GST Return Filing: Every business registered under GST must regularly submit their GST returns in India. This could be monthly, quarterly, or yearly, depending on the business’s activities. While this might sound complicated, Accounts Profession Team provides online assistance to simplify the process. Sticking to the deadlines for submitting GST returns is important as they help the government understand tax obligations accurately.
With Accounts Profession, you can streamline your GST return filing process effortlessly. Their LEDGERS GST platform lets you access your business finances in real-time, from anywhere. It also integrates smoothly with other apps you use, making your workflow seamless.
What is a GST Return?
A GST Return is a detailed statement that records all the financial transactions of a business registered under GST. It includes details of purchases, sales, the GST charged on sales, and the GST paid on purchases. Submitting GST returns is mandatory for all GSTIN holders to help tax authorities calculate the net tax liability accurately.
Accounts Profession offers GST software to help businesses with GST return filing. This software simplifies the process and ensures compliance with GST regulations.
Who Needs to File GST Returns?
Any business or individual registered under the GST system must file GST returns. This requirement applies to those whose annual turnover exceeds a certain threshold, as determined by tax authorities. The threshold may vary based on different taxpayer categories, such as standard taxpayers or those under the composition scheme.
Types of GST Returns:
In the GST system, there are 13 different types of returns, each covering various aspects of a taxpayer’s financial activities. It’s important to note that not all taxpayers need to file every type of return. The specific returns required depend on the taxpayer’s category and their GST registration details.
- GSTR-1: Details outward supplies, mainly sales.
- GSTR-3B: Summarizes both sales and purchases, including tax payments.
- GSTR-4: For those under the Composition Scheme, summarizes turnover and tax.
- GSTR-5: For non-resident taxpayers making taxable transactions in India.
- GSTR-5A: For providers of online information and database services.
- GSTR-6: Used by Input Service Distributors to detail input tax credit distribution.
- GSTR-7: For entities deducting TDS under GST.
- GSTR-8: Filed by e-commerce operators reporting transactions on their platform.
- GSTR-9: An annual return summarizing all filings over the fiscal year.
- GSTR-10: The final return upon cancellation of GST registration.
- GSTR-11: For those with a Unique Identity Number claiming refunds.
- CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
- ITC-04: For manufacturers to declare details about goods dispatched and received from job workers.
Additional Statements for Input Tax Credits:
- GSTR-2A (dynamic): Shows real-time inward supplies.
- GSTR-2B (static): Provides a fixed snapshot of inward supplies.
- For small taxpayers in the QRMP scheme, the Invoice Furnishing Facility (IFF) allows the declaration of B2B sales during the first two months of a quarter. These taxpayers still need to remit taxes monthly using Form PMT-06.
Guide to GST Return Types and Deadlines:
What Each GST Return Means
GSTR-1 (Sales Report):
This is where businesses report their sales invoices and adjustments. It’s required for all regular taxpayers.
GSTR-2A (Purchase Summary):
Buyers see details of their purchases from GST-registered sellers in this auto-filled return.
GSTR-2B (Static Purchase Summary):
Similar to GSTR-2A, it provides a fixed snapshot of purchases from the previous month.
GSTR-3 (Deferred):
Currently on hold, this return was supposed to show a summary of sales, purchases, and tax payments.
GSTR-3B (Monthly Summary):
A summary of sales, purchases, and tax dues, filed monthly or quarterly depending on turnover.
GSTR-4 (Composition Scheme):
Yearly return for businesses under the Composition Scheme, where tax is paid at a fixed rate.
GSTR-5 (Foreign Taxpayers):
Non-resident foreign taxpayers file this to detail their transactions in India.
GSTR-5A (Online Service Providers):
Providers of online services submit this monthly to summarize their transactions.
GSTR-6 (Input Service Distributors):
For companies distributing credits among their branches, filed monthly.
GSTR-7 (TDS Return):
Filed by entities deducting TDS under GST, documenting deductions and payments.
GSTR-8 (E-commerce Operators):
Monthly return for e-commerce platforms to report supplies and tax collected at source.
GSTR-9 (Year-End Summary):
An annual summary of all transactions, due by December 31st the following year.
Submission Deadlines Simplified
Monthly Returns:For businesses with a turnover exceeding Rs. 5 crore, GSTR-1 is due by the 11th of the next month, while GSTR-3B is due by the 20th.
Quarterly Returns:For those in the QRMP scheme, GSTR-1 is due by the 13th after the quarter, and GSTR-3B is due by the 22nd or 24th, depending on the state.
Due dates for various types of GST return filings
Here are the due dates for different types of GST returns:
| GST Return | Type of Taxpayer | Due Date |
|---|---|---|
| GSTR-1 | Regular Taxpayer | Monthly: 11th of the following month Quarterly: 13th of the month following the quarter |
| GSTR-2A (Auto-generated) | All Taxpayers | Auto-generated, utilized for reconciliation purposes |
| GSTR-3B | Regular Taxpayer | Monthly: 20th of the following month |
| GSTR-4 | Composition Scheme Dealer | Annually: 30th of April following the end of the financial year |
| GSTR-5 | Non-Resident Foreign Taxpayer | 20th of the following month |
| GSTR-6 | Input Service Distributor | 13th of the following month |
| GSTR-7 | Tax Deducted at Source (TDS) | 10th of the following month |
| GSTR-8 | E-commerce Operator | 10th of the following month |
| GSTR-9 | Regular Taxpayer (Annual) | 31st December of the following financial year |
| GSTR-9C | Regular Taxpayer (Annual) | Filed along with GSTR-9, by 31st December of the following financial year |
Penalties for Late Filing of GST Returns:
Late submission of GST returns can result in penalties and interest charges. To avoid these additional costs, businesses should ensure timely submission. Here’s a simple breakdown of what you should know about late GST returns.
