"GST registration is essential for legal business operations and unlocking tax benefits."
GST Return
Hey there! So, let’s break down this whole returns thing in a way that’s as chill as chatting over coffee. When it comes to GSR and GST returns, it’s basically about keeping things in check with taxes especially if you run a business or are involved in any transactions that involve goods and services. GSR, or Goods and Services Returns, typically involves reporting all your income related to the sales or services provided. This helps in ensuring everything’s transparent and on the books in case tax guys come knocking.
Now, GST Return, which stands for Goods and Services Tax Return, is part of the broader tax setup in places like India, Canada, Malaysia, and others where such taxes are applied. Filing these returns is super important because it keeps you compliant with the laws, helps you claim input tax credits, and avoids any unpleasant surprises like penalties later on for non-compliance. Plus, it’s kind of like taking care of hygiene – a bit of work upfront saves you a whole lot of trouble down the road! So, making sure you’re up to date with your returns also helps you keep your financial game strong and smooth-sailing.
Why GST Returns Important?
• Tax Compliance: Filing GST Returns helps ensure that a business adheres to GST regulations.
• Tax Collection and Payment: It enables businesses to accurately report their tax obligations and make timely payments.
• Input Tax Credit (ITC): GST Returns provide businesses the opportunity to claim input tax credits on qualifying purchases.
Types of GST Returns and Due Dates for Filing GST Returns
GSTR-1
Quarterly filing of GSTR-1
(If your annual turnover is up to Rs.5 crore, you can choose to file quarterly)
Due date – 13th of the month succeeding the quarter
Note: Taxpayers with a turnover of up to Rs.5 crore can submit their Business to Business (B2B) sales for the first two months of the quarter using the Invoice Furnishing Facility (IFF). The deadline for this will be the 13th of the following month. However, GSTR-1 must still be filed quarterly, and invoices already reported in the IFF do not need to be reported again.
Monthly Filing of GSTR-1:
(If your annual turnover exceeds Rs.5 crore, you are required to file monthly)
Due Date – 11th of the next month.
GSTR-3B
Is a monthly summary return that all taxpayers must file, with the exception of those registered under the composition scheme.
Quarterly filing of GSTR-3B:
(Those with an annual turnover of up to Rs.5 crore can choose to file quarterly)
Due Date – 22nd or 24th of the month succeeding the quarter.
Monthly filing of GSTR-3B:
(If your annual turnover exceeds Rs.5 crore, you are required to file monthly)
Due Date – 20th of the next month.
CMP-08
Statement-cum-challan for tax payment by a taxpayer registered under the composition scheme as per Section 10 of the CGST Act.
Due Date -The 18th of the month following the end of the quarter.
GSTR-4
During the 53rd GST Council meeting, it was announced that for the financial year 2024-25 and beyond, the due date will be 30th June of the following financial year. Therefore, the due date for GSTR-4 for FY 2024-25 is set for 30th June 2025.
GSTR-5
Summary of outward taxable supplies and the tax payable by non-resident taxable persons:
Due Date – 13th of the next month.
GSTR-5A
Summary of outward taxable supplies and the tax payable by a provider of Online Information and Database Access or Retrieval Services (OIDAR):
Due Date – 20th of the next month.
GSTR-6
Details regarding the Input Tax Credit (ITC) that is received and distributed by an Input Service Distributor (ISD):
Due Date – 13th of the next month.
GSTR-7
Summary of Tax Deducted at Source (TDS) and its deposit under GST laws:
Due Date – 10th of the next month.
GSTR-8
Summary of Tax Collected at Source (TCS) by E-Commerce operators under GST laws:
Due Date – 10th of the next month.
GSTR-9
GSTR-9 is the annual return that taxpayers must file. The deadline for submitting GSTR-9 for the financial year 2023-24 is 31st December, 2024, while the due date for GSTR-9 for the financial year 2024-25 is 31st December, 2025.
GSTR-9 C
GSTR-9C is the annual self-certified reconciliation statement that taxpayers with a turnover exceeding Rs. 5 crore must file. The deadline for submitting GSTR-9C for the financial year 2024-25 is 31st December, 2025.
GSTR-10
Final return to be submitted by a taxpayer whose GST registration has been cancelled.
Due Date – Within 3 months from the cancellation date or the date of the cancellation order, whichever comes later.
