Collection of data of sales and purchases on a monthly basis
Preparing Summary of the Sales and Purchases and final GST Liability
Confirmation with the client
Filing of the Return
GST Return Filing
After introduction and implementation of GST there has happened major restructuring in the tax regime of the country. Thus it has become mandatory for those who have registered under GST to follow the compliances after taking GST Registration. Compliances under GST includes filing of the GST Returns periodically.
Every person who is registered under GST is required to furnish periodically the following details:
We at G K Legal Solutions will help you with periodical filing of GST Returns with ease and simplicity.
There are different types of returns which are to be filed which depends upon the eligibility and criteria under which GST Registration is taken
|Types of Return||Particulars||Frequency||Due Date|
|GSTR 1||Outward Sales for Normal Tax payer||Monthly||10th of the following month|
|GSTR 2||Purchases for Normal tax payer||Monthly||15th of the following month|
|GSTR 3||Return stating the payment of tax for Normal Tax Payer||Monthly||20th of the following month|
|GSTR 4||Return for Composition tax Payers||Quarterly||18th of the following quarter|
|GSTR 5||Return for Non Resident Foreign tax payer||Monthly||20th of the following month|
|GSTR 6||Return for input Service distributor||Monthly||13th of the following month|
|GSTR 7||Returns for TDS||Monthly||10th of the following month|
|GSTR 8||Return for E Commerce Operator||Monthly||10th of the following month|
|GSTR 9||Annual return for Normal tax payer||Annually||31st of the next financial year|
|GSTR 9A||Annual return for Composition Dealer||Annually||31st of the next financial year|
The most commonly used GST returns are GSTR 1,2,3 and 4. However due to GST being a completely new concept the tax payers are finding it difficult to adjust with the new concept as such the authorities has given some relief to the tax payers as follows:
Who has to file GST Return?
GST Return has to be filed by every person registered under GST. Even if the registered person has not carried out any transactions in that case he is required to file NIL Return.
What is the Periodicity of Return filing?
Depending upon the registration and transactions the return is filed. If while registering the dealer has opted for composition, then in that case he is liable to file quarterly return. In other cases, monthly return is required to be filed.
What is CGST, SGST and IGST?
CGST is Central Goods and Service Tax levied by Central Government. SGST is State Goods and Service tax levied by State government and IGST is Integrated Goods and Service Tax levied by Central government in case of interstate Transaction.
What is the penalty if return is not filed as per the due date?
If the return is not filed within the due date the registered tax payer is liable to a penalty which shall be Rs.25 per day up to maximum of Rs.5000/-
Can the GST Return be revised?
No the GST Return cannot be revised. Any return filed which requires correction then it can be done in the return of next period in a separate section provided.