GST or Goods and Services Tax, replaced the numerous different taxes which were levied by Central and State governments on different products or services. While it was enforced in 2017, the GST Act was passed in the year 2019.
This taxation system intends to streamline the numerous taxes levied on products, making it simple for the taxpayers, their collectors, etc. Additionally, it also makes tax filing easy since taxpayers have to file for just one tax.
A GST Return is a legal document persisting GST invoices, receipts, payments, etc., of a certain period. It is a collection of all the details of income, sales, expenses, and purchases of a GST-registered taxpayer.
The main parts of a GST return include-
All businesses registered under the Goods and Service Tax (GST) are liable to file GST returns monthly, quarterly, and annually on the basis of the business. While filing the GST return, it is mandatory to provide the respective details about the sales or purchases of the goods and services together with the amount of tax that is collected and paid.
For filing the GST returns, one has to file 4 forms that may include the returns for the purchases made, returns for the supplies, monthly/annual returns, etc.
The government has made GST return filing in India compulsory for all such entities that carry a legit GST registration.
GST can be filed online using the software provided by the Goods and Services Tax Network. Below are the steps required to file GST online.
There are quite a few types of GST filing which have their specific forms. These forms are listed below in the chart with the due dates for filing the GST returns-
|Form Name||Applicable Entrepreneurs||GST Filing Dates|
|GSTR-1||Taxable suppliers to file outward supplies.||10th of next month|
|GSTR-2||Taxable recipients to file inward supplies to claim tax credit.||15th of next month|
|GSTR-3||Taxable individuals file monthly returns based on finalisation of outward and inward supplies along with tax amount payment.||20th of next month|
|GSTR-4||Composition suppliers to file quarterly returns.||18th of next month|
|GSTR-5||NRIs who are taxable.||20th of next month|
|GSTR-6||Input service distributor to file for return.||13th of next month|
|GSTR-7||Authorities conducting TDs to file return.||10th of next month|
|GSTR-8||Tax collectors and e-commerce operators to file supply details and tax collection detail.||10th of next month|
|GSTR-9||Taxable individuals to file return.||31st December of next year|
|GSTR-10||Taxable individuals with cancelled registration to file final return.||Within 3 months of cancellation of order|
|GSTR-11||Individuals with UIN refund claims to file inward supply detail.||28th of the month following the month for a statement was filed|
While the table above explains who the forms for GST e-filing are meant for, along with their submission date, it is also important to know the details to be filled in the form.
Suppliers must validate the auto-generated purchase information of their outward supply of goods and services. The form contains the following details.
Taxable recipients have to provide the following detail in this form during their GST filing.
Taxpayers filing this form already have their details electronically updated along with forms GSTR-1 and 2. Taxpayers must check and verify the above forms as and when necessary, and also provide the details underneath.
Businesses with a turnover up to Rs.75 lakh can opt for Composition Scheme and go for GST filing with GSTR-4 form. They pay tax at fixed rates based on their business type. While they do not have a tax credit facility, they must also provide the following details.
NRIs must provide the following information while filing this form.
Input Service Distributors must provide the following details when they are completing their GST filing process. Some details are already electronically updated via forms GSTR-1 and 5.
Taxpayers who have deducted tax at source must provide the following details in their form. The TDS liability is generated automatically. The Electronic Cash Ledger refunds will be auto-generated.
E-commerce operators must provide the following details in their GST filing with form GSTR-8.
Filed by normal taxpayers, it contains both income and expenditure details. It is compiled and assorted with monthly returns. Filing this must accompany audited copies of annual accounts, and taxpayers can amend the previous return filings if necessary.
To be filed on cancellation of GST, taxpayers must provide the following details while their GST filing with this form.
Every individual registered under GST with their UIN (Unique Identity Number) must file this form. This is used to claim a refund of excess taxes paid in inward supplies.
GSTN, or Goods and Services Tax Network, is an online portal containing all the details of sellers and buyers registered under GST’s regulation. Businesses and taxpayers can access these details from the GSTN for filing their returns, logging invoice data, etc.
Companies have to file a total of 37 returns, one annual return and 3 monthly returns (once every 3 months) during a financial year. These contain information, including details of inward and outward supplies instigated by an organisation. The data can be prepared offline and uploaded whenever there is an internet connection available.
The following ways can be used to track GST returns status online-
Here are the steps to check the status through the Application Reference Number (ARN)-
Step 1: Open the official GST portal and log in.
Step 2: Click 'Services' > 'Returns' > 'Track Return status'.
Step 3: Enter the ARN number.
Step 4: Click on the search option to view the GST return application status.
Step 1: Log in to the official GST portal.
Step 2: Click on 'Services' > 'Returns' > 'Track Return Status'.
Step 3: Click on the GST Return Filing period and enter the dates.
Step 4: Click on the 'Search' to check the status.
Step 1: Open the GST portal and choose the search taxpayer option.
Step 2: Under the GSTIN/UIN option, enter GSTIN ID and fill out the captcha code. Click on the search. Note the Captcha Code will appear once you have entered the GSTIN ID.
After filling out all the details and submitting them, the required details, such as company name, registration date, and GSTIN/UIN status, will be displayed on the screen.
Follow the steps listed below to download the GST returns online-
Step 1: Log in to the GST Portal.
Step 2: Click on ‘File GST Returns'.
Step 3: Choose the period, i.e. the year and month and then click on the ‘Search’ option.
Step 4: Click on ‘View GSTR 1’
Step 5: Next, choose the ‘Preview’ option.
Penalty in the form of late fees will be levied on taxpayers if they fail to file their GST return on time. A total of Rs.200 (Rs.100 as CGST and Rs.100 as SGST) is charged per day, which can go as high as Rs.5000. However, this rate may change depending on present regulations. The time period will be calculated from the day after the final deadline till the day the complete payment is made.
Integrated Goods and Services Tax does not attract any late fee, although the taxpayer will be required to pay an additional 18% interest in addition to the late fee.
Read more on GST Late Fees
Every taxpayer should be well aware of the process of GST filing. It will help them abide by the latest regulations of Goods and Services Tax at all times.