The Goods and Services Tax (GST) was introduced in 2017 to streamline the collection of indirect taxes in the country. All registrants are required to file monthly, quarterly and annual returns under the new GST regime. A GST returns is basically a record detailing all of a seller’s income, sales, expenses and purchases.
Under GST, a registered trader must file her GST return.
This includes:
Purchase
Sale
Output GST (on sale)
Input tax credit (GST paid)
Check out Clear GST software that allows you to import data from multiple ERP systems such as Tally, Busy and custom Excel to file your GST returns or returns. Tally users can also send data and files directly from their desktop client. Who Needs to File a GST Return?
Ordinary legal entities (and taxpayers who have not opted for the QRMP plan) with an annual gross turnover of more than INR 500 crore are required to file two monthly returns and one annual return under the GST scheme. I have. This results in 25 returns per year.
The QRMP plan allows taxpayers with incomes up to Rs 500 crore to file returns. Each year, QRMP applicants are required to submit 4 of her GSTR-1 forms and 3 of her GSTR-3B forms, as well as 9 of her GSTR files, including an annual return. Note that even if QRMP applicants file their returns quarterly, they still have to pay the tax monthly.
How many GST returns are there?
There are 13 returns under GST. GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, ITC- 04 are these documents. However, not all outcomes apply to all taxpayers. Depending on the type of taxpayer/type of registration obtained, the taxpayer will file a return.
A self-certified reconciliation by Form GSTR-9C must also be submitted by an eligible taxpayer defined as one whose turnover exceeds her Rs.50000000.
In addition to her GST return to file (static), the taxpayer has an Input Tax Credit Certificate GSTR-2A (dynamic) and her GSTR-2B available. A small taxpayer enrolled in the QRMP program can also use the Invoicing Facility (IFF) to submit her business-to-business (B2B) sales for the first two months of the quarter. These small taxpayers are required to file a PMT-06 form each month to pay their taxes.
How do I file my GST return online?
Step 1:
Go to www.gst.gov.in, the official GST portal, and log in with your credentials.
Step 2:
Then select Services from the menu, select Returns Dashboard, and enter your fiscal year and returns period in the appropriate fields.
Step 3:
Once you’ve selected the type of tax return you’re submitting, click Prepare online.
Step 4:
Enter all the required information, including the total amount and any applicable late charges, and click Save. A success message appears on the screen. Step 5:
To finish submitting your return, click the Submit button at the bottom of the page.
Step 6:
Once the return status changes to “Submitted”, click “Pay”.
Step 7:
To check your cash and balance before you actually pay your taxes, select the Check balance option.
Step 8:
Here you need to enter the amount deducted from the total available balance of your account that you want to use to pay your tax liability. To make a payment, click Set-Off Liability. Click OK when the confirmation appears on the screen.
Step 9:
Finally, select the authorised signer from the dropdown list and check the box next to the statement. To submit a GST payment, select Submit form with DSC or Submit form with EVC, then select Continue.
Penalties for late filing of GST returns:
If the taxpayer does not file the return by the deadline, a fine will be imposed. Late Charge is the name of this fine. The Central Goods and Services Tax (CGST) and State Goods and Services Tax late fees are Rs 100 per day under the GST Act (SGST). As a result, the daily charge will be Rs. 200. This rate is subject to adjustments announced in notice. The maximum fine that can be imposed is Rs. 5,000. Late filing of the return will not incur late fees for his consolidated GST or IGST. In addition to late fees, taxpayers must pay interest at an annual rate of 18%.
Late fees are a type of penalty for late filing. It costs Rs. 100 per Act per day to be late. So, 100 is covered by CGST and 100 is covered by SGST. The daily sum will be Rs. 200. The top amount is 5,000 rupees. In the event of a delayed filing, there is no late fee for IGST.
Interest at a rate of 18% per year must be paid in addition to the late fee. The taxpayer must compute it based on the amount of tax due. From the day after filing until the day of payment, there will be a grace period.
Subsequent returns cannot be filed if no GST return has been filed. For instance, if the August GSTR-2 return is not filed, the September GSTR-3 return and any subsequent September returns cannot be filed either. As a result, late GST return filing will have a cascading effect and result in significant fines and penalties (see below).