Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers.

Every individual registered under the new regime of GST would need to file timely returns. Even if a legal entity has no ongoing activity, it must file returns as ‘GST nil returns’ to avoid GST compliance issues. Some of the benefits of GST return filing are;

BENEFITS OF GST RETURN FILING

Greater Tax Base

Lower taxes, subsuming of taxes

Ease of doing Business

Unified Platform

GST return is a document that consists of all the details of income/sales, expense/purchase of any tax-paying individual or company. One must file their GST return with the tax administrative authority, according to the GST return filing consultants. The net tax liability of a person is calculated by the tax authorities with a GST return. In the GST regime, any regular business with more than 5 crores of annual aggregate turnover is obliged to file 2 monthly returns and 1 annual return. This totals to about 26 GST return filings in a year. However, under the QRMP scheme, the number of GST filings may vary for quarterly GSTR-1 filers. For them, the number of return filings in a year is 9 (this also includes GSTR 3B and annual return). Special cases such as composition dealers have separate returns that need to be filed. They are required to file 5 GSTR return filings in a year.

Here is the list of all the GST returns to be filed (along with their due dates) as prescribed under the CGST Act:

● GSTR 1: It is to be filed by normal taxpayers. It is just a return to report the sales transactions, no tax is required to be paid through this return. GSTR1 for 2024 must be filed before the due dates of Jan 13th and April 18th for the quarters Oct-Dec and Jan-March respectively.

● GSTR 2: This contains the purchases made during the tax period and must be filed by all normal taxpayers registered under GST.

      – GSTR 2A: It contains all the data of inward supplies of goods and services. The data is auto-populated and is a read-only return.

      – GSTR 2B: It is a fixed statement and shall be generated on the 12th of every month. It is an auto-drafted ITC statement introduced by GSTN to simplify ITC claims for taxpayers.

● GSTR 3: GSTR 3 contains the details of all the outward supplies. It is auto-generated on the basis of GSTR-1 and GSTR-2.

      GSTR 3B: This contains summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. GSTR 3B Monthly Payment of tax for the first two months of the quarter should be made by the 25th of the next month.

● GSTR 4: GSTR 4 must be filed on annual basis by taxpayers who have opted for the Composition Scheme. It must be filed before April 30th of the next year.

● GSTR 5: This is to be filed by non-resident foreign taxpayers provided they are registered under GST and carry out transactions in India. The due date for filing GSTR-5 is within 20 days after the end of the calendar month or within 7 days after the validity of the period of registration, whichever is earlier.

● GSTR 6: This must be filed by Input Service Distributor. It contains details of all the documents issued for the distribution of input credit and the manner of distribution. The dues date for filing GSTR-6 is the 13th of the succeeding month.

● GSTR 7: This is to be filed by people required to deduct TDS under GST. It has information of TDS deducted, the TDS liability (payable and paid) and TDS refund claimed (if any). It must be filed before the 10th of the succeeding month.

● GSTR 8: This is to be filed by e-commerce operators who are required to collect TCS and are registered under GST. It contains information on all the supplies made through the E-commerce platform and the TCS collected on the same. GSTR-8 should be filed before 10 of the succeeding month.

● GSTR 9: This is an annual return filed by taxpayers registered under GST. It is a combination of all the monthly and quarterly returns filed during that year (GSTR-1, GSTR-2A and GSTR-3B)

      GSTR 9A: This is a consolidation of all the quarterly returns filed during the year.

      – GSTR 9B:  This is an annual return that contains details filed in GSTR 8.

      GSTR 9C: This is a reconciliation filed by all the taxpayers whose turnover has exceeded 5 crores in that financial year.

● GSTR 10: This is a final return filed by a taxable individual whose registration has been cancelled or surrendered. It must be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.

● GSTR 11: Required to be filed by a person who has been issued a Unique Identity Number (UIN), this return contains data of all the inward supplies received and claimed refund.

Working with GST return filing consultants will ease the compliance burden for SMEs, and they can focus more on their business rather than getting occupied in compliance procedures.

Late fee & Penalty for delayed GST return filing

Filing GSTR-3B is mandatory. Even if a business has no transactions during July, it will still have to file a nil return. Hiring Shah & Doshi as your GST return filing consultants to ensure prompt filing of GST returns without any delays, complications, or discrepancies. 

From June 2021 onwards, the late fees will be levied and capped as follows:

For nill tax liability, the penalty is ₹20 per day and maximum ₹500. For others the penalty is ₹ 50 per day and thee maximum charges may vary depending on the Annual Aggregate Turnover (AATO). The maximum penalty for AATO upto 1.5 crores is ₹2000, for AATO between 1.5 to 5 crores the charges are ₹5000 and ₹10000 for AATO above 5 crores.

Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filing to the date of payment.

In case of nil GSTR-3B filing, the maximum late fee charged will be Rs.500 per return (i.e Rs. 250/- each for CGST & SGST). The maximum penalty is Rs. 10,000 (if the turnover is more than 5 crores). There is no late fee on IGST.