Filing Returns is Essential
- Every registered taxpayer must file GST returns regularly, even if there’s no business activity.
Consequences of Delays
- Missing a filing deadline can lead to further delays. You can’t file for the next period until you’ve filed for the previous one, creating a backlog of late returns.
Penalties for Late Filing
- Late filing of returns, such as GSTR-1, incurs penalties that reflect when you file GSTR-3B.
Interest on Late Tax Payments
- If you pay taxes late, you’ll be charged 18% interest per year on the amount you owe. This interest starts accruing from the day after the due date until you pay.
Late Filing Fees
- The law imposes late filing fees of Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
Annual Return Late Fees
- For yearly returns like GSTR-9 and GSTR-9C, late fees are capped at 0.25% of your turnover in your state or UT. However, this fee may change if the government provides relief or updates the fees.
How to File GST Returns with Accounts Profession:
Simplify GST Compliance:
- Accounts Profession offers end-to-end GST services to help businesses manage their GST compliance efficiently.
- Thousands of business owners have benefitted from Accounts Profession assistance in GST registration and return filing.
Outsource GST Compliance
- Outsource your GST compliance to Accounts Profession to focus on growing your business while ensuring timely filing.
- Accounts Profession uses the LEDGERS GST platform to maintain your compliance and provide access to live business data from anywhere.
Dedicated GST Advisor
- When you choose Accounts Profession, you get a dedicated GST advisor assigned to your business.
- Your advisor will collect necessary information, prepare GST returns, and ensure timely filing every month.
Benefits of Choosing Accounts Profession
- Personalized Assistance: Your dedicated GST advisor will guide you through the registration and filing process, tailored to your business needs.
- Filing Reminders: Accounts Profession provides timely reminders to ensure you don’t miss filing deadlines and incur penalties.
- Monthly Status Reports: Stay informed about your GST filing status with detailed monthly reports from your advisor.
- Error-Free Filing: GST returns are prepared using LEDGERS software to minimize errors and ensure accurate filing.
- Standard Accounting: All financial transactions are recorded in LEDGERS for seamless filing of returns.
- LEDGERS GST Software: Access LEDGERS for GST invoicing, payments, return filing, and accounting needs.
LEDGERS Features
- Customer and Supplier Management
- GST Invoicing and Tracking
- Accounts Receivables and Payables Management
- Automated GST Return Filing (GSTR-1, GSTR-3B)
- Input Tax Credit Reconciliation
- E-way Bill Generation and Management
- Integration with ICICI Bank
Stay Compliant with Accounts Profession
- Ensure compliance and avoid penalties by filing GST returns on time with Accounts Profession.
- Contact Accounts Profession Team today to experience hassle-free filing with expert assistance every step of the way.
Go to the Accounts Profession Homepage for the Latest Information.
Frequently Asked Questions (FAQ’s)
What is GST Return?
A GST Return is a necessary document that GST-registered businesses must submit. It provides detailed information about a business’s income and expenses, helping tax authorities calculate the taxpayer’s net tax liability.
Who Should File GST Returns?
GST Returns are mandatory for all businesses or individuals registered under GST in India. This obligation applies to those whose annual turnover exceeds a specific threshold set by tax authorities.
Types of GST Returns
The GST system comprises 13 different types of returns, each addressing various aspects of a taxpayer’s financial transactions. However, not all taxpayers need to file all these returns; it depends on their business category and GST registration details.
What is GSTR-1?
GSTR-1 is a monthly or quarterly return that reports a business’s outward supplies or sales. It’s due by the 11th of the following month for businesses with an annual turnover above Rs. 5 crore and by the 13th for others.
What is GSTR-3B?
GSTR-3B is a monthly summary return that consolidates information on outward supplies, input tax credit claims, and tax payments. It’s due by the 20th of the following month for businesses with an annual turnover above Rs. 5 crore.
What is GSTR-4?
GSTR-4 is filed annually by taxpayers enrolled under the Composition Scheme. It summarizes turnover and tax for the year and is due by April 30th of the subsequent financial year.
What is GSTR-5?
GSTR-5 is a monthly return filed by non-resident foreign taxpayers conducting taxable transactions in India. It includes details of both outward and inward supplies and is due by the 20th of each month.
Penalty for Late Filing
Late filing of GST Returns incurs penalties and interest. The late filing fee is Rs. 100 per day per act (CGST and SGST), capped at Rs. 5,000. Late tax payments attract an 18% per annum interest charge.
How to File GST Returns?
GST Returns can be filed online through platforms like Accounts Profession, offering tools like LEDGERS GST software for seamless filing.
Benefits of Filing with Accounts Profession
Filing with Accounts Profession provides benefits like a dedicated GST advisor, timely reminders, monthly status reports, and error-free filing using LEDGERS GST software.
About the Author
Vijaykumar S. Pal(Content Writer)
As a Accountant, I’m deeply immersed in the intricacies of income tax, GST, and maintaining financial records. Numbers are my forte, and I excel in deciphering complex financial statements and tax regulations. However, there’s another side of me that revels in the realm of words rather than figures. Writing has always ignited a passion within me. Whether it’s simplifying intricate financial concepts for broader comprehension or weaving captivating narratives, I find joy in crafting articles and blog posts that demystify the intimidating world of finance for everyday individuals.