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Everything You Need to Know About GST Returns: Filing, Deadlines, and Types

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December 1, 2024 0Comments

If you’re a business owner in India, understanding and filing GST returns is crucial for staying compliant with the Goods and Services Tax (GST) regime. As per GST guidelines, all registered businesses are required to file GST returns on a regular basis. In this blog, we’ll guide you through what GST returns are, who should file them, the types of GST returns, due dates, and penalties for late filings.

What is a GST Return?

A GST return is a document that contains all the details of income, sales, expenses, and purchases made by a GST-registered taxpayer. These returns are submitted to the tax authorities and are used to calculate the net tax liability. The data submitted in the returns helps determine how much tax the business owes to the government.

The key components of a GST return include:

  • Purchases
  • Sales
  • Output GST (GST collected on sales)
  • Input Tax Credit (ITC) (GST paid on purchases)

By filing GST returns, businesses ensure they remain compliant with GST laws and avoid penalties.

Who Should File GST Returns?

Under the GST system, every registered taxpayer must file returns. However, the filing frequency depends on the business’s annual turnover:

  1. Businesses with turnover above Rs. 5 crore: These businesses must file GST returns on a monthly basis.
  2. Businesses with turnover below Rs. 5 crore: These businesses can opt for the Quarterly Return Monthly Payment (QRMP) scheme, where they file returns on a quarterly basis but still pay taxes monthly.
  3. Composition Scheme Taxpayers: Businesses that choose the Composition Scheme must file a quarterly return, along with a statement-cum-challan for tax payment.

If you’re unsure about the type of return your business needs to file, we can assist you with a tailored solution.

Types of GST Returns

There are 13 types of GST returns under the GST regime, but not all returns apply to every taxpayer. Here’s a list of the different returns and their applicability:

  1. GSTR-1: Details of outward supplies (sales)
    • Due date: 11th of the next month (Monthly filing). Quarterly filing due on the 13th of the following month.
  2. GSTR-3B: Summary return for outward supplies and ITC claims, with payment of tax.
    • Due date: 20th of the next month (Monthly filing). Quarterly filings due on 22nd or 24th of the following month.
  3. GSTR-4: For composition scheme taxpayers.
    • Due date: Annually, by 30th of the month succeeding the financial year.
  4. GSTR-5: For non-resident taxable persons.
    • Due date: 13th of the next month.
  5. GSTR-5A: For non-resident OIDAR (Online Information and Database Access or Retrieval) service providers.
    • Due date: 20th of the next month.
  6. GSTR-6: For input service distributors.
    • Due date: 13th of the next month.
  7. GSTR-7: For taxpayers deducting tax at source (TDS).
    • Due date: 10th of the next month.
  8. GSTR-8: For e-commerce operators collecting tax at source (TCS).
    • Due date: 10th of the next month.
  9. GSTR-9: Annual return for regular taxpayers.
    • Due date: 31st December of the next financial year.
  10. GSTR-9C: Reconciliation statement for businesses with turnover exceeding Rs. 5 crore.
    • Due date: 31st December of the next financial year.
  11. GSTR-10: Final return for taxpayers whose registration has been canceled.
    • Due date: Within three months of cancellation.
  12. GSTR-11: Details of inward supplies by persons with Unique Identification Number (UIN) claiming a refund.
    • Due date: 28th of the month following the month of filing.
  13. ITC-04: Statement of goods sent/received from a job worker.
    • Due date: 25th April (for businesses with turnover up to Rs. 5 crore); Half-yearly filing for those exceeding Rs. 5 crore.

Each return has a specific due date, and missing these deadlines can attract penalties.

GST Filing Deadlines

GST returns are generally filed either monthly or quarterly, depending on the turnover and scheme opted by the taxpayer. Below are some upcoming deadlines for common GST returns for FY 2024-25:

  • GSTR-1:
    Monthly filing – 11th of the next month
    Quarterly filing – 13th of the next month
  • GSTR-3B:
    Monthly filing – 20th of the next month
    Quarterly filing – 22nd or 24th of the next month
  • GSTR-4:
    Annually, by 30th of the month following the financial year.
  • GSTR-5:
    Monthly, by the 13th of the next month.
  • GSTR-6:
    Monthly, by the 13th of the next month.
  • GSTR-7:
    Monthly, by the 10th of the next month.
  • GSTR-8:
    Monthly, by the 10th of the next month.

It’s essential to stay on top of these deadlines to avoid penalties and interest charges.

Late Fees for Not Filing GST Returns on Time

If you fail to file GST returns on time, you could be charged interest and late fees. Here’s a breakdown:

  • Interest: 18% per annum on the outstanding tax.
  • Late Fees:
    • Rs. 100 per day under CGST and Rs. 100 under SGST (total Rs. 200 per day).
    • Maximum late fees are capped at Rs. 5,000 for regular taxpayers (Rs. 2,500 for those with turnover below Rs. 5 crore).

The penalties may vary depending on the type of taxpayer and the nature of the delay.

How to File GST Returns?

GST returns can be filed through the GST portal. The process can be complex, but there are various tools, like Clear GST software, that can simplify the process. By integrating with accounting systems like Tally or Busy, these tools automate data import and ensure error-free filings.

Stay compliant with GST and avoid the penalties by filing your returns on time. If you need help with GST registration, filings, or have questions about which returns you need to submit, feel free to reach out to us.e massa vel augue placerat, a tempor sem egestas. Curabitur placerat finibus lacus.

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