GST Return Filing

A GST Return is a comprehensive report that documents all financial transactions for individuals or businesses registered under the Goods and Services Tax (GST) system. This report, which must be filed by every GSTIN holder, is essential for the tax authorities to accurately calculate the net tax obligation.

The process of filing a GST return involves several key components:

• Purchases: This section details all the purchases made by the taxpayer.
• Sales: It provides a complete record of the sales activities conducted by the taxpayer.
• Output GST (On Sales): This records the GST collected from sales.
• Input Tax Credit (GST Paid on Purchases): This lists the GST paid on purchases, which can be deducted from the GST payable on sales.

The Goods and Services Tax (GST) framework includes 13 distinct types of returns that cater to various aspects of a taxpayer's financial activities. It's crucial to note that not every taxpayer is required to file all these returns; the specific ones depend on their GST registration and category.

Here's a detailed look at each GST return:

1. GSTR-1: This return captures the details of outward supplies, essentially documenting sales.

2. GSTR-3B: A summary return outlining sales, purchases, and tax payments.

3. GSTR-4: Designed for businesses under the Composition Scheme, summarizing turnover and corresponding tax.

4. GSTR-5: For non-resident taxpayers engaged in taxable activities in India.

5. GSTR-5A: Applicable to providers of online information and database services.

6. GSTR-6: For Input Service Distributors to detail the distribution of input tax credits.

7. GSTR-7: For entities required to deduct TDS under GST regulations.

8. GSTR-8: E-commerce operators use this return to report transactions conducted on their platforms.

9. GSTR-9: An annual return that consolidates all periodic filings over the fiscal year.

10. GSTR-10: The final return submitted upon the cancellation or surrender of GST registration.

11. GSTR-11: For entities with a Unique Identity Number, claiming refunds on their purchases.

12. CMP-08: A quarterly statement for Composition Scheme taxpayers detailing their tax liabilities.

13. ITC-04: Used by manufacturers to declare goods sent to and received from job workers.

Return-Related Statements for Input Tax Credits:

- GSTR-2A (Dynamic): Provides real-time data on inward supplies as reported by suppliers.

- GSTR-2B (Static): Offers a fixed view of inward supplies based on the previous month's GSTR-1 filings, helping purchasers reconcile ITC claims.

Special Cases for Small Taxpayers:

For those in the Quarterly Return Monthly Payment (QRMP) scheme, the Invoice Furnishing Facility (IFF) allows B2B sales declarations in the first two months of a quarter. However, taxes must be paid monthly via Form PMT-06.

Specific Return Details:

GSTR-1 (Outward Supplies Return): Required for businesses to detail sales invoices and adjustment notes. Submission deadlines are the 11th of the following month for monthly filers or the 13th for quarterly filers under the QRMP scheme.

GSTR-2A (Dynamic): A read-only return that captures incoming supplies from GST-registered vendors. It is auto-filled based on supplier returns.

GSTR-2B (Static): Provides a fixed snapshot of ITC information from previous month’s filings to assist in reconciling ITC claims.

GSTR-2 (Deferred): Intended for declaring inward supplies, but its filing has been suspended since September 2017.

GSTR-3 (Deferred): A summary return that compiled outward and inward supplies, tax credits, and payments, which has been deferred since September 2017.

GSTR-3B (Consolidated): A monthly summary that aggregates outward supplies and tax dues. Monthly deadlines are the 20th for taxpayers with turnover above Rs. 5 crore, and quarterly deadlines vary based on state.

GSTR-4 (Composition Scheme Return): An annual return for businesses under the Composition Scheme, due by April 30th of the following financial year. It has replaced previous quarterly filings.

GSTR-5 (Non-Resident Taxpayers): Details of transactions by non-resident foreign taxpayers, with submissions due by the 20th of each month.

GSTR-5A (OIDAR Services): Monthly return for providers of Online Information and Database Access, due by the 20th.

GSTR-6 (Input Service Distributors): Filed monthly to report ITC received and allocated, due by the 13th.

GSTR-7 (TDS Return): For entities deducting TDS under GST, with filings due by the 10th of the subsequent month.

GSTR-8 (E-commerce Operators): Records supplies and tax collected at source, with deadlines on the 10th of the following month.

