What is GST Return?Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.
Steps for filing GST return: GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are:
- Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
- Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
- Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
- Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.
GST return filing process
Advantages of Filing GST return with us
Easy HSN/ SAC Code Finder
Handle Mulitple GSTINS
Define User Access Rights
Import Data From ERP
Types of returns under GST
Frequently Asked Questions
1Who has to file GST Return?
Every entity registered under GST will have to file a GST Return. A Nil return has to be filed even if no purchase-sales activities have been carried out during the return period.
2What is the periodicity of filing return?
Depending on the type of registration and transactions different periods have been specified. Monthly Return has to be filed by Regular taxpayers, Foreign Non-Residents, Input Service Distributor, Tax Deductors and E-commerce Operators whereas Composition taxpayers will have to file a quarterly return. There is also an additional Annual GST Return apart from this.
3What if i do not file the return on time?
If the return is not filed within the due date then the taxpayer is penalized with a late fee of Rs. 100 per day up to a maximum of Rs. 5000/-.
4Do different return forms have to be filed for CGST,SGST,IGST?
No, the return forms are common for CGST, SGST, and IGST. A separate column is available for each of them in the same form and will be filled depending on Intra-state or Inter-state supply.