GST RETURN FILING

Every registered dealer, whether being a normal supplier or otherwise must file the return based on the transactions or activities involved in the business. Non-filing of the same may lead to default and may attract a penalty or additional fees.

Tax Payment or any penalty, fees, etc. are accepted through the following modes;
Internet Banking
NEFT or RTGS
This amount shall be credited to the electronic cash ledger of the registered dealer.

By filling the returns with the Government, the information and details will be intimated to the Government. Further, the data provided will measure the liability of the Tax-payer. Also, returns filing help you claim the eligible Input Credit. In addition to which the regular filing will count on higher rating in the GST Compliance Rating.

Any supply i.e. transaction such as the sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration, of taxable goods or services, needs to be considered as a taxable event under the GST Act.

All taxpayers filing a return in GSTR-1 to GSTR-3, other than ISD’s, casual/non-resident taxpayers, taxpayers under composition scheme, and TDS/TCS deductors, are required to file an annual return (GSTR-9) along with the monthly return.

Prescribed information from the invoices including the HSN code in respect to the supply of goods and the accounting code in respect to the supply of the services generated needs to be uploaded in the return.  The information shall also cover the sales, purchase and any expenses occurred during the reporting period.

You cannot pay the taxes after filing the returns. Instead, it should be paid before the return filing. If it is not done so, the return will be considered invalid

In case you delay the filing of the return, you will have to pay Rs.50 – Rs.200 per day as a late fee. The maximum late fee charge will be Rs.5000.

The following are the types of GST returns:

GSTR-1 for the monthly return of the outward supplies
GSTR-2 for the monthly return of the inward supplies
GSTR-3 for the monthly return containing the details of the taxpayers from the other
              forms such as GSTR-1, GSTR-2, GSTR-6, GSTR-7)
GSTR-4 for the quarterly return
GSTR-5 for the variable return to be filed by the non-resident taxpayer
GSTR-6 for the monthly return to be filed by the input service distributor
GSTR-7 for the monthly return to be filed for the Tax Deducted at Source (TDS)
GSTR-8 for the monthly return to be filed by e-commerce operator
GSTR-9 for the annual return
GSTR-10 for the final return paid before terminating business activities permanently
GSTR-11 for the taxed to be paid by the taxpayers with a Unique Identification         
                Number (UIN)