GST RETURNS

Introduction:

GST, as you all know, is Goods & Service Tax. From July 2017, it has been implemented in India and is to be followed by every business person registered under the act. It is an indirect tax and should be applied and filed by businessmen only on th purchase and sales they make.

Essential Features of GST:

• GST return filing and payment is a fully online process, and every it includes punching of sales, purchase, credit notes, debit notes transactions, and involves paying of tax, return filling, claiming an input tax credit, and much more.
• The underlying motive is to able a taxpayer to file all his returns showing all sale purchases and related transactions of a business.
• A GST registered taxpayer needs to file monthly, however annual returns. 
• Every GST payer has to file different returns designated to his category of registration in GST.
• GST council to make the process simple has categorized business as having turnover below 1.5crores, above 1.5crores and above 5crores, and accordingly made less compliance for fewer turnover taxpayers.
• Officially, returns can be filed using any of the following methods:

1. GSTN portal (gst.gov.in).
2. Offline utilizes provided by GSTN.

The following table lists the various types of returns under GST Law:

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Calendar for Return filing:-

The due dates for filing various GST returns may vary from the Standard dates mentioned in the table above. Various notifications are issued from time to time in this regard and as per the notifications issued on 29/12/2017.

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Due Dates for Filing of Return in GST:

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Details of GST Return Forms:

This information shows the details of all GST return forms & details of returns which are required to be filed under the GST Law:

 Who is required to furnish the return?

GSTR 1: A registered person shall be required to submit details of outward supplies other than the following registered person

1. Input Service Distributor
2. Non-Resident Taxable Person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source i.e.person paying tax under section 51
5. A person required to collect tax at source i.e.person paying tax under section 52

GSTR 2: A registered person shall be required to submit details of Inward supplies other than the following registered persons:

1. Input service distributor
2. Non-Resident Taxable person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.
5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 3: A registered person shall be required to submit a return in form GSTR-3, barring the following registered persons:

1. Input service distributor
2. Non-Resident Taxable person
3. A person paying tax under section 10, i.e., person opting for Composition Levy
4. A person required to deduct tax at source, i.e., a person is paying tax under section 51.  
5. A person required to collect tax at source, i.e., a person paying tax under section 52

GSTR 4: Registered person paying tax under section 10, i.e., a person paying composition levy in lieu of tax

GSTR 5: Registered Non-Resident Taxable person

GSTR 6: Taxable person registered as Input Service Distributor

GSTR 7: The registered person required to deduct tax under section 51

GSTR 9/9A: A registered person shall be required to submit Annual return other than the following registered person

1. Input Service Distributor
2. Non-Resident Taxable person
3. A person required to deduct tax at source, i.e., a person paying tax under section 51
4. A person required to collect tax at source, i.e., a person paying

Late Filing Fees:-

• The GST Act mandates filing returns. 
• In cases where there are no transactions for a particular period, taxpayers will still need to file a nil GST return. 
• Returns cannot be revised. 
• According to the GST Act, late fees of Rs. 50 per day per return will be levied on companies in cases of late filing returns with data
• Rs. 100 per day of delay in normal cases
• Rs. 20 per day of delay for taxpayers having nil tax liability for the month

Conclsuion:

Overall GST even if named one nation one tax is yet a evolving tax and hence yet to be grasped and followed by everyone. Hence consulting a professional for the same is very important.

At Consultaxx, we do all kinds of GST returns starting from Rs.800 per month. If interested, please contact us through our e-mail or our contact no. or by visiting our office.