to provide their business information including sales, purchases, tax collected and tax paid for instance by filing GST returns online.

Who can apply GST Return Filing?

All registered businesses are required to share their business information like sales, purchases, tax collected, tax paid and others on the Goods and Service Tax portal. This is done by filing the Income-tax returns on a periodic basis.

GST Return Forms

The Government of India categorized the taxpayer on the bases of income and differentiated various GST return forms. They are available on the official website of the Central Board of Direct Taxes (CBDT). To submit GST returns, the business owner or the person concerned needs to log in through https://services.gst.gov.in/services/login.

The following table on GST return forms will help you understand the categories for the forms :

Types of Taxpayer GST Return Forms
Normal Taxpayer GSTR 1
GSTR 2
GSTR 1A
GSTR 2A
GSTR 3
GSTR 9
Composition Taxpayer GSTR 4
GSTR 4A
GSTR 9A
Foreign Non-Resident Taxpayer GSTR 5
Input Service Distributors GSTR 6
Tax Deductors GSTR 7
E-Commerce Portals GSTR 8

How can I file a GST return?

GST return filing in India is based on the monthly return filing. All regular taxpayers need to file this till the last date of GST return at the end of every month. Income Tax returns can be filed through the GST portal online.
But there are some GST filing limitations in online portal-

  • Copy-paste of values is not allowed.
  • There are chances of error in the online process

Procedure of GST return?

  • Total Turnover of last financial year (once filled will get auto-filled in subsequent forms)
  • Period for which return is being filed
  • Total taxable outward supplies
  • All outward sales made to end customers value exceeding Rs. 2.5 lakh)
  • Details of outward sales made to end customers that are below Rs. 2.5 lakh)
  • Credit note and debit note details
  • Exempted, nil GST and non-GST supply details
  • Export sales details

Request a Call Back

Is there any penalty for Late GST return filing?

If GST return is not filed on time then the concerned person is liable for the penalty. Interest is 18% per annum. The time period will be from the next day of filing to the date of payment. The late fee for Income Tax return is Rs. 100 per day as per the GST Act. So it is 100 under CGST & 100 under SGST. The total will be Rs. 200/day. The maximum is Rs. 5,000. There is no late fee on IGST.