GST-Due dates, Requirements and Penalties

The basic features of the return mechanism in GST includes electronic filing of returns, uploading of invoice level information, auto-population of information relating to input tax credit from returns of supplier to that of recipient, invoice level information matching and auto reversal of input tax credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS), a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all the types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake. The GST Council has however recommended to ease the compliance requirements for small tax payers by allowing taxpayers with annual aggregate turnover up to Rs. 1.5 Crore to file details of outward supplies in FORM GSTR-1 on a quarterly basis and on monthly basis by taxpayers with annual aggregate turnover greater than Rs. 1.5 Crore. Further, GST Council has recommended to postpone the date of filing of Forms GSTR-2 and GSTR-3 for all normal tax payers, irrespective of turnover, till further announcements are made in this regard. All the returns are to be filed online. Returns can be filed using any of the following methods:

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

GST Suvidha Providers (GSPs). If a tax payer is already using the services of an ERP providers such as Tally, SAP, Oracle etc, there is a high likehood that these ERP providers would provide inbuilt solutions in the existing ERP systems. Following table lists the various types of returns under GST Law.

Following table lists the various types of returns under GST Law:

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* Registered persons having aggregate turnover of up to 1.5 Crore rupees in the preceding financial year or the current financial year shall furnish GSTR-1on a quarterly basis. Other Registered persons having aggregate turnover of more than 1.5 Crore rupees shall furnish these returns on a monthly basis. Filing of GSTR-2 and GSTR-3 has been postponed till a further announcement in this regard is made.

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 till 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: 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. Person paying tax under section 10 i.e. person opting for Composition Levy
  4. Person required to deduct tax at source i.e.person paying tax under section 51
  5. Person required to collect tax at source i.e.person paying tax under section 52

GSTR 2:  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. Person paying tax under section 10 i.e. person opting for Composition Levy
  4. Person required to deduct tax at source i.e. person paying tax under section 51.
  5. Person required to collect tax at source i.e. person paying tax under section 52

GSTR 3: Registered person shall be required to submit return in from GSTR-3, barring the following registered persons:

  1. Input service distributor
  2. Non-Resident  Taxable person
  3. Person paying tax under section 10 i.e. person opting for Composition Levy   iv.Person required to deduct tax at source i.e. person paying tax under section 51.   v.Person required to collect tax at source i.e. person paying tax under section 52

GSTR 4: Registered person paying tax under section 10 i.e. 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: Registered person required to deduct tax under section 51

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

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

Late filing:-

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. Missed returns cannot be filed in a subsequent month or quarter. Therefore late filing will have a cascading effect leading to heavy fines and penalty. Pursuant to the GST Act, late fees of Rs. 100 per day per return will be levied on companies in cases of late filing. This means total late fees of Rs. 200 per day (100 under CGST and 100 under SGST), subject to a maximum of Rs. 5,000 for a particular period. There are no late fees for IGST returns. The GST Council has waived late fees for GSTR-3B for July, August, and September. Any late fees paid for these months will be credited back to the company’s electronic cash ledger under ‘Tax’ and can be utilized to make future GST payments.

In addition, the GST Council reduced the fees for filing GSTR-3B and GSTR-4 returns after their due dates to:

  • Rs. 50 per day of delay in normal cases
  • Rs. 20 per day of delay for taxpayers having nil tax liability for the month

At Consultaxx, we do all kinds of gst returns starting from Rs.1500. If intrested please contact us through our e-mail or our contact no. our by visiting our office.

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