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