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Introduction

GST Return Filing has been done by those who have GST registration and falls under the ambit of the same. Thousands of businesses get registered under GST every year. Depending on the type of business, the GST registered businesses are required to file their monthly, quarterly and annual business returns. The GST Return Filing can be done online via the GST portal; as per the government updates till 31st May 2024, 90.34% of taxpayers prefer to file GST returns online. A GST return is a document that a taxpayer is required to file with the tax authorities. This includes detailing all income, sales, purchases, and tax paid or collected on sales under GST. Filing of GST Returns is a critical compliance requirement for businesses registered under the GST regime.

Understanding of GST Return Filing in India

The document that consists of all the details of expenses/purchases and/or income/sales which is required by a GST registered taxpayer to file with the administrative authorities is called a GST Return Filing. The GST returns are used by the tax authority for calculating the net tax liability.


There are fourteen types of GST Return Filing, but none of them apply to all taxpayers. The type of GST returns filed by a taxpayer depends on the type of taxpayer or the type of registration obtained by the taxpayer.


Other than the Filing of GST Returns, certain input tax credit statements are available to the taxpayers, such as GSTR-2A, which is dynamic and GSTR-2B, which is static. IFF or Invoice Furnishing Facilities are available to those small taxpayers who are registered under the QRMP scheme to furnish the sales of their B2B(Business to Business) for the two initial months of the quarter. Small taxpayers still have to pay taxes every month using the PMT-06 form.

What are the Benefits of GST Return Filing?

Given below are certain types of benefits due to which GST Return Filing is beneficial:


  • Legal Compliance
    As per the GST laws of India, GST Return Filing is not something which is directory in nature. It is one of the mandatory requirements which one needs to fulfill. Hence filing of GST return helps in complying with the law.
  • Avoid Penalties
    As mentioned in the above step, GST Return Filing is mandatory under the GST laws of India, hence there are penalties for not complying with the same. Therefore in order to avoid such penalties it is really crucial to file a GST return timely.
  • Availability of Input Tax Credit
    Only after the Filing of GST Return, Input Tax Credit can be claimed, hence for the availability of the Input Tax Credit it is important to file GST returns in a timely manner.

Who Needs to File GST Returns?

The table below explains who needs to do GST Return Filing, how often they need to file them each year, and which specific types of filings they are required to submit:


Taxpayer Category No. of GST Return Filing per Year Type of GST Return Filing
Businesses with turnover > Rs. 5 crore 25 times Monthly: GSTR-1 and GSTR-3B Annual: GSTR-9
Businesses with turnover ≤ Rs. 5 crore (QRMP) 9 times Quarterly: GSTR-1 and GSTR-3B Annual: GSTR-9
Composition Dealers 5 times Quarterly: CMP-08 (Statement-cum-challan)
Annual: GSTR-4

Types of GST Return Filing, Due Dates and Penalties

In the table given below, different types of GST Return Filing have been mentioned with their GST Return Filing due date and penalties if such filing of GST return will not be done before the GST filing last date:


GST Return Explanation GST Due DateS Penalties for Non Filings
GSTR-1 Monthly or quarterly return for outward supplies. 11th of the next month Late fee of Rs. 50 per day
GSTR-2A Auto-generated return for inward supplies. N/A (Auto-generated for recipients) N/A
GSTR-3B Summary return of monthly transactions. 20th of the next month Late fee of Rs. 50 per day
GSTR-4 Quarterly return for composition dealers. 18th of the month succeeding the quarter Late fee of Rs. 200 per day
GSTR-5 Return for non-resident foreign taxpayers. 20th of the next month Late fee of Rs. 200 per day
GSTR-6 Return for input service distributors (ISD). 13th of the next month Late fee of Rs. 200 per day
GSTR-7 Tax Deducted at Source Return (TDS). 10th of the next month Late fee of Rs. 200 per day
GSTR-8 Return for tax collected at source (TCS). 10th of the next month Late fee of Rs. 200 per day
GSTR-9 Annual return consolidating monthly/quarterly returns. 31st December of next financial year Late fee of Rs. 200 per day
GSTR-9A Annual return for composition dealers. 31st December of next financial year Late fee of Rs. 200 per day
GSTR-9C Reconciliation statement along with GSTR-9 for taxpayers above Rs. 2 crore turnover. 31st December of next financial year Late fee of Rs. 200 per day
GSTR-10 Final return for taxpayers whose registration is cancelled or surrendered. Within 3 months of cancellation/surrender Late fee of Rs. 200 per day
GSTR-11 Return for inward supplies by UIN holders. 28th of the month succeeding the quarter Late fee of Rs. 200 per day
CMP-08 Quarterly statement-cum-challan for composition dealers. 18th of the month succeeding the quarter Late fee of Rs. 200 per day

