Home / GST Return

Updated on : 13-Jun-2021   06:30 AM IST | 4 min read

What is GST Return filing?

It is mandatory for every registered entity to file GST return under the GST act. Return filing period depends on the type of GST Registration as well as transactions performed by the taxpayer. Regular taxpayers, tax deductors, input service distributors, foreign non-residents needs to file monthly tax returns whereas taxpayers availing composition scheme needs to file quarterly returns to the GST department. You can easily file your return on GST online portal. Don’t miss the GST return date otherwise you have to pay fines & penalties.

Tax department allows you to make online GST payment by offering different payment modes by which you can easily pay GST to the tax department. GST filing is a new concept and must be handled with utmost care.

Who Should File GST Returns?

GST return filing must be done twice in a month and once annually. Every tax payer registered under GST act needs to file GST return to the tax department. There are various GST return forms which are used at the time of filing GST return. There are total 26 returns which you need to file in a year. GST filing dates are provided by the tax department which may get modified or extended sometimes. You can easily pay GST online with the payment modes available on the GST portal.

Types of GST Returns

There are many types of GST returns filed by the taxpayers in a year. Each GST return form has a particular due date before which we have to file GST return to the tax department. It is necessary for a taxpayer to go for GST return filing before the due date. List of all returns to be filed as specified by the GST law along with the due dates are mentioned below –

GST Return Forms for Regular Business

GSTR-1

IGSTR-1 is a monthly or quarterly return filed by every registered dealer in order to show the details of their outward supplies i.e. sales. There are total 13 sections in GSTR-1.

GSTR-2

GSTR 2 is a monthly or quarterly return filed by every registered dealer in order to show the details of their inward supplies. There are total 13 sections in GSTR-2.

GSTR-3

GSTR-3 is a return filed by taxpayer’s monthly containing the summarized details of all sales & purchases along with the amount of GST liability. It is a detailed summary of all sales (GSTR-1) & purchases (GSTR-2). GSTR-3 is an auto generated document which pulls information from GSTR-1 & GSTR-2.

GSTR-9

GSTR-9 is a return form filed annually by the taxpayers registered under GST. GSTR-9 is basically a consolidated report of monthly/quarterly returns (GSTR-1, GSTR-2, GSTR-3B) filed by the taxpayer at the end of the year. It is also applicable on those taxpayers who are registered under the composition scheme. It shows the details of outward/inward supplies made in the previous year under CGST, SGST, IGST & HSN codes.

GSTR-3B

It is a self-declaration filed by the registered dealer from July 2019 till March 2020. The following important points are as follows –

  1. Taxpayer’s must file separate GSTR-3B for each GSTIN.
  2. Tax liability amount of GSTR-3B must be paid by the taxpayer before the last date of filing GSTR-3B.
  3. It cannot be revised.

GST Return Filing Using Composition Scheme

A dealer using a composition scheme enjoy many benefits such as less returns, few compliances, payment of tax at nominal rates etc. A dealer using composition scheme has to file only 2 GST returns –

GSTR-4

GSTR-4 is a quarterly return form filed by those tax payers who has decided to go for GST composition scheme in the new indirect tax regime. As per this scheme, a taxpayer needed to file only one return every quarter whereas a general taxpayer will be needed to file 3 returns in a month.

GSTR-9A

GSTR-9A is a return filed annually by those taxpayers who opted for composition scheme under GST. It includes all quarterly returns filed by the composition taxpayers during the financial year.

GST Return Filed By Certain Specific Registered Dealers

GSTR-5

GSTR-5 is a return form filed by non-resident foreign taxpayers for the business transactions carried out by them in India for a particular period. Non-residents foreign taxpayers are the taxpayers who do not have any business establishment in India but they travelled to make supplies in India. GSTR-5 return can be filed via online or from a tax facilitation Centre.

GSTR-5A

GSTR-5A is a return filed by online information and database access or retrieval service providers (OIDAR) providing services in India from abroad with the help of internet. It is mandatory to file GSTR-5A even if there is nil tax return in the tax period.

