A return contains the income details of a tax payer which is used by tax authorities to calculate tax liability. Under GST, a registered taxpayer has to file GST Returns that includes:

  • Purchases
  • Sales
  • Output GST (On sales)
  • Input tax credit (GST paid on purchases)

Every registered tax payer has to file returns. A nil return has to be filed in case there is no business activity for the month.

GST Returns

GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory
GST, Return Filing, Invoicing, Software, Tax, E-way, Bill, Consultancy, Advisory

What are the fines and penalties in case of late return filing?

If you are unable to file your GST Returns on time, you will have to pay a late fee as well as interest.

As per the Act, the defaulter will have to pay a late fee of Rs. 200/day – Rs. 100 under CGST and Rs. 100 under SGST or a maximum of Rs. 5,000. There is no late fee on IGST.

The defaulter will also pay an interest of 18% on the outstanding tax amount. It will be calculated for a time period starting from the next day of filing to the date of payment of tax.

In the 23rd Council Meeting, the Council reduced the fine for late filing of GST Returns to Rs. 20 per day for nil liability tax filers.

What are the key Points to Remember?

  • Taxpayers can file the GST Returns only online.
  • There is a common return for CGST, IGST, SGST and any other additional taxes.
  • You can file the GST Returns yourself or authorize someone else to file them on your behalf.
  • You cannot revise GST Returns  once submitted.
  • GST compliant invoices are important to file the returns.

What happens after filing GSTR-3?

After filing the GSTR-3, the inward supplies will be matched with the outward supplies that the supplier provides. Form GST MIS-1 will communicate the final acceptance of Input Tax Credit which will be available on the GSTN.

In case of input tax credit mismatch, Form GST MIs-1 will include details of excess claims or duplication claims. Unconfirmed inconsistencies will be added as output tax liability with interest. However, if the inconsistency is corrected within the prescribed time, the recipient can reduce this output tax liability.

For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. 

Details of these two categories along with the last date of filing GSTR 1 are as follows:

Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency:

Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 on monthly basis as per following frequency:

 

The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.