All registered person have to file monthly or quarterly and an annual GST return based on the type of business. You can do All these GSTR filings online on the GST portal.
1. What is GST Return?
A GST return is a document containing details of all income/sales and/or expense/purchase which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include:
Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)
2. Who should file GST Returns?
In the GST regime, any regular business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The number of GSTR filings vary for quarterly GSTR-1 filers under QRMP scheme. The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.
There are separate returns required to be filed by special cases such as composition dealers whose number of GSTR filings is 5 in a year.
3. Late Fee for not filling Return on Time.
If GST Returns are not filed within time, you will be liable to pay interest and a late fee.
Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of filin
g to the date of payment.
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. There is no late fee on IGST. However, currently, a reduced late fees of Rs 50 per day of delay (Rs.20 for NIL return) is applicable for those who file GSTR-1 and GSTR-3B.
There are prescribed formats for each of the above of the returns. The forms may seem complex and difficult to understand.
4. Upcoming Due Dates of GST Returns?
Important fling dates on GST portal Important dates;
GSTR-3B (Feb, 2021) = Mar 20th 2021
GSTR-3B (Jan-Mar, 2021) = Apr22,24 2021
GSTR-1 (Feb, 2021) = Mar 11th, 2021
IFF(Optional)(Feb,2021) = Mar 13th, 2021
GSTR-1 (Jan-Mar, 2021) = Apr 13th, 2021
CMP-08 (Jan-Mar, 2021) = Apr 18th, 2021
GSTR-9 (2019-20) = Mar 31st, 2021
GSTR-9C (2019-20) = Mar 31st, 2021
Others;
GSTR-5 (Feb, 2021) = Mar 20th, 2021
GSTR-5A (Feb, 2021) = Mar 20th, 2021
GSTR-6 (Feb, 2021) = Mar 13th, 2021
GSTR-7 (Feb, 2021) = Mar 10th, 2021
GSTR-8 (Feb, 2021) = Mar 10th, 2021
RFD-10 = 18 Months after the end of quarter for which refund is to be claimed.
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