GSTR-6

GSTR-6 is a return form filed on monthly basis by the input service distributor. GSTR-6 contains details of –

  1. Input tax credit received by an input service distributor
  2. Distribution of input tax credit among the branches of the organization by input service distributor.

GSTR-7

GSTR-7 is a return form filed monthly by those taxpayers who are required to deduct their TDS under GST. It shows the details of –

  1. TDS deducted
  2. TDS liability payable
  3. TDS liability paid
  4. TDS refund claimed, if any

GSTR-8

GSTR-8 is a return form filed monthly by the e-commerce operators who are required to deduct their TCS (Tax collected at source) under GST. It show the details of –

  1. Tax collected at source
  2. Tax payable
  3. Tax paid
  4. Supplies made to customers by both registered taxable persons and unregistered persons through the E-commerce portal.

GSTR-10

GSTR-10 is a return form filed by the taxpayer whose registration is surrendered or cancelled. It is also known as final return. There is a difference between annual and the final return. Annual return is the return filed by the registered normal taxpayer once in a year in form GSTR-9 whereas Final return is a one-time process and it is to be filed by the person whose registration has been surrendered or cancelled in form GSTR-10.

GSTR-11

GSTR-11 is a return form filed by taxpayer who has been allotted a unique identification number in order to claim tax refund for all the goods & services purchased by him or her in India. GSTR-11 is basically a statement of inward supplies filed by persons having unique identification number in order to claim tax refund under GST.

GSTR-11 contains all the details of inward supplies received and the refund amount to be processed by the government.

Benefits of GST Return Filing

Removal of Cascading Effect

The first and the most important benefit of GST return filing is removal of cascading effect. Introduction of GST helps in removing the cascading effect of tax on tax for other taxes such as service tax, excise duty, customs duty and state level value added tax.

Start-Up Benefits

In the previous times, startups having annual turnover of Rs.5 Lakh need to pay VAT which is quite difficult for the businesses in the initial stages. After the replacement of VAT with GST, businesses can set off the service tax on their sales.

Higher Threshold Benefits

Before the introduction of GST, value added tax (VAT) was applicable on the businesses having annual turnover of 20 or more than 20 lakhs. Services having turnover of less than 10 Lakhs are not eligible for paying service tax.

E-Commerce for Quick Supply of Goods

E-commerce plays an important role in supplying of goods & services. Now, any start up can easily reach many of the customers by offering their products & services online. In case you want to deliver your products & services to other states, you need to file the VAT declaration first, and then you need to provide information about the registration details of the trucks delivering the goods. In the previous time, many trucks are seized by the authorities because of lack of proper documents. Such types of confusing processes are eliminated by GST. Even you are having the option to make online GST payment via online portal.

Regulations & Accountability

In the previous times, we were following a disorganized tax system to file tax returns but after the introduction of GST - regulation of right tax filing laws, elimination of major hassles make industries more accountable than before. In totality, it improves the GST filing process.

Documents Required for GST Return Filing

The following documents are required for GSTR filing:

  1. Invoices List (B2B Services, B2C Services)
  2. GSTIN of the customer
  3. Invoice Number
  4. Invoice Type
  5. Place of supply
  6. GST rate
  7. Taxable value
  8. Amount of CGST, SGST, IGST cess applicable.
  9. Intra-state and inter-state sales - Consolidated
  10. HSN wise summary details
  11. Summary of requisite documents i.e. Debit and Credit Note.
  12. HSN wise summary details

GST Return Filing Process

Every year, all taxpayers, ranging from manufacturers and suppliers to retailers and consumers, are required to file GST returns. In the digital age, the government is also pushing for innovation and automation, and has begun offering e-filing or online filing of GST returns through a common GST portal. The returns can be filed online using the Goods and Services Tax Administration's applications and software. GST returns can also be filed easily online with the help of FinacBooks.

The following are the steps for filing the GST return online:

  1. Go to the official GST portal https://www.gst.gov.in/.
  2. Obtain a GSTIN (GST identification number) having 15 digits based on your state code and PAN.
  3. Enter the invoices into the software or the GST portal. You will be assigned an invoice reference number for each invoice.

