GST Return

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GST RETURNS

MJ CC helps you file all three monthly returns plus the annual return at the lowest price in India. Our experts will collect, assess and file all your details with the least amount of hassle and ensure that your GST Return Filings are filed on time.

WHAT IS A GST RETURN?

A GST return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return.

KEY DATES FOR GST FILING

The following table explains the type of return as well as the due date by which the returns have to be filed:

RETURNS TO BE FILED BY REGULAR BUSINESSES

RETURN FORM	PARTICULARS	INTERVAL	DUE DATE
GSTR-1	Details of outward supplies of taxable goods and/or services affected from July 2018 to March 2019 (Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year)	Monthly	11th of the next month
GSTR-2	Details of inward supplies of taxable goods and/or services effected claiming input tax credit.	Monthly	15th of the next month (Suspended currently)
GSTR-3	Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.	Monthly	20th of the next month
GSTR-9	Annual Return	Annually	31st December of next financial year
GSTR-3B	Return for the months of up to March 2019	Monthly	20th of the next month

Taxpayers whose turnover was less than Rs. 1.5 Crores in the previous financial year has the option to file a quarterly GSTR-1 by end of the next month affected July 2018 to March 2019.

AFTER INCORPORATION

Every company should ensure the following within 1-year :

Not less than 200 members
Net Owned Funds of 10 lakh rupees or more
Unencumbered term deposits of not less than 10% of the outstanding deposits
Ratio of Net Owned Funds to deposits shouldn’t exceed 1:20

RETURNS TO BE FILED BY DEALERS OPTING FOR COMPOSITION SCHEME

A Composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

RETURN FORM	PARTICULARS	INTERVAL	DUE DATE
GSTR-4	Return for compounding taxable person	Quarterly	18th of the month succeeding quarter
GSTR-9A	Annual Return	Monthly	31st December of next financial year

RETURNS TO BE FILED BY CERTAIN SPECIFIC REGISTERED DEALERS

RETURN FORM	PARTICULARS	INTERVAL	DUE DATE
GSTR-5	Return for Non-Resident foreign taxable person	Monthly	20th of the next month
GSTR-5A	Return for Non-resident persons providing OIDAR services	Monthly	20th of the next month
GSTR-6	Return for Input Service Distributor	Monthly	13th of the next month
GSTR-7	Return for authorities deducting tax at source.	Monthly	10th of the next month
GSTR-8	Details of supplies effected through e-commerce operator and the amount of tax collected	Monthly	10th of the next month
GSTR-10	Final Return	Once. When registration is cancelled or surrendered	Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11	Details of inward supplies to be furnished by a person having UIN and claiming refund	Monthly	28th of the month following the month for which statement is filed

TIME LIMITS ALLOWED TO RECTIFY ERRORS OR OMISSIONS

GSTR 1 & GSTR 2: Earlier of the Two Dates:

Furnishing of the returns under section 39 for the month of September following the end of the financial year to which such details pertain
Furnishing of the relevant annual return

GSTR 3, GSTR 5, GSTR 6 & GSTR 7: Earlier of the Two Dates:

Due date for Furnishing of return for the month of September, following the end of the financial year to which such details pertain.
Actual Date of Furnishing of the relevant annual return.

GSTR 4: Earlier of the Two Dates:

Due date for Furnishing of return for the Second Quarter, following the end of the financial year to which such details pertain.
Actual Date of Furnishing of the relevant annual return

GSTR 9/9A: NA

LATE FILING

Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.

You cannot file a return if you don’t file previous month/quarter’s return. This leads to a backlog and gaps in your filing patterns which will attract heavy penalties.

LATE FEE & INTEREST

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.
As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000.

Under GST, who is required to file returns regularly?

A) Every registered taxable person is required to file returns under the GST law. If you have not performed any business activities during the period covered by a return, you will still need to file a Nil return. There are some entities that will need to register for GST but need not file returns regularly, examples are UN bodies and foreign consulates. These must register for a unique GST ID, but they are required to file returns only for months during which they make purchases.

What are the different types of GST returns?

A) There are 11 types of returns under the GST. GSTR-1: monthly return for outward supplies GSTR-2: monthly return for inward supplies GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7) GSTR-4: quarterly return GSTR-5: variable return to be filed by Non-Resident Taxpayers GSTR-6: monthly return to be filed by input service distributors GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions GSTR-8: monthly return to be filed by e-commerce operators GSTR-9: annual return GSTR-10: final return to be filed when terminating business activities permanently GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)

Is OTP required at every stage of filing?

A) Yes, OTP is required at every stage of the filing process. Upon entering the OTP for the very first time the system will authenticate the OTP and provide a token which allows you to carry out your filing operation uninterrupted for 6-12hrs.

Can I edit my data after filing my returns for the month?

A) Yes, you can make corrections. As a registered taxpayer, you need to file the details of every modification made to the return data to the GSTN either through an amendment form (if the edit was made before 17th of the following) or using the amendment sections under the next month’s tax return (if the edit was made after 17th of the following month).

I perform transactions where I am required to deduct tax at the source (TDS). How do I file this under GST?

A) For transactions where you deduct tax at the source, you need to file the GSTR-7 along with your other monthly returns.

I am an e-commerce operator. Do I need to file any special GST Tax Filing?

A) Yes, all e-commerce operators who allow other suppliers to sell goods or services through their portals are required to file the GSTR-8 return. Those who use their own portal to sell their goods or services need not file this return.

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