ONLINE GST RETURN FILING SERVICES IN INDIA
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For Turnover above 5 Crores
Information about GST Return Filings
GST is applicable in India from 1st July, 2017. Since then there have been many changes in GST return filing processes, formats, due dates etc.
FOR REGULAR GST REGISTERED PERSONS
Presently, there are two main returns which are to be filed by every regular GST registered person. They are :
GSTR 3B - Monthly GST Return
GSTR-3B is the summary of particular month’s Sales and input tax credit and the GST payment has also to be made alongwith the filing of this return. This is a summary return of Particular month's Sales and Input Tax credit to be declared every month. On the basis of this declaration, the net tax liability is calculated and has to be paid every month or if there is exces input tax credit the same is carried forward to be adjusted in subsequent months.
The input tax credit is auto populated in GST form 2A which is available online. The taxpayer has to reconcile its input tax credit before filing form 3B so that the input tax credit is matched before filing 3B return. Also now the Govt. has restricted the input tax credit difference to not more than 10% of that available in Form 2A. Thus the taxpayer now has to restrict its input tax credit upto 10% of that available in GSTR-2A and any availment more than that is prohibited.
This return to be filed monthly on or before the due date (the due date is 20th of next month but the same has been staggered recently based on the demography of the country i.e. it is 20th, 22nd & 24th for different category of taxpayers)
You can know more about it in our knowledge Section.
2. GSTR 1 [Monthly Sales details B2B & B2C]
GSTR1 is the detailed report of Sales of particular month/quarter both B2B and B2C wise. On the basis of this return, the input tax credit is allowed to the supplier.
In this return, complete details of all sales made to other dealers i.e. B2B sales have to be provided invoice wise i.e. each and every invoice details is to be entered in B2B section of this return so that the purchasing dealer gets the input credit on the data feeded by the seller. Also the credit/debit notes issued to the dealers are also to be entered.
In case of Sales made to final consumers i.e. B2C sales, the summary of sales made on the basis of GST percantage has to be entered and no bill wise sales is required.
Also in case of dealers having turnover more than Rs.5 Cr. the HSN wise summary of Sales made is also to be entered in the respective section.
Any error/mistake or ommission in previous return can be corrected in this return as there are seperate columns given for amendments both in B2B and B2C sales. The amendments can be made any time before the return of Sept. month of next year.
This return is to be filed monthly for large taxpayers i.e. for taxpayers having turnover exceeding Rs. 1.5 Cr. during the Financial year.
For taxpayers having turnover less than Rs.1.5 Cr, the GSTR-1 return filing is on quarterly basis.
For the due dates, please refer our knowledge section.
FOR COMPOSITION SCHEME REGISTERED PERSONS
All persons registered under the Composition Scheme are required to file FORM COMP-8 every quarter through the GST Common Portal which is due on 18th of the next month of the quarter end.
At the end of the Financial Year, these composition dealers are also required to file GSTR-4 which is on annual basis.
Penalty for Non-filing/Late Filing GST Returns
Failure to file GST returns can lead to penalties and cancellation of GST registration. If GST return is continuously not submitted for six months, then the GST registration can be cancelled.
The penalty for late filing of GST return is different for different persons.
For persons having NIL turnover, the penalty is Rs. 20 per day both for GSTR-3B & GSTR-1. Thus Rs.40 per day penalty is there for Nil turnover return filers if they do not file the return in time.
For persons having turnover, the penalty is Rs. 50 per day both for GSTR-3B & GSTR-1. Thus a person having any turnover and if he does not file GST returns in time, penalty of Rs. 100 per day is applicable.
In addition to the above late filing fees, the person would also have to pay interest at the rate of 18% on GST payment remitted late to the Government.
Documents required for GST Return Filing
Complete details of Sales for the particular month i.e. B2B & B2C
2. Complete details of Input tax credit utilized during the month
How to check GST Return Status
Well if you have filed GST return for a particular period and wondering how to check the filing status of the GST return, here we provide the steps through which you can verify the same :
1. Login to your gst account at www.gst.gov.in
2. Under services menu, navigate to Returns sub-menu.
3. Under Returns sub-menu, go to track return status
4. Here you will find all the details of your return filed
5. You can track the status through ARN, Return filing period or through Status options
GST Debit Note
In the GST regime, the supplier of Goods or Services is required to issue tax invoices mandatorily in every case. However after the raising of invoice, in many cases, there are errors in invoices such as the taxable value has been less charged for the rate of tax has been less levied or other reasons. The supplier needs to correct these errors and for this debit note is raised by the supplier in favour of recipient to correct these errors. Debit note is like a supplementary invoice.......