GST FILING

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GST FILING

  • GST Return Filing
  • Income Tax Return Filing
  • LEDGERS Platform

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Documents required For GST FILING

Invoice
Purchase Invoices
Bank Statement

GST FILING

GST return filing is a process where a taxpayer registered under the Goods and Services Tax (GST) regime in India, submits the details of their sales, purchases, and tax payments to the government. This process enables the government to monitor and collect taxes on the supply of goods and services. The GST return filing process involves providing information about the taxpayer’s sales, purchases, input tax credit claimed, output tax liability, and tax paid during a specified period. The frequency of filing GST returns depends on the type of registration, turnover, and other criteria. The returns must be filed electronically through the GST portal using a digital signature. It is essential to ensure the accuracy and completeness of the information provided as any discrepancies may lead to penalties and interest charges.

Who should file GST Returns?

Under the Goods and Services Tax (GST) regime in India, any person or entity registered under GST is required to file GST returns. This includes:

  1. Regular taxpayers: Those registered under GST for regular business operations, such as manufacturers, traders, and service providers.

  2. Composition scheme taxpayers: Those registered under the Composition Scheme, which is a simplified scheme for small businesses with a turnover of up to Rs. 1.5 crore (or Rs. 75 lakhs in certain states).

  3. Input Service Distributors (ISDs): Those who distribute input tax credit to different branches or units of a company.

  4. E-commerce operators: Those who operate an electronic commerce platform and collect tax at source (TCS) on behalf of sellers.

  5. Non-resident taxpayers: Those who supply goods or services from outside India and have a GST registration in India.

  6. Casual taxpayers: Those who do not have a fixed place of business and occasionally supply goods or services in India.

It is important to note that even if a registered taxpayer does not have any sales or purchases during a specified period, they are required to file a Nil GST return.

TYPES OF GST FILING:

GSTR-1

GSTR-1 is a monthly or quarterly return filed by regular taxpayers registered under the Goods and Services Tax (GST) regime in India. It includes details of all outward supplies (sales) made by the taxpayer during the period, including the taxable value, tax rate, and amount of tax charged on the supplies.

The due date for GSTR-1 depends on the turnover of the taxpayer. For taxpayers with a turnover of up to Rs. 1.5 crore, the return can be filed on a quarterly basis. For taxpayers with a turnover of more than Rs. 1.5 crore, the return must be filed on a monthly basis.

The following details must be provided in GSTR-1:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of all outward supplies made during the period, including invoices issued, credit notes, and debit notes.

  3. Details of exports made during the period, including shipping bills.

  4. Details of supplies made to registered taxpayers under the reverse charge mechanism.

  5. Details of supplies made to unregistered taxpayers with a value of more than Rs. 50,000.

  6. Details of advances received during the period for which no invoice has been issued.

  7. HSN (Harmonized System of Nomenclature) or SAC (Services Accounting Code) codes for all goods and services supplied.

GSTR-2A

GSTR-2A is an auto-generated return that is created for each taxpayer based on the information uploaded by their suppliers in their GSTR-1 return. It is a read-only document and cannot be edited by the recipient of the supplies. It serves as a reconciliation tool for the recipient to verify the details of the supplies received against the supplies declared by the supplier in their GSTR-1 return.

GSTR-2A:

  1. Details of all outward supplies made by the supplier, including the invoice number, date, value, and tax charged.

  2. Details of all debit and credit notes issued by the supplier.

  3. Details of all advances received by the supplier for which no invoice has been issued.

  4. Details of all amendments made to the invoices uploaded by the supplier.

It is important for taxpayers to regularly reconcile the details in their GSTR-2A with their own records to ensure that they have claimed the correct input tax credit. Any discrepancies or missing invoices should be brought to the attention of the supplier for correction.

It is important to note that GSTR-2A is not a return that needs to be filed by the recipient of the supplies. It is an auto-generated document that is available for the recipient to view and reconcile their input tax credit with the details provided by the supplier in their GSTR-1 return.

GSTR-3B:

GSTR-3B is a monthly return filed by registered taxpayers under the Goods and Services Tax (GST) regime in India. It is a summary of the details provided in GSTR-1 and GSTR-2A, and includes details of all outward and inward supplies made during the period, as well as the input tax credit claimed and the amount of tax payable.