Due date for GST Return Filing

With the approval of the Election Commission of India, the due date for furnishing GSTR-9 and GSTR-9C was further extended for the financial year 2019-20 to 31.03.2021, which has already finished a few days before.

Penalty for Late GST Return Filing

If you do not file your GST Returns on time, you will be charged with interest and a late fee.

The annual interest rate is 18% per annum. It must be calculated by the taxpayer based on the amount of unpaid tax. The time period will run from the day after filing to the payment date.

According to the Act, late fees is Rs. 100 per day per act. The total cost per day will be Rs. 200. The maximum amount is Rs. 5,000. There is no late fee prescribed for IGST. However, those who file GSTR-1 and GSTR-3B are currently subject to a reduced late fee of Rs 50 per day of delay (Rs 20 for NIL returns).

Each of the above-mentioned returns has a predefined format. The forms may appear complex and difficult to comprehend. You don't have to worry as you can easily file your returns online with FinacBooks.

GST Return FAQ’s

Any registered person who made outward supplies between the dates on which he became liable to registration and the date on which registration was granted must declare them in the first return, which he submits after the registration is granted.
If you don't file a GST return, you are liable to pay fines and penalties.
GSTR-3B cannot be revised once it has been filed. However, the government has now made it possible to 'Reset GSTR 3B,' which will change the status from 'Submitted' to 'Yet to be Filed,' and all of the details filled out in return will be available for editing.
Every registered taxpayer must file a nil GST return even if he has no transactions for that particular period. Non-filing of returns will lead to fines and penalties for the taxpayers.
GSTR 9 is required to be filed once a year by all GST-registered taxpayers. Goods-sector businesses with annual turnovers of more than Rs. 40 lakh and Intra-state suppliers and service-sector businesses with annual turnovers of more than Rs. 20 lakh must register for GST.

GSTR-1 is a monthly or quarterly return that contains information about all outward supplies, i.e. turnover. The business's turnover is used to determine whether the return should be filed monthly or quarterly.

GSTR-3B is a self-assessment return filed by the dealer that contains the details of both the Outward and Inward Supplies, i.e. Purchases and Expenses. This return must be filed on a monthly basis, regardless of turnover.

A GST Refund claim can be filed in the following circumstances:

  1. Export of Goods and Services
  2. Excess payment made mistakenly
  3. Deemed exports
  4. Supplies to SEZ units and developers
  5. Pre-deposit refund
  6. Refund of accumulated Input Tax Credit due to inverted duty structure
  7. Finalisation of Provisional assessment
  8. Tax refunds on purchases made by the UN or embassies, etc.
  9. Refund of GST paid on goods purchased in India and carried abroad by the international tourists at the time of their departure from India.
  10. Refund resulting from a judgement, order, degree, or direction of the Appellate Authority, Appellate Tribunal, or any Court.
  11. Refund due to the issuance of refund vouchers for taxes paid on advances for which goods or services were not provided.
  12. CGST and SGST refund paid by treating the supply as intra-state supply that is later held to be inter-state supply, and vice versa.
When a taxable person's GST registration is cancelled or surrendered, he or she must file a Final Return in Form GSTR-10, known as a final return.

How can FinacBooks help in GST Return Filing?

FinacBooks is one of the leading accounting & financial company in India. Our team helps you easily submitting your GST returns online without any delay. We always take care of the tax deadline and submit the correct client information to the tax authorities as soon as possible. FinacBooks team is having more than 10 years of experience in GST return filing and provides the best services to everyone, including our valuable clients. kindly call us at 8800221252 or you can also e-mail us at info@FinacBooks.com

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Due Dates

  • Due date for deposit of Tax deducted/collected for the month of May, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Jun 07th ,2021
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for May 2021

    Jun 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for May 2021

    Jun 10th ,2021
  • GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for May 2021

    Jun 13th ,2021
  • Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of April, 2021

    Jun 14th ,2021
  • Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of April, 2021

    Jun 14th ,2021