GST Returns in India

GST Return Filing

Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law.

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Why GST Returns ?

Why Should You File GST Returns?

Seamless flow of ITC

The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.

Simple and common form for all taxes

Under the GST regime, three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.

Score higher compliance rating

To monitor the compliance structure, the GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.

Avoid penalty and interest

For delay in filing return, the taxpayer is charged with a late fee of ₹ 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of ₹ 20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.

Types of GST Returns

GSTR - 1

Details of outward supplies

GSTR - 2

Details of inward supplies (Suspended temporarily)

GSTR - 3

Finalised details of the supplies with payment of taxes

GSTR - 4

Quarterly return by Composition Taxpayers

GSTR - 5

Return by Non-Resident Foreign Taxpaye

GSTR - 6

Monthly return by Input Tax Distributor (ISD)

GSTR - 7

Monthly return by Tax deductor

GSTR - 8

Monthly return by e-commerce operator

GSTR - 9

GST Annual Return for normal taxpayers

Quick GST Returns!

  • Information collection from the details shared by the taxpayer manually or from dedicated GST ready Accounting Software
  • Documentation and reconciliation of the information filed
  • Preparation of GST return
  • Payment of tax by the taxpayer, if required
  • Online GST return filing
  • Acknowledgment of filing the GST Returns