The due date for filing GSTR-3B is the 20th of the following month. For example, the GSTR-3B for the month of March is due by the 20th of April.

The following details must be provided in GSTR-3B:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of all outward supplies made during the period, including the taxable value, tax rate, and amount of tax charged.

  3. Details of all inward supplies received during the period, including the taxable value, tax rate, and amount of tax paid.

  4. Details of the input tax credit claimed on inward supplies.

  5. Details of any tax payable or refundable, after adjusting for the input tax credit claimed.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important to ensure the accuracy and completeness of the information provided in GSTR-3B as any discrepancies may lead to penalties and interest charges. In addition, it is important to reconcile the details provided in GSTR-3B with the details provided in GSTR-1 and GSTR-2A to ensure that all supplies and input tax credit claimed have been accurately reported.

GSTR-4:

GSTR-4 is a quarterly return that needs to be filed by taxpayers who have opted for the Composition Scheme under the Goods and Services Tax (GST) regime in India. The Composition Scheme is a simpler tax scheme for small taxpayers with a turnover of up to Rs. 1.5 crore.

The due date for filing GSTR-4 is the 18th of the month following the end of the quarter. For example, the GSTR-4 for the quarter ending June is due by the 18th of July.

The following details must be provided in GSTR-4:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of the total turnover of the taxpayer during the quarter.

  3. Details of all outward supplies made during the quarter, including the taxable value and tax charged.

  4. Details of all inward supplies received during the quarter, including the taxable value and tax paid.

  5. Details of the tax paid and payable, after adjusting for the input tax credit.

Unlike regular taxpayers, those under the Composition Scheme are not required to maintain detailed records of their sales and purchases. Hence, GSTR-4 is a simpler return as compared to GSTR-1 and GSTR-3B. However, it is important to ensure that the turnover declared in GSTR-4 matches the actual turnover of the taxpayer and that all taxes payable have been correctly calculated and paid.

Once the details are uploaded on the , the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

GSTR-5

GSTR-5 is a monthly return that needs to be filed by non-resident taxpayers who are registered under the Goods and Services Tax (GST) regime in India. Non-resident taxpayers are those who do not have a place of business in India but are registered under GST for making supplies in India.

The due date for filing GSTR-5 is the 20th of the following month. For example, the GSTR-5 for the month of March is due by the 20th of April.

The following details must be provided in GSTR-5:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of all outward supplies made during the period, including the taxable value and tax charged.

  3. Details of all inward supplies received during the period, including the taxable value and tax paid.

  4. Details of the input tax credit claimed on inward supplies.

  5. Details of any tax payable or refundable, after adjusting for the input tax credit claimed.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for non-resident taxpayers to ensure the accuracy and completeness of the information provided in GSTR-5 as any discrepancies may lead to penalties and interest charges. In addition, non-resident taxpayers are also required to file GSTR-5A, which is an auto-generated return containing details of supplies received from registered taxpayers in India. GSTR-5A is not a return that needs to be filed by the non-resident taxpayer but is available for their reference and reconciliation.

GSTR-6

GSTR-6 is a monthly return that needs to be filed by Input Service Distributors (ISDs) under the Goods and Services Tax (GST) regime in India. ISDs are those taxpayers who receive invoices for input services and then distribute the credit of the input tax paid on these services to their respective branch offices or units that are registered under GST.

The due date for filing GSTR-6 is the 13th of the following month. For example, the GSTR-6 for the month of March is due by the 13th of April.

The following details must be provided in GSTR-6:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of the total amount of input tax credit available to the ISD during the period.

  3. Details of the input tax credit distributed to each branch office or unit.

  4. Any adjustments or corrections made to the input tax credit distribution.

  5. Details of any tax payable or refundable, after adjusting for the input tax credit distributed.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for ISDs to ensure the accuracy and completeness of the information provided in GSTR-6 as any discrepancies may lead to penalties and interest charges. In addition, ISDs are also required to maintain a record of the invoices received for input services and the credit distributed to the branch offices or units. These records must be kept for a period of six years from the end of the financial year.

GSTR-7

GSTR-7 is a monthly return that needs to be filed by taxpayers who are required to deduct tax at source (TDS) under the Goods and Services Tax (GST) regime in India. TDS is a mechanism by which the tax is deducted at the time of payment to the supplier of goods or services, and the amount of tax so deducted is credited to the government.

