GST Returns

Package Includes:

  • 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

  • What is GST Returns?

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:

  • Summary of Sales
  • Summary of Purchases
  • Details of GST collected and paid thereon

We at G K Legal Solutions will help you with periodical filing of GST Returns with ease and simplicity.

  • Types of Returns:

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:

  • Filing of GSTR 2 and GSTR 3 has been suspended till further notice.
  • At present only GSTR 1 and GSTR 3B is required to be filed.
  • GSTR 3B is the overall summary of outward supplies, Input Tax Credit and Net GST Liability which is to be filed on 20th of the following month.
  • The registered tax payers with expected turnover of Rs.1.5 crores or less can opt to file GSTR 1 on quarterly basis in case of monthly filing.
  • However, if the above compliances are not filed as per the due dates mentioned above the registered tax payer shall be liable to penalty and interest.
  • FAQ’s on GST Returns:

 

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.