Why Partner with Shah and Doshi for GST Return Filing? 

Shah and Doshi is a trusted name in business consultancy and registration services. Partnering with Shah and Doshi for GST return filing ensures a seamless and efficient compliance process. Our team of professionals possesses extensive knowledge of GST regulations, guaranteeing accurate and timely submissions. Shah and Doshi’s commitment to precision, combined with their proactive approach, minimizes the risk of errors and potential penalties. Clients benefit from personalized attention, as the firm tailors solutions to individual business needs. Based in Mumbai, we provide proficient Audit and Tax Consultancy services performed by a team of Chartered Accountants, Company Secretaries, Cost Accountants, System Auditors, and Management Graduates with extensive professional experience. The financial expert team at Shah and Doshi understands various business processes, identifies challenges, and works to present our valued clients with an ideal and practical solution. Along with GST return filing, we offer a wide range of services that includes various Incorporation, Registrations, ROC Compliances, Tax Compliances, LLP Registration, Audit services, GST Registration, Private Limited Company Registration, Retainership services, Assessment, Scrutiny and many more.  

Connect with us today to avail our GST return filing consultancy!

FAQ's

For calculating GST, there is a standard formula:

GST Amount = (Original Cost x GST Rate Percentage) / 100.

Net Price = Original Cost + GST Amount

GST is calculated for acquiring a net price. Net Price is the sum of the tax or GST amount and the original cost.

GST return filing is generally an online process. However, the recipient can file the GST returns offline too. At Shah and Doshi, chartered accountants, GST return filing consultants can help any individual with the process.

Here are the steps for the GST return filing process:

  • Step 1: Visit the GST portal (www.gst.gov.in)
  • Step 2: A 15-digit number will then be issued based on the state code and PAN number.
  • Step 3: Upload every invoice you possess; a reference number is issued against every invoice.
  • Step 4: File the inward and outward returns and cumulative monthly returns. Note – all the errors are correctable.
  • Step 5: Using the information section in the GST Portal, file the outward supply returns of GSTR-1 before or on the 10th of the month.
  • Step 6: The recipient will obtain the outward supplies furnished by the supplier via GSTR-2A.
  • Step 7: After obtaining the outward supplies, the recipient has to complete the verification process for the outward supplies and file details of debit or credit notes.
  • Step 8: Provide the details of the inward supplies for the goods and services in the GSTR-2 form.
  • Step 9: The supplier can reject or accept the details provided regarding the inward supplies made apparent in the GSTR-1A.

The tax applicable to the value-added goods and services at each stage in a supply chain is known as GST. The 4 fundamental types of GST are SGST (State Goods and Services Tax), UTGST (Union Territory Goods and Services Tax), IGST (Integrated Goods and Services Tax), and CGST (Central Goods and Services Tax). The rate of taxation under each type of GST at the buyer’s end is different.

The GST return filing frequency of some GST returns may differ if the taxpayer opts for the monthly payment of taxes and quarterly GST return filing.

  • GSTR-5 – To be filed by the registered non-resident taxable person for the time period they carry out business transactions in India by the 20th of every month under GSTIN.
  • GSTR-6 – To be filed by the 13th of every month by an Input service distributor (ISD).
  • GSTR-7 – To be filed by individuals who require to deduct TDS (Tax deducted at source) under GST by the 10th of every month.
  • GSTR-8 – To be filed by e-commerce operators under GST, who must collect tax at source by the 10th of every month.

QRMP (Quarterly returns with monthly payment) scheme is for all eligible taxpayers to file their returns via form GSTR-3B and form GSTR-1 quarterly and file their returns through a challan on a monthly basis. A business with a turnover of up to Rs. 5 crores in the preceding year can do the GST return filing quarterly. The taxpayer can choose to file on a monthly basis using form PMT-06.

Every GST-registered business must file quarterly, or monthly GST returns and an annual GST return based on the type of business. According to the current taxation system, one must complete the process of GST return filing 26 times a year, whereas business owners have to file GST twice every month and twice half-yearly.

Every entity with GST registration must file a GST annual return, irrespective of their business sales, activity, or profitability, during the GST return filing period. Every GST-registered entity whose aggregate turnover is above 2 crores during the financial year is eligible for GST annual return via forms GSTR-9C and GSTR-9 for GST annual return.

The primary GST slabs for all regular taxpayers are currently distinguished at 0%, 5%, 12%, 18% & 28%, with every slab varying for different types of goods and services. GST rates such as 3% and 0.25% are some lesser-used rates. Composition-taxable persons must pay GST at nominal or lower rates (5% or 6%, or 1.5%) on their turnover. The rates of TCS and TDS are 1% and 2%, respectively.

All the dealers and business owners, businesses registered under the composition scheme, and regular businesses complete the process for GST return filing according to the nature of their business and business transactions. GST return filing consultants are a big help for all business entities to complete this procedure.