The due date for filing GSTR-7 is the 10th of the following month. For example, the GSTR-7 for the month of March is due by the 10th of April.

The following details must be provided in GSTR-7:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of all the suppliers from whom tax has been deducted during the period.

  3. Details of the amount of tax deducted and deposited to the government.

  4. Any corrections or adjustments made to the tax deducted or deposited.

  5. Details of any tax payable or refundable, after adjusting for the tax deducted and deposited.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for taxpayers who are required to deduct tax at source to ensure the accuracy and completeness of the information provided in GSTR-7 as any discrepancies may lead to penalties and interest charges. In addition, they are also required to issue a TDS certificate to the supplier from whom tax has been deducted. The TDS certificate must be issued within five days of crediting the tax amount to the government.

GSTR-8

GSTR-8 is a monthly return that needs to be filed by e-commerce operators who are required to collect tax at source (TCS) under the Goods and Services Tax (GST) regime in India. TCS is a mechanism by which the tax is collected at the time of payment made by the customer to the supplier through the e-commerce platform, and the amount of tax so collected is credited to the government.

The due date for filing GSTR-8 is the 10th of the following month. For example, the GSTR-8 for the month of March is due by the 10th of April.

The following details must be provided in GSTR-8:

  1. Basic details of the taxpayer such as name, GSTIN, and period of the return.

  2. Details of all the supplies made through the e-commerce platform during the period.

  3. Details of the amount of tax collected and deposited to the government.

  4. Any corrections or adjustments made to the tax collected or deposited.

  5. Details of any tax payable or refundable, after adjusting for the tax collected and deposited.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for e-commerce operators who are required to collect tax at source to ensure the accuracy and completeness of the information provided in GSTR-8 as any discrepancies may lead to penalties and interest charges. In addition, they are also required to issue a TCS certificate to the supplier whose tax has been collected. The TCS certificate must be issued within five days of crediting the tax amount to the government.

GSTR-9

GSTR-9 is an annual return that needs to be filed by regular taxpayers registered under the Goods and Services Tax (GST) regime in India. It contains consolidated details of all the outward supplies, inward supplies, and taxes paid during the financial year.

The due date for filing GSTR-9 is December 31st of the subsequent financial year. For example, the GSTR-9 for the financial year 2021-22 must be filed by December 31st, 2022.

The following details must be provided in GSTR-9:

  1. Basic details of the taxpayer such as name, GSTIN, and financial year for which the return is being filed.

  2. Details of all the outward supplies made during the financial year, including exempted, nil-rated, and non-GST supplies.

  3. Details of all the inward supplies received during the financial year, including goods and services received from unregistered dealers.

  4. Details of any amendments or corrections made to the returns filed during the financial year.

  5. Details of any tax paid, including taxes paid under reverse charge mechanism.

  6. Reconciliation of the tax paid with the tax liability as per the books of accounts.

  7. Details of any input tax credit (ITC) claimed or reversed during the financial year.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for taxpayers to ensure the accuracy and completeness of the information provided in GSTR-9 as any discrepancies may lead to penalties and interest charges. In addition, taxpayers must also ensure that they have filed all the regular returns (GSTR-1, GSTR-3B) for the financial year before filing GSTR-9.

GSTR-9A

GSTR-9A is an annual return that needs to be filed by those taxpayers who have opted for the Composition Scheme under the Goods and Services Tax (GST) regime in India. The Composition Scheme is a simplified scheme for small taxpayers who have a turnover of up to Rs. 1.5 crore and want to avoid the complications of regular GST compliance.

The due date for filing GSTR-9A is December 31st of the subsequent financial year. For example, the GSTR-9A for the financial year 2021-22 must be filed by December 31st, 2022.

The following details must be provided in GSTR-9A:

  1. Basic details of the taxpayer such as name, GSTIN, and financial year for which the return is being filed.

  2. Details of all the outward supplies made during the financial year, including exempted, nil-rated, and non-GST supplies.

  3. Details of all the inward supplies received during the financial year, including goods and services received from unregistered dealers.