GSTR-9 (Annual Return): A comprehensive annual return for summarizing all GST-related transactions and tax details, due by December 31st of the following year.

Understanding the deadlines for GST returns is crucial for timely compliance. Here’s a comprehensive guide to when different types of GST returns are due:

• GSTR-1
  For: Regular Taxpayers
  Due Date:
  • Monthly Filers: 11th day of the subsequent month
  • Quarterly Filers: 13th day of the month following the end of the quarter
• GSTR-2A
  For: All Taxpayers
  Due Date: Automatically generated for reconciliation purposes
• GSTR-3B
  For: Regular Taxpayers
  Due Date: 20th day of the following month
• GSTR-4
  For: Composition Scheme Dealers
  Due Date: Annually, on April 30th of the year succeeding the financial year
• GSTR-5
  For: Non-Resident Foreign Taxpayers
  Due Date: 20th day of the subsequent month
• GSTR-6
  For: Input Service Distributors
  Due Date: 13th day of the following month
• GSTR-7
  For: Tax Deducted at Source (TDS)
  Due Date: 10th day of the subsequent month
• GSTR-8
  For: E-commerce Operators
  Due Date: 10th day of the following month
• GSTR-9
  For: Regular Taxpayers (Annual Return)
  Due Date: December 31st of the financial year following the reporting year
• GSTR-9C
  For: Regular Taxpayers (Annual Reconciliation)
  Due Date: Filed alongside GSTR-9 by December 31st of the financial year following the reporting year.

Failing to submit your GST returns on time can lead to costly penalties and interest charges. To keep your business on track, it’s essential to adhere to the deadlines. Here’s a guide to understanding the consequences of late GST return submissions:

Mandatory Return Filings: All registered taxpayers are required to file GST returns regularly, even in the absence of business transactions. Consistent compliance is crucial.

Impact of Delays: Missing a filing deadline can create a backlog, as subsequent period returns cannot be filed until the previous ones are completed. This can result in multiple overdue returns.

Penalties for Delayed Submissions: For instance, if your GSTR-1 is filed late, you will incur a penalty that will be reflected when you file your GSTR-3B.

Interest on Delayed Tax Payments: Any overdue tax payments will attract an annual interest rate of 18%, calculated from the day after the due date until the payment is made.

Late Filing Fees: The statutory late filing fee is Rs. 100 per day for each CGST and SGST return, with a maximum cap of Rs. 5,000.

Annual Return Late Fees: For annual returns such as GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover within your state or Union Territory, unless government adjustments or relief measures are announced.

Corpadda stands out as a premier business service provider in India, offering comprehensive GST solutions. We have assisted countless entrepreneurs in obtaining GST registration and managing their GST return filings.

Delegate Your GST Compliance to Corpadda

Simplify your GST compliance by entrusting it to Corpadda. This allows you to concentrate on expanding your business while we handle the intricacies of GST. With Corpadda, you can manage your GST compliance effortlessly using the LEDGERS GST platform, which provides real-time access to your business data from any location. LEDGERS also integrates smoothly with the various online and offline tools you use.

When you choose to outsource your GST return filing to Corpadda, you'll be paired with a dedicated GST advisor. This expert will contact you each month to gather the necessary details, prepare your GST returns, and assist in their filing, ensuring everything is handled efficiently.

Expert GST Guidance With Corpadda, you'll receive dedicated assistance from a seasoned GST expert who specializes in your industry. This professional will manage every aspect of your GST registration and filing process, including tasks like invoice uploads, ensuring that your filings are completed accurately and on time.

Timely GST Filing Reminders Stay ahead of deadlines with Corpadda’s proactive reminder system. Our platform sends you advance notices well before the due date, helping you avoid penalties. Additionally, your GST advisor will provide periodic reminders to ensure you never miss a deadline.

Monthly GST Status Updates Receive comprehensive monthly reports on your GST return filings, including GSTR-3B updates and future action plans, delivered directly by your dedicated GST advisor.

Efficient GST Returns with LEDGERS Our GST returns are processed through LEDGERS, a reliable GST software that ensures accuracy and timely filing, eliminating the usual hassles.

Streamlined Accounting with Cloud Integration All your financial transactions and invoices are meticulously recorded in LEDGERS by our accounting professionals. This integration facilitates smooth and cost-effective filing of all your returns, including ITR, TDS, and GST.