Implementation of GST is one of the greatest tax reforms bought by the country. Goods and Service Tax is a combined tax levied upon the supply of goods and services and replaces all other taxes such as VAT, Central Service Tax, State VAT, Purchase Tax, etc. Be it a trader, supplier, or manufacturer one needs to file GST Returns.
If you are wondering how to file GST Returns and how many times you should file them don’t bother as we will answer all of your queries on this page. We jotted down the Documents Required, Step by Step Guide on How to file GST Returns Online, GST Late Return Filing Penalty, etc.
- What are GST Returns?
- Who Should File GST Returns?
- How to File GST Returns?
- GST Payment Due Dates | GST Annual Return Filing Due Date for Year 20-21
- Documents Required for GST Return Filing
- Types of GST Returns Forms
- Penalty for Late GST Return Filing
- FAQs on GST Return Filing
GST Return is a document that includes the details of all income/expense/purchase/ sales a taxpayer needs to file with the respective tax authorities. Usually, Tax Authorities use these GST returns to calculate the net tax liability.
As per the GST Regime, any business having more than Rs. 5 Crore Annual Turnover should file monthly returns as well as one annual return. GSTR Filing Numbers vary according to their business levels.
Follow the simple steps provided below to file GST Returns Online. They are listed as follows
- Before, filing GST Returns make sure you are registered under GST and have 15 Digit GSTIN based on PAN Card, State Code. If you don’t have the GST Identification Number register yourself and get it.
- Click on Services Button and then Click on Returns Dashboard.
- Fill the Financial Year and Return Filing Period from the dropdown menu available.
- Choose the return you want to file and click on Prepare Online.
- Fill up the necessary details such as amount, late fee if any applicable.
- Once you fill-up the required details click on the save button and you will see a message of success displayed on the screen.
- Click on Submit Button at the end of the page and file the return.
- Once your return status changes to submitted you can scroll down and click on the payment of tax. Later, click on check balance to know the cash and credit balance. Later, to clear your liabilities you can mention the amount of credit you want to use from the already available credit. After that, click on Offset Liability to make a payment. On getting the confirmation click on Ok
- At last, check the box against the declaration and choose the authorized signatory from the dropdown. Then click on the file form with either DSC or EVC and then proceed. Complete the Payment in the next step for the respective GST.
Make Payment for GST Online through NEFT Transfer or Net Banking or Echallan in Banks. Generate your Challan via Dashboard and then complete the Payment. Thus, in order to make GST Payments, you need to have an Online Internet Banking Account. While Filing the GSTR 3B you need to complete the payment in a month advance before you file.
Important GST Filing Due Dates: Click Here to Download
You need to follow a set of standard guidelines while filing the GST Returns. They are as follows
- Prepare each Invoice adhering to the GST Law
- Keep a track of records either online or offline.
- In addition, keep a record of invoices in the GST Filing Software or else go with simple excel sheets.
GSTR1: Registered Taxable Suppliers have to list the details of all Outward Supplies of Taxable Goods and Services.
GSTR2: Registered Taxable Recipients should list out the details of all inward supplies of taxable goods and services.
GSTR-3: This form is automatically filled depending on the outward and inward supplies and on the tax furnished in GSTR-1 and GSTR-2.
GSTR-4: It includes the details of outward supplies, tax payment, and tax payable, etc.
GSTR-5: It contains the details of outward supplies, input tax, tax paid, and leftover stock and needs to be filed by the non-resident taxable person.
GSTR-6: It includes details of return for input service distributor and is filed by the input service distributor.
GSTR-7: It contains the tax deduction details.
GSTR-8: It has details of all the supplies made through the e-commerce operators and the tax amounts collected.
GSTR-9: Registered Table Person files the Annual Return.
GSTR-10: It has details regarding the Final Return filed by the taxable person who has canceled, surrendered within three months of cancellation, or surrender.
GSTR-11: A person who is having a Unique Identification Number should list out the details of Inward Supplies.
GSTR-3B: Includes the details of the taxable supply of goods and services. You need not provide the invoice level information in this form. List out total values for each field and that’s enough.
You may also Read: GST Registration
Filing Returns is mandatory even in case of no transaction. In such a case, you need to file a Nil Return. Here are some of the key points to be considered
- You can’t file returns if you missed the previous month/quarter’s return
- Thus, late filing of GST returns will lead to heavy fines and penalties.
- Interest is 18% per Annum i.e. it is levied on the outstanding tax amount to be paid. The time period is calculated from the next day of filing due date to the payment time.
- According to the CGST Act, the late fee is Rs. 100/- per day per Act i.e. Rs. 100 for CGST and Rs. 100 for SGST. Thus, the total would be Rs. 200/-. The maximum tax that can be levied is Rs. 5000/-. However, the late fee is not separately mentioned in the IGST Act.
1. Is it Compulsory to file GST Returns?
Yes, Filing of Returns is mandatory. Even if you don’t have any transactions you need to file a NIL return.
2. When Should we file GST Returns?
As per the GST Regime, any regular business having a turnover of more than 5 crores should file GST Returns.
3. How do I file my GST Returns Online?
You can file the GST Returns Online by simply visiting the official GST Portal i.e. www.gst.gov.in and filling in the required info. To know more about the GST Return Filing Process check out the detailed steps listed above.
4. How do I file GST every month?
You can file the GST every month by submitting the forms GSTR-1 or GSTR-3B.