GST Returns

Good and Services Tax is a unified taxation system built with an aim of One Nation, One Tax. The sellers, producers, or business entities who are registered under the GST must file their GST returns timely. They are bounded to file the GST returns even in the case that they were not involved in any business activity in the tax period. If any business activity does not take place during the tax period then a NIL return has to be filed by the Taxpayer. Thus, it can be said that it is very important for a GST-registered taxpayer to pay his error-free and timely returns and the too with due procedures and by following the appropriate steps of GST filing. Now, let us understand the GST returns, the steps to file returns, the login, and the types of GSTR forms in detail.

Basically, the GSTR form is a document that comprises all the details regarding the purchases, sales, output GST (on sales), and input tax credit to calculate, the taxpayer’s GST liability for the period. It depends upon various factors that an individual must file GSTR on a monthly, quarterly, or annual basis.

The eligibility to file the GST returns :

Every individual or business entity that has registered itself under the GST system is eligible and liable to file their GST returns. They can easily file their GST returns by using the application forms online or offline.

In most cases, a normal business is required to file two monthly returns which are GSTR-1 & GSTR-3B, and one annual return GSTR-9. Eventually, it makes for a total of 25 GST returns in a year. Notably, the composition dealers are needed to file GST via different forms.

How to file the GST returns step-by-step: :

After successfully registering your business for the GST, you must log in to the GST portal and file the returns of your business before the deadlines. Below mentioned are the steps one must follow for a hassle-free GST return filing process:

  • Step 1:
    • After logging in to the GST portal, click the “Services” tab shown on the Dashboard.
  • Step 2 :
    • Over the “Services” menu, click “Returns Dashboard”.
  • Step 3 :
    • Choose the “Financial Year”, and the “Return Filing Period” and click “Search”.
  • Step 4 :
    • Different parts of GST returns which are filed appear. Choose the GST return you need to file by clicking on “Prepare Online” or “Prepare Offline” in the subsequent area.
  • Step 5 :
    • The GST return can be filed in two ways, online by clicking the “Prepare Online” tab or by using GST offline tools, by clicking the “Prepare Offline” tab.
  • Step 6 :
    • Fill in the required data in the online GSTR form or the GSTR offline tool. Notably, one must upload the filled-in offline utility form by clicking on the “Prepare Offline” tab.
  • Step 7 :
    • After entering all the details in the GST Return form, just save all the details and submit the form.
  • Step 8 :
    • Thereafter the submission of all the details, one can make the GST payment online by making use of the appropriate challan.
  • Step 9 :
    • After the effective filing, the “Filing Successful” message will be shown with the Acknowledgement Reference Number. You can also note down the ARN for future reference.
  • Step 10 :
    • Afterwards, one can check the return filing status by clicking on Services > Returns > Returns Dashboard. Now, choose the financial year and return filing period, then click Search. Every appropriate GSTR form will be shown with the filing status as well.

Types of GST Returns and their Due Dates: :

Types of GST Returns Due Dates
GSTR-1 Turnover &greater than Rs. 1.5 crore – Quarterly, 31st of the month successive the quarter Turnover > Rs. 1.5 crore – Monthly, 11th of the successive month
GSTR-2 Monthly, 15th of the successive month.
GSTR-3 Monthly, 20th of the succeeding month.
GSTR-3B Monthly, 20th of the succeeding month.
CMP-08 Quarterly, 18th of the month succeeding the quarter.
GSTR-5 Monthly, 20th of the succeeding month.
GSTR-5A Monthly, 20th of the succeeding month.
GSTR-6 Monthly, 13th of the succeeding month.
GSTR-7 Monthly, 10th of the succeeding month.
GSTR-8 Monthly, 10th of the succeeding month.
GSTR-9 , GSTR-9A Annually
GSTR-10 It is once, 3 months from the date of cancellation or order of cancellation.
GSTR-11 Quarterly

Notably, the due dates for filing the GST returns may be extended by the Government of India from time to time.

Penalties or fines imposed over late filing of GST returns :

All GST-registered businesses and individuals must file their GST returns on time, even those having NIL returns. Importantly, any delay in filing the GST returns leads to implying penalties and fines to the taxpayer. So, make sure to file all your GST returns well on time without any delay.

Let us understand the GST returns with the help of an example :

If a good or service is sold by the business at Rs. 1,000 and the GST rate is applicable at 18%, then the net price calculated will be = 1,000+ (1,000X (18/100)) = 1,000+180 = Rs. 1,180.

The GST returns are not only the responsibility of the Taxpayers, but they are obliged to file the returns if their turnover exceeds a certain limit. File all your GST returns on time, error-free, and before the due date for the smooth functioning of your business in the market.

Frequently Asked Questions

  • Is it compulsory to file the GST return every month?
    A normal taxpayer registered under the GST is required to file two monthly returns and one annual return.
  • In the case of a GST annual return, what should be the turnover limit?
    All business entities having a turnover of more than two crores require to file for the GST annual return. The business must be registered for GST and shall file an annual return as well.
  • Can I file my GST return online
    Yes, one can easily file GST returns online with the help of various software or apps that are available
  • What happens if an individual forgets to file the GST return?
    If an individual forgets to file the GST return on time, then late fees or penalties will apply for every day of default that happens.
  • What is the penalty or fine for any kind of wrong declaration in the GST return?
    The maximum penalty or fine for any kind of wrong declaration in the GST return would be 10% of the tax unpaid.