  4. Details of any amendments or corrections made to the returns filed during the financial year.

  5. Details of any tax paid, including taxes paid under reverse charge mechanism.

  6. Reconciliation of the tax paid with the tax liability as per the books of accounts.

  7. Details of any input tax credit (ITC) claimed or reversed during the financial year.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for taxpayers who have opted for the Composition Scheme to ensure the accuracy and completeness of the information provided in GSTR-9A as any discrepancies may lead to penalties and interest charges. In addition, taxpayers must also ensure that they have filed all the regular returns (GSTR-4) for the financial year before filing GSTR-9A.

GSTR-9C:

GSTR-9C

GSTR-9C is a reconciliation statement that needs to be filed by taxpayers whose turnover exceeds Rs. 2 crores in a financial year. It is a combination of GSTR-9 and the audited financial statements of the taxpayer. The purpose of GSTR-9C is to reconcile the information provided in GSTR-9 with the audited financial statements of the taxpayer.

The due date for filing GSTR-9C is December 31st of the subsequent financial year. For example, the GSTR-9C for the financial year 2021-22 must be filed by December 31st, 2022.

The following details must be provided in GSTR-9C:

  1. Part A – Reconciliation statement: This part requires the taxpayer to reconcile the turnover, taxable supplies, and tax paid as per the audited financial statements with the corresponding values reported in the GST returns.

  2. Part B – Certification: This part requires the taxpayer’s auditor to certify that the reconciliation statement has been prepared based on the audited financial statements and the books of accounts.

Once the details are uploaded on the GST portal, the taxpayer must validate and submit the return using a digital signature or an electronic verification code (EVC).

It is important for taxpayers to ensure the accuracy and completeness of the information provided in GSTR-9C as any discrepancies may lead to penalties and interest charges. In addition, taxpayers must also ensure that they have filed all the regular returns (GSTR-1, GSTR-3B) for the financial year before filing GSTR-9C.

Late Fees for not Filing Return:

Under the Goods and Services Tax (GST) regime, a taxpayer who fails to file their GST return on time may be liable to pay a late fee. The late fee for non-filing or late filing of GST returns varies depending on the type of return and the number of days of delay. Here is a breakdown of the late fee for each type of GST return:

  1. GSTR-1: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  2. GSTR-3B: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of 0.25% of the taxpayer’s turnover in the respective state or union territory.

  3. GSTR-4: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  4. GSTR-5: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  5. GSTR-6: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  6. GSTR-7: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  7. GSTR-8: A late fee of Rs. 50 per day of delay (Rs. 20 per day for taxpayers with nil tax liability) subject to a maximum of Rs. 5,000.

  8. GSTR-9: A late fee of Rs. 100 per day of delay subject to a maximum of 0.25% of the taxpayer’s turnover in the respective state or union territory.

  9. GSTR-9A: A late fee of Rs. 100 per day of delay subject to a maximum of 0.25% of the taxpayer’s turnover in the respective state or union territory.

  10. GSTR-9C: A late fee of Rs. 200 per day of delay subject to a maximum of 0.50% of the taxpayer’s turnover in the respective state or union territory.

Return Form Frequency Due Date
Details of outward supplies of taxable goods and/or services GSTR-1 Monthly/Quarterly 11th of the next month (for monthly filers) and 30th of the next month (for quarterly filers)
Details of inward supplies of taxable goods and/or services attracting reverse charge GSTR-2 Monthly 15th of the next month
Auto-populated details of inward supplies made available to the recipient on the basis of GSTR-1 furnished by the supplier GSTR-2A Monthly NA
Monthly return for eligible registered persons opting for the Composition Scheme GSTR-4 Quarterly 18th of the month succeeding the quarter
Return for Non-resident foreign taxpayers GSTR-5 Monthly 20th of the next month
Return for input service distributor GSTR-6 Monthly 13th of the next month
Return for Tax Deducted at Source (TDS) GSTR-7 Monthly 10th of the next month
Return for Tax Collected at Source (TCS) GSTR-8 Monthly 10th of the next month
Annual Return GSTR-9 Annually 31st December of the next financial year
Reconciliation statement GSTR-9C Annually 31st December of the next financial year

NON COMPLAINCE :

Non-compliance of GST filing refers to the failure of registered businesses to file their Goods and Services Tax (GST) returns within the stipulated timeline. GST is a consumption-based tax system implemented in India in 2017 to replace various indirect taxes like value-added tax (VAT), service tax, etc.

