GST Return Filing

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What is GST Return Filing?

Before understanding the process of GST filing, we must understand what GST return is for business owners/service providers. GST returns essentially stand for filing of all types of GST. Every entity that covered under the GST Act must provide their income details to the Tax Department of India. This includes details of every sale and purchase and is knows as returns.  

Under this system of taxation, individuals need to file their GST return 26 times in a year. While business owners need to file GST two times every month, they must also file two additional times half-yearly. It is essential to understand a few additional things before moving into the process of filing GST return. 

Types of Returns

There are many types of GST filing that have their specific forms. These forms are listed below:

GSTR-1

Suppliers need to validate the auto-generated purchase details of their outward supply of goods and services. The form consists of the following details.

  • Name of the business, period for which the tax is being filed & GST identification number (GSTIN).
  • Invoices and tax collection of the previous month.
  • Advances that are received in favour of the supplies.
  • Revision of the previous month’s sales invoices.
GSTR-2

Taxable recipients need to provide the following detail in this form while filing their GST:

  • Name of the business, period for which the tax is being filed & GSTIN
  • Invoices & collected tax of the previous month.
  • Advances that are received for order to be delivered in the future.
  • Revision of the previous month’s sales invoices.
GSTR-3

Taxpayers that are filing this form already have their details which is electronically updated along with the previous orms GSTR-1 & 2, Taxpayers need to check and verify them as and when necessary and also provide the details underneath.

  • Input tax credit, liability & details of cash ledger 
  • Details of CGST, SGST and IGST tax payments 
  • Credit request or Excess payment repay claim 
GSTR-4

Businesses that have a turnover not more than Rs.75 lakh can opt for the  Composition Scheme and do the GST filing with GSTR-4 form. They are to pay tax at fixed rates that vary on the type of business. They do not have any tax credit facility and they need to also provide the following details.

  • The total value of supply during the return period.
  • Tax payment details.
  • Purchase information (invoice)
GSTR-5

NRIs need to  provide the following information

  • Taxpayer’s name and address along with return period, and GSTIN.
  • Details of both incoming and outgoing supplies.
  • Import details along with amendments of the previous returns.
  • Service importing details accompanied  with amendments in previous services 
  • Refunds of cash ledger, closing stock, credit/debit details, etc.
GSTR-6

Input Service Distributors need to provide the following details while they are completing the process GST filing. Some details already get electronically updated via forms GSTR-1 & 5.

  • Taxpayer’s name, address, return period, along with the GSTIN.
  • Input credit distribution.
  • Details of the supplies that are received from the registered suppliers.
  • Input credit amount during the present tax period.
  • Details of Input credit receiver 
  • Credit/Debit note details.
  • A tax credit that is received, reverted and distributed under CGST, IGST, and SGST.
GSTR-7

Taxpayers who deducted tax at source need to provide these details in their form. The TDS liability will be generated automatically. The Electronic Cash Ledger refunds are auto-generated.

  • Taxpayer’s name, address, return period, along with the GSTIN.
  • TDS amount, contact details & the necessary amendments.
  • Late filing fee along with the interest.
GSTR-8

E-commerce operators need to provide the following details during GST filing process with form GSTR-8.

  • Taxpayer’s name, address, return period, along with the GSTIN.
  • Supply details of the payments made to registered individuals and necessary amendments to the previous tax payments.
  • Supply details to unregistered individuals.
  • TDS details.
  • Late filing details and delayed payment interest, accompanied by auto-populated tax liability.
GSTR-9

Filed by the normal taxpayers, it contains both incomes as well as expenditure details. It is compiled and then assorted with the monthly returns. Filing this is accompanied with audited copies of the annual accounts, taxpayers can also amend previous return filings if required.

GSTR-10

Needs to be filed on cancellation of GST, taxpayers have to provide the following details while filing GST with this form.

  • Application Reference Number [ARN]
  • Cancellation Date of the GST registration
  • Cancellation order date & ID. 
  • Closing stock details along with payable tax.
GSTR-11

All individuals registered under GST with their UIN (Unique Identity Number) need fo file this form. It is used to claim a refund of the excess taxes that are paid in inward supplies.

  • UIN has to be accompanied with the return period along with the name of the government body.
  • Inward supplies that are auto-generated from suppliers who are also registered under GST.
GSTN

Goods & Services Tax Network [GSTN] is an online portal that contains all the details of buyers and sellers registered under GST. Taxpayers & Businesses can access all these details from the GSTN for filing their returns or log invoice data and more. 

Companies need to file 37 returns in total, 3 monthly returns (once every 3 months) & 1 annual return during a financial year. These consists of information, including the details of inwards and outward supplies of a business/organisation. This data can be prepared offline and then uploaded too. 

Online Filing Process

You can file GST online using the software provided in GSTN. 

The steps required for GST Filing online are as follows:

  1. Go to the official GST website/portal.
  2. Log in with the state code and PAN, a 15-digit GST identification number will be issued after the verification of data
  3. Upload the invoices to generate a unique invoice reference number, after which you taxpayer can file inwards and outwards return, along with the monthly cumulative returns.
  4. After successfully filing the same, taxpayers atr liable to file outward supply returns in the GSTR-1 Form. They need to submit relevant information before the 10th of the subsequent month. Outwards supplies details furnished by the supplier will then be available in the GSTR-2A form.
  5. Next, taxpayers need to submit details of the inward supplies for all taxable goods and services in Form GSTR-2.

Penalty for late filing

Taxpayers need to pay a late fee if they fail to file their GST return on time. Rs.100 as CGST and Rs.100 as SGST, therefore, a total of Rs.200 is charged for each day up to Rs.5000. This rate can change depending on present regulations. The time period is calculated from the day after the deadline until the date of the complete payment. 

IGST [Integrated Goods & and Services Tax] does not attract any late fee. However, the taxpayer needs to pay an additional 18% interest along with the late fee.

Every taxpayer has been well aware of the GST filing process. It will help them to follow and comply with the latest regulations of GST at all times.

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