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 looks 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.
Before going into the process of GST filing, it is important to understand what GST return means for business owners and service providers. GST returns essentially stands for filing of all GST. Every individual who is covered under the GST Act must produce their income to the Tax Department of India. This is known as return and it includes details of every sale and purchase.
Under this system of taxation, concerned individuals must file their GST return 26 times in a year. While business owners have to go for goods and services tax filing two times every month, they must also file two additional time half-yearly. Before moving into the process of filing GST return, it is essential to understand a few additional things.
There are quite a few types of GST filing which have their specific forms. These forms are listed below in the chart.
|Form name||Applicable entrepreneurs||Date of filing|
|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 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, log 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 several information, including details of inwards and outward supplies instigated by an organisation. The data can be prepared offline and uploaded whenever there is internet connection available.
GST can be filed online using the software provided in Goods and Services Tax Network. Below are the steps required to file GST online.
Penalty in the form of late fee 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 up to 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.
Yes, taxpayers can change the frequency of filing returns when they file for the first time during one financial year. However, they are allowed this provision only once.
In document rejection, a supplier will receive intimidation only after the recipient files their return.
No. In this case, recipients will have to reject the documents to allow amendments on the supplier’s behalf.