What is GST Return?

A Return is a decleration given by the Registered Business Entity to the Government Authorities, so as to determine the GST Liability for the month or quarter as the case may be.

GST returns contain the following details :

  • Purchases
  • Sales
  • Services Made
  • Services Received
  • Output GST (on Sales and Services Made)
  • Input GST (GST paid on purchases and Services Received)

What are the types of GST Returns?

Different Returns are to be filed by the Registered Normal Tax Payers, Registered Composite Dealer , Registered Casual Taxable Persons , Registered Specific Dealers on a Monthly, Quarterly or Annual basis as applicable to them .The following are the types :

1. For Registered Normal Tax Payers:

Return Form Particulars Period Due Date
GSTR 1 Details of outward supplies of taxable goods cand/or services effected Monthly# 10th of the next month
GSTR 2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Monthly** 15th of the next month
GSTR 3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Monthly** 20th of the next month
GSTR 9 Annual Return Annually 31st December of next financial year
GSTR 3B Provisional return for the months of July 2017 to March 2018 Monthly@ 20th of the next month

@ Form GSTR 3B has to be filed by all types of Registered Tax Payers ( except a Registered Composite Dealer) on a monthly basis , where the Tax Payer will deposit his tax liabity to the Government.

# Special Returns procedure for registered persons with turnover up to Rs. 1.5 Crore:

The government has notified that the registered persons having aggregate turnover of up to 1.5 crore Rupees in the preceding financial year or the current financial year shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 on a QUARTERLY basis. The due dates for Quarters ending till March 2018 is as follows :

Sr. No. Quarter for which the details in FORM GSTR-1 are furnished Due Date for furnishing the details in FORM GSTR-1
1 July - September, 2017 10th January, 2018
2 October - December, 2017 15th February, 2018
3 January - March, 2018 30th April, 2018

** Due dates have not been notified for GSTR-2 and GSTR-3 for any of the months. That is, a taxpayer need notfile GSTR-2 and GSTR-3 for any of the months from July2017 until a notification is issued in this regard mentioning the due dates. Till such time, Form GSTR-3B is required to be filed by tax payers instead of Form GSTR-3. Also filing of GSTR 1 is in existence.

# Special Returns procedure for registered persons with turnover exceeding Rs. 1.5 Crore:

The government has notified that the registered persons having aggregate turnover of more than 1.5 crore Rupees in the preceding financial year or the current financial year shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 on a Monthly basis only, as mentioned in Table 1 . However, the due dates of GSTR 1 from the month of July 2017 to March 2018 is as follows:

Sr. No. Month for which the details in FORM GSTR-1 are furnished Time period for furnishing the details in FORM GSTR-1
1 July - November, 2017 10th January, 2018
2 December, 2017 10th February,2018
3 January, 2018 10th March, 2018
4 February, 2018 10th April, 2018
5 March, 2018 10th May, 2018

** Due dates have not been notified for GSTR-2 and GSTR-3 for any of the months. That is, a taxpayer need notfile GSTR-2 and GSTR-3 for any of the months from July2017 until a notification is issued in this regard mentioning the due dates. Till such time, Form GSTR-3B is required to be filed by tax payers instead of Form GSTR-3. Also filing of GSTR 1 is in existence.

2. For Registered Composite Dealers:

A Registered Taxable Person whose turnover doesn't exceed Rs. 1 crore in the FY may opt for this scheme. A Composite Dealer is required to file only 2 type of returns with reduced compliances .He will be paying tax at reduced rates without taking any INPUT CREDIT on the Supply Received. Also he will be paying the taxes on Quarterly Basis.

Return Form No Particulars Period Due Date
GSTR-4 Return for compounding taxable person Quarterly 18th of the month # succeeding quarter
GSTR-9A Annual Return Annually 31st December of next financial year

# The time Limit for GSTR-4 for the quarter July to September, 2017 has been extended to 24th December, 2017 vide Notification No. 59/2017- CGST.

3. Returns to be filed by specific registered dealers:

Return Form No Particulars Interval Due Date
GSTR-5 Return for Non-Resident foreign taxable person Monthly 20th of the next month@
GSTR-6 Return for Input Service Distributor Monthly 13th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month

@ For July to December 2017 , the due date is 31st January 2018.

4. For Casual Taxable Persons:

Casual taxable person means a person who occasionally undertakes transactions involving supply of goods or services or both, in a State or a Union territory where he as no fixed place of business. Also a Casual Taxable Person has to compulsorily take registration under GST. He also cannot excercise the option to take Composition Scheme. A Casual Taxable Person is required to file Form GSTR 1, GSTR 2, GSTR3, GSTR 3B.

** Due dates have not been notified for GSTR-2 and GSTR-3 for any of the months. That is, a taxpayer need notfile GSTR-2 and GSTR-3 for any of the months from July2017 until a notification is issued in this regard mentioning the due dates. Till such time, Form GSTR-3B is required to be filed by tax payers instead of Form GSTR-3. Also filing of GSTR 1 is in existence

Consequenses of Not filing GST Returns:

1. Interest on Late GST Payment:

An interest of 18 percent is levied on the late payment of taxes under the GST regime. The interest would be levied for the days for which tax was not paid after the due date.

2. Late Fee:

In case a taxpayer does not file GST Return within the due dates, he shall have to pay a late fee of Rs. 200/- i.e. Rs.100/- for CGST and Rs.100/- for SGST per day (up to a maximum of Rs. 5,000/-) from the due date to the date when the returns are actually filed.

There is no late fee on IGST.

Note: In case of GSTR-3B,

**For the months July to September, 2017, the late fee payable for failure to furnish the return has been waived completely.

** From the month of October 2017 onwards, the GST Council has recommended that the amount of late fee payable by a taxpayer whose tax liability for that month is ‘NIL’ is Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts). However, if the tax liability for that month is not ‘NIL’, the amount of late fee is Rs 50/- per day (Rs. 25/- per day each under CGST & SGST Acts).

Also a taxpayer will not be allowed to file monthly /quarterly GST Return without paying the Late Fee Liabilty which will affect the Working Capital of the Business Entity. So, it is advised to seek the services of professionals, who will guide you to promptly file returns within due sates.

Documents Required:

  • Purchase Invoices
  • Sales Invoices
  • Invoices for Services made and Received
  • GST Number

If you have any complexity in filing the GST Returns, you can avail the simplified services of FIRSTMAN , as we have a network of Professionals who are well trained in GST Law, who will inturn guide you throught the process and help you to maintain VERY HIGH GST PROFILE.

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