Online Goods and Service tax Returns- Online GST Returns

Overview & Concept

What is GST Return ?

GST Return Form is a document containing details of all purchases, sales, output GST (on sales) and input tax credit (GST paid on purchases) to calculate an assessee’s GST liability for a particular tax period. Currently GST returns can be filed either on monthly, quarterly or annually depending on various applicable factors.

Goods and services tax is an indirect tax applicable from July 1st, 2017 across India. Under the GST returns, the taxpayers running their firms and business across India, whether it is interstate or intrastate, they are liable to file for GST return as prescribed by the GST council and indirect tax department. GST return is the filing of taxes through GSTR forms according to the slabs and eligibility criteria.

The GST return filing process has to be done electronically in the GST portal. A facility has to be offered for the manual process of GST return filing tasks. This facility helps the business taxpayer in India to prepare the return offline and then upload it on GSTN through the facilitation center.

Who has to file GST Return ?

Every Registered business are required to file 2 monthly returns and 1 annual return, for a total of 26 returns in a year.Entities have to file the GSTR-3B return every month providing details of sales and purchases made in a month. In addition to the GSTR-3B return, businesses registered under GST must file GSTR-1 returns. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST returns should be filed every quarter.

Types of GST Return

 

 

What are GST Late Filing Penalties ?

The Penalties and cancellation of the GST registration will result if an entity fails to file GST returns on due dates. In-case of non-filing for more than six months consecutively, the establishment would be unable to obtain another registration in addition to cancellation- until all the penalties are paid back in full. NIL returns must be filed in case of no turnover and failure to do so will result in a penalty of Rs. 20 per day (Amended by Govt). Businesses will be levied with a penalty of Rs. 50 per day for the period of late-filing. A penalty of Rs. 50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return. In addition to the late filing fees, the entity would also have to pay interest at the rate of 18% on GST payment.

*Note : The waiver and amendments to late filing panelties are duly notified by GST Department time to time

 

Process of GST Return Filings

• Preperation of  GST computation sheet with our GST team
• Login using the state code and Permanent Account Number, a 15-digit GST identification number will be issued after data verification.
• Our team will Upload the invoices will generate a unique invoice reference number, after which a taxpayer will be able to file outwards and inwards return, as well as cumulative monthly returns.
• After successful filing of the same, taxpayers will be liable to file outward supply returns in GSTR-1 Form. They will have to submit the relevant information before the 10th of the subsequent month. Details of the outwards supplies furnished by the supplier will be available in the GSTR-2A form.
• The assessee will have to submit details of inward supplies of all taxable good and services in From GSTR-2.

 

FAQs