Under the GST regime, businesses with an annual turnover exceeding Rs. 20 lakhs are required to register for GST and file returns on a regular basis. The GST return contains information on the sales and purchases made by the business during a particular period. Failing to file GST returns on time attracts penalties and interest charges, and non-compliance can also lead to legal repercussions.

Non-compliance of GST filing can have several consequences for businesses. Some of the key impacts are:

  1. Monetary penalties: A registered business failing to file GST returns on time is liable to pay a late fee of Rs. 50 per day for each day of delay. The maximum penalty that can be charged is Rs. 5,000 per return. Moreover, businesses may also have to pay interest on the outstanding tax liability.

  2. Loss of Input Tax Credit (ITC): A business that fails to file GST returns cannot claim the Input Tax Credit (ITC) on the tax paid on inputs. This means that they will not be able to offset the tax liability against the ITC and will have to pay the entire tax amount from their own pocket.

  3. Legal implications: Non-compliance of GST filing is a punishable offense under the GST Act. The tax authorities can initiate legal action against the defaulting business, which can lead to litigation and monetary losses.

  4. Adverse impact on credit rating: Non-compliance of GST filing can have a negative impact on the credit rating of the business, which can hamper their ability to secure loans and other forms of credit.

To avoid the consequences of non-compliance of GST filing, businesses must ensure that they file their returns on time and maintain proper records. They can also take the help of professional tax consultants to ensure compliance with the GST laws and regulations.

 

GST Return Filing FAQ’s:

  1. What is monthly return in GST? Monthly return in GST is the GSTR-3B form. This form is used to declare the total sales and purchase during the month. The form must be filed by the 20th of the following month in order to avoid late fees.

  2. What invoices should be uploaded to the GST portal? For all B2B supplies (whether inter-State or intra-State), invoice level details like customer GSTIN, the item-wise value of supply, amount of tax applicable, place of supply, date of invoice and invoice number should be uploaded. For all B2C supplies (including non-registered Government entities, Consumer/person dealing in exempted/NIL rated/non-GST goods or services), the suppliers should upload invoice level details similar to B2B invoices, when the value of supply is more than Rs.2.5 lakhs. For invoices with a value of less than Rs.2.5 lakhs, State-wise summary of supply statement should be filed. The address of the buyer has to be mandatorily reflected in every invoice having a value of Rs.50,000/- or more.

  3. Who should file GSTR 1 Return? Under GST, all taxpayers, other than an input service distributor, a non-resident taxable person, a casual taxable person, and a person paying tax under the GST composition scheme are required to file a GSTR1 return.

  4. What is the time limit for filing GSTR 1 return? The due date for filing GSTR1 return is usually the 10th of every month. However, for the month of July 2017, the due date for filing GSTR1 return is 10th of October. The due date for filing all other GSTR1 return is yet to be announced by the GST Council.

  5. What is difference between GSTR-3 and 3B? GSTR-3 is a more comprehensive form that requires businesses to provide detailed information related to their sales and purchases, whereas GSTR-3B is a simplified form that requires only basic information.

  6. What is the meaning of details of outward supplies? Under GST, the expression “details of outward supplies” means information pertaining to sales transactions in a month like invoices issued, debit notes, credit notes, and revised invoices.

  7. Can the GST return be revised? There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest if any would be applicable.

  8. Who is eligible for GST return? Any registered business with a turnover of Rs 20 lakh or more must file GST returns. Businesses with a turnover of less than Rs 20 lakh can opt for voluntary GST registration and file returns as well.

  9. What is the penalty for not filing GST returns? All GST Return non-filers will be tracked by the GST Department and a list of GST return defaulters will be provided to the respective GST authorities for follow-up and enforcement action. The GST law would also include the imposition of an automatic late fee for GST Return non-filers and late filers.

  10. How to file GSTR 1 Return? GSTR1 return can be filed online in the GST portal. You can also file GSTR1 return using LEDGERS GST Software, to file GSTR1 return using LEDGERS, create an account, update details of sales made during a month and click on upload GST return to file.

  11. What information is required to be filed in GSTR 1? In GSTR1 return, the following information is filed by the taxpayer: Basic details of the taxpayer with GSTIN. Period