GST Returns

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GST Returns

What is GST Returns?

GST return is a kind of a document which contains the details of the company’s income which is required to be filed in the GST return file as per the law. GST return is related to GST compliance like filing necessary returns and payment of tax.

The taxpayer is bound to submit 2 returns per month and one return annually. This procedure should be completely online. The taxpayers must ensure that all the payments that were unreported during the previous period of filing GST return should be reported within the current month.

Each return has a particular fixed date for filing and a penalty will be charged if the dealer fails to file GST return within the due date.

Steps for Filing Gst Return

Various kind of forms are available in the GST portal for filing GST returns. Following her some important GST return forms:

1.By the 10th of the next month details of sales should be filed under form GSTR-1

2.By the 20th of the next month, details of monthly tax and payment of tax should be filed under form GSTR-3

3.By the 31st December of the next financial year annual filing of GST return should be filed under the form GSTR-9.

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Who needs to file a GST return?

An extremely small business with sole proprietor, you need not register under GST but if the business is a partnership firm, non-public or public company, liability partnership then you are bound to register under GST. But if your annual turnover increases Rs. 20 lacs ( 10 lacs in Northeastern states) then no matter what your business size is, GST registration might be a mandatory thing for you and your company.

When and how to file monthly GST returns?

Once your business is completely registered under GST you will have to file 3 monthly returns but three of them will have different dates. Following are the details for the first return:

Business name GSTN( identification number)
Dates related to GST return
Invoices issued
GST taxes paid by you
Future sale advances
A list of any changes made to your outward sales invoices. Any changes you made to an outward sales ( if any).

The first return gets due within the 10th of the ongoing month. In other words, after 10 days of the end of the tax period, the return gets due.

Second monthly GST return

This one does not become due till fifteen days after the tax period, and you don’t have to report any details in this form. This form is already auto-filled before coming to you which includes details related to your purchases made to an unregistered dealer as well as a registered dealer. You just have to check the accuracy of your details which has been auto-filled by the system.

Third monthly GST return

The third monthly GST return form is derived with the help of the details in the first month’s form and second month’s form. It takes a look at your primary and secondary returns, assets and your liabilities. You can also avail of input credit in this form just by exercising the GST portal. Let's understand input credit with an example:

Note: GST returns are not mailed to you

For example, if a shopkeeper owes you 1000 rupees according to the first file and the second file shows that you should get 250 rupees credit so ultimately the third file will show that the shopkeeper owes you a total amount of 750 rupees

How to file quarterly returns?

If your business is just too small to deal with monthly returns, you can select the composition scheme. To qualify, you can only sell goods. You can’t be a service supplier like an attorney, an adviser, or an artisan. Your annual sales should also be less than ₹50 hundred thousand. According to the rules, if you file a quarterly GST return, then you will not be able to claim input credits. So you might want to file your returns monthly even though it is not required.

But if you’re following this route, you have to file a GSTR-4 that contains details of your sales and the GST must be paid within the last quarter. This return is due on the eighteenth day after the end of the quarter.

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FAQ(Frequently Asked Questions)

Type of Individual Time Period A registered person Either monthly (normal supplier) or quarterly basis (for composition scheme). An Input Service Distributors(ISD) Monthly returns showing details of credit distributed during the particular month. A person required to deduct tax (TDS) and collect tax (TCS) Monthly returns showing the amount deducted/collected and other details as may be prescribed. A non-resident taxable person Returns for the period of activity undertaken.
The following details in GSTR-1 of supplies made in a month are to be filled outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports, Advances received in relation to future supply.
Ans. No, only as per asked/required information from invoices need to be uploaded.
No, it depends the kind of business (B2B or B2C) and location of supplies ( Intra-state or Inter-state ). For B2B supplies, all invoices, whether Intra-state or Interstate supplies, will have to be uploaded as ITC will be taken by the recipients which requires invoice matching. In B2C supplies, uploading is not required as the buyer will not be taking ITC. In case of invoices of More than Rs.2.5 lakhs in inter-state B2C supplies, they should be uploaded. Below Rs. 2.5 lakhs and all intra-state invoices, state wise summary must be provided
No, description is not to be uploaded. Only HSN code for supply of goods Accounting code for supply of services is to be filled
Yes. Including value but taxable amount is also to be fed. In case of no consideration, (and a situation of supply by virtue of schedule 1), the taxable value will have to be calculated as prescribed and uploaded.
Yes, the recipient can fill the invoices not uploaded by his supplier. The credit on such invoices will be provided, but after matching. On matching, both will be informed. If the mismatch is solved, provisional credit will be confirmed. But if the mismatch continues, the amount will be added to the output tax liability of the recipient in the returns for the month, next to the month in which such mismatch was informed.
Most of GSTR-2 will be auto-filled from GSTR-1, these details are to be filled by recipient details of imports, details of purchases from non-registered or composition suppliers and exemption/ non-GST/nil GST supplies etc.
If here is mismatch in invoices in GSTR-2 and GSTR-1, then such mismatch shall be informed to the supplier. Mismatch is caused due to: Firstly, due to mistake from the recipient, no further action is required, in this case. Secondly, invoice was issued by supplier but not uploaded and not paid tax . In such a case, the ITC received by the recipient would be added to his output tax liability. If the supplier has made a supply but not paid tax on it, then all mismatches will lead to action.
Before September of the next financial year, supplier can upload the invoice and pay duty and interest on missing invoices in his GSTR-3 of the month in which he failed to upload the invoice. The recipient’s output tax liability will be reduced to the extent of the amount in respect of which the supplier has corrected the mismatch. The interest paid by the recipient will be refunded by crediting the amount in respective head of electronic cash ledger, at the time of reversal.
No. they do not need to file GSTR-1 and GSTR-2. In place of that ,they need to file a quarterly return in Form GSTR-4 , by the 18th of the month after the end of the quarter (3 months). In their return, they have to provide details of their outward supplies along with the details of tax payment. details of their purchases in their quarterly return
No, the ISDs need to file only a return in Form GSTR- 6 with the following details credit received by them from the service provider and credit distributed by them to the recipients.
Under GST, the deductor will be submitting the deductee wise details of all the deductions made by him in his return in Form GSTR-7 to be filed by 10th of the month next to the month in which deductions were made. The details of the deductions s uploaded by the deductor shall be auto filled in the GSTR-2 of the deductee. The taxpayer shall be required to confirm these tails in his GSTR-2 to avail the credit for deductions made on his behalf. To avail this credit, he does not require to produce any certificate in physical or electronic form. The certificate will only be for record keeping of the tax payer and can be downloaded from the Common Portal.
All taxpayers filing return in GSTR-1 to GSTR-3, except ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, TDS/TCS deductors.
No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. It is filed annually. Final Return has to be filed only by those registered persons who have applied for cancellation of registration. The Final return has to be filed within three months of the date of cancellation or the date of cancellation order.
In GST there is no requirement for having a revised return. Revisions are made in cases where invoices or debit/ credit notes are changed. Revisions can be done by changing the details of those transactions that are required to be changed /amended.
Modes to file the statements and returns are: file their statement and returns directly on the Common Portal online. GST Suvidha Providers (GSP).
A registered person will have to pay late fees of rupees 100/- for every day of delay upto a maximum of 5000/-. In case of late filing of Annual returns by due date, late fee of Rs. 100/- for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent [0.25%] of his turnover in a state, will be charged.
Modes to file the statements and returns are: file their statement and returns directly on the Common Portal online. GST Suvidha Providers (GSP).