GSTR-11
Details of inward supplies must be provided by an individual with a UIN who is seeking a refund.
Due Date – 28th of the month after the month for which the statement is submitted.
How to Check GST Return Status?
You can track the status of your GST returns online using the following methods:
Tracking through ARN
To check the status using the Application Reference Number (ARN), follow these steps:
Step 1: Access the official GST portal and sign in.
Step 2: Navigate to 'Services' > 'Returns' > 'Track Return Status'.
Step 3: Input your ARN number.
Step 4: Click on the search option to view the status of your GST return application.
Tracking through GST Returns Filing Period
To track your GST return status by filing period, do the following:
Step 1: Access the official GST portal to log in.
Step 2: Go to 'Services' > 'Returns' > 'Track Return Status'.
Step 3: Select the GST Return Filing period and enter the relevant dates.
Step 4: Click 'Search' to check the status.
When Tracking Through the Status
To track using the taxpayer search option, follow these steps:
Step 1: Open the GST portal and select the search taxpayer option.
Step 2: Enter your GSTIN ID under the GSTIN/UIN option and complete the captcha code. Then click on search.
The Captcha Code will appear after you enter the GSTIN ID.
Once you have filled in all the details and submitted them, you will see the necessary information, including the company name, registration date, and GSTIN/UIN status, displayed on the screen.
How to Download GST Returns Online
To download your GST returns online, follow these steps:
Step 1: Log in to access the GST Portal.
Step 2: Click on ‘File GST Returns’.
Step 3: Select the period, specifying the year and month, then click on the ‘Search’ option.
Step 4: Click on ‘View GSTR 1’.
Step 5: Finally, select the ‘Preview’ option.
Late Fees for Failing to File Your Return on Tim
• Interest – Interest will be charge at the rate of 18% per annum.
• Late fees – Late fees will be charge Rs.100 per day for each act with a cap of Rs.5,000.
Please be aware that starting from the month or quarter ending in June 2021, the maximum late fee has been revised as follows –
(A) Taxpayers whose total central tax payable amounts to zero. - Rs.250
(B) Taxpayers with an annual aggregate turnover of up to Rs.1.5 crore in the previous financial year. - Rs.1,000
(C) Taxpayers whose total annual turnover was more than Rs.1.5 crore but not exceeding Rs.5 crore in the last financial year. - Rs.2,500.
Common Errors in GST Return Filing
• Mismatch in Invoice Details: – Errors in sales or purchase invoices can lead to discrepancies between GSTR-1 and GSTR-3B.
• ITC Issues: – ITC Issues: Reporting Input Tax Credit incorrectly or claiming ITC on expenses that aren't eligible.
• Late Filing: – Failing to submit returns by the due date.
• Data Entry Mistakes: – Incorrectly entering HSN/SAC codes, tax rates, or taxpayer information.
GST Refunds and Returns
• GST Refund: You can claim a refund for any excess tax paid or for tax paid on exports.
• Refund Process: To initiate a refund, submit a refund application, and it will be processed according to the returns you have filed.
- FAQ
1. Can I submit multiple GST returns at once?
You can submit multiple returns one at a time for each month, but you cannot merge returns for different months into a single filing.
2. Can I file GST returns without using digital signatures?
Digital signatures (DSC) are mandatory for businesses that are registered as companies or LLPs. Other taxpayers can use OTP verification through Aadhaar as an alternative.
3. Is it mandatory for businesses with no turnover to file GST returns?
Businesses that have no turnover are still obligated to file GST returns, typically nil returns, in order to keep their GST registration active.
4. How can I make a payment for GST?
GST payments can be made via the GST portal using several methods, including net banking, debit or credit cards, NEFT/RTGS, or in-person payments at authorized banks.
5. What should you do if there is an error in the return filed?
If there is an error, the taxpayer can correct the details in future returns or, in some instances, submit a correction. GST laws permit the rectification of errors in the next filing cycle.
6. Can GST Returns be amended?
Yes, GST Returns can be amended in certain situations:
• GSTR-1: You can amend it to fix any errors or omissions before the end of the following month.
• GSTR-3B : This can be revised in the next return, for instance, by using a credit note or debit note.
• GSTR-9 : Corrections can be made in the annual return that is filed in the next financial year.