Step-by-Step GST Return Filing Process

Follow the steps of GST Return Filing Process in order to file GST Return online in India under the GST Laws:


Step1: Login to the GST Portal

The very first step towards GST Return Filing is to login on the goods and services official government portal with the help of the credential created by the applicant during the registration of GST.


Step2: Go to the Services Option

After login on the GST portal, now go to the “Services” option. There you will find the option of “Returns”, click on the same and then choose “Return Dashboard”.


Step3: File Returns

On this third step you need to select the return which you want to file. Accordinging you need to prepare the return application. Also this step gives you two options: either you can go for the online application or offline.


Step4: Provide Details and Submit the Application

This is the most crucial step of GST Return Filing, as on this step you need to fill all the required details. Once you fill in all the details make sure to check them once again. Next you need to save the GST Return Filing form and submit it. After submitting the application make sure to check the status of the application and it must be shown as “submitted”.


Step5: Payment of Tax

Once your return has been submitted, click on 'Payment of Tax.' Then, choose the 'Check Balance' option. The balance shown will tell you how much credit and cash you have.

Time Taken in GST Return Filing

As per the different business requirements, different GST Return Filing has been done and accordingly time may vary. But mostly in all situations it will be done in 1-2 days only.

Why Choose Bizfoc?

Bizfoc is an accounting firm which has experience in their respective field. They have been in the market since last 10 years which makes them experts in their respective field. If you want to file your GST returns smoothly without any issue, make sure to choose us. We have many GST professionals working in our firm who will make your work easy as well as less time consuming.

Conclusion

The timely GST Return Filing stands as a very important procedure to further avoid any penalties as it requires verification which is to be followed by the reconciliation and the methods of submission which is made for the record-keeping. Thus it plays a vital role towards the management of tax returns towards any taxpayer.

Frequently Asked Questions

It is a document that a taxpayer is required to file with the tax authorities, detailing all income, sales, purchases, and tax paid or collected on sales under GST.

A GST-registered dealer must file their GST returns that include details of purchases, sales, output GST (on sales) and input tax credit (GST paid on purchase) through online GST portal by following the simple procedure above.

To file a Nil GST return, log in to the official portal of the GST and then choose the option to file a Nil return for the applicable tax period.

To file GST Return online, log in to the GST portal, navigate to 'Services' > 'Returns' > 'File Returns,' and follow the instructions for your applicable tax period.

Sales transactions are typically filed in the GSTR-1 GST return.

No, you cannot cancel GST Registration without filing returns.

To check GST Return Filing Status, use the "Search Taxpayer" functionality on the GST portal and view their filed returns.

GST return should be filed monthly, quarterly, or annually based on the taxpayer's turnover.

Businesses and professionals who fall under the threshold limit for filing GST Returns must file the same timely.

GST return due date varies depending on the kind of return and taxpayer category. The GST return filing dates are usually the 20th of the next month for monthly filers and the last day of the month following the end of the quarter for quarterly filers.

All registered taxpayers under GST in India are required to file GSTR-1, which is a monthly or quarterly return that includes details of outward supplies.

For filing GST returns, a software called Clear GST can be used as this makes it possible to import data from different ERP systems such as Tally, custom Excel, Busy, etc.

In special cases like that of composition dealers, separate statements/returns exist, which are required to be filed in which the GST return filings are of four statement-cum-challans in CMP and one annual return of GSTR-4 which counts to a total of five filings each year.

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