GST Return Filing

Rs.299/-* onwards

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Implementation of GST has been a major restructuring happening in the Tax regime of the country and the number of people registering under GST regime is much higher than the total registered taxpayers in the previous tax regime under various Acts including VAT, service tax and excise duty. GST has created a wider tax base, this allows the government to lower tax rate and keep track of business sector in a improved manner.

These registered taxpayers as per law have to do various compliances. One of the most important compliance under GST is to file GST Returns on regular intervals. GST returns are filed with all the required information relating to purchases, sales, Tax collected, ITC etc. After filing all the relevant information tax liability is computed and paid off.

How to File GST Returns?

GST Return filing procedure is quite straight forward and easy. The registered taxpayer is required to login on GST portal with their login credentials. Once logged in, go on the returns page and file the respective forms by filling in the required information. The computed tax liability is also paid off at the time of final filing of the returns.

Types of Returns

Under this new regime various returns are required to be filed. The no of returns required to be filed depend on the nature of taxpayer.

Returns for a Normal Taxpayer

GSTR-1 Details of Outward Supplies 10th of the next month
GSTR-2 Details of Inward Supplies 15th of the next month
GSTR-3 Monthly Return for tax payment 20th of the next month
GSTR-9 Annual return 31st December of next financial year

Returns for a Composition Taxpayer

GSTR-4 Quarterly return 18th of month succeeding every quarter
GSTR-9 Annual return 31st December of next financial year

Extra Returns based on Nature of Business

GSTR-5 Details of Inward and outward Supplies. Tax liability computation 20th of the next month. For last month either 20th of next month or 7 days after expiration, whichever is earlier. Non-Resident Taxable Person
GSTR-6 Distribution of Input Tax credit 13th of next month Input Service Distributor
GSTR-7 TDS details or any related modifications 10th of next month Authorities deducting tax at source
GSTR-8 Details of supplies effected through them. 10th of next month E-commerce Operator who collect tax at source

The above stated returns are mandated by Central Goods and Service Act, 2017. But, as the GST is altogether a new concept, it's not that easy for the taxpayers to adjust right way. Therefore, with a view to make this transition to the new tax regime easy some relaxations have been introduced by the authorities.

FAQs on GST Return Filing:

Yes, you can apply for GST Registration online. Simply register your business on the official GST portal and then scan and upload all the required documents. You will then receive an acknowledgement. A GSTIN will be generated on acceptance of the application and a temporary password and login will be sent. GSTIN is a unique 15-digit ID.

The exemption limit is the supply turnover of Rs. 20 lakh for businesses in all except the states in the northeast region of India. Businesses in Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Tripura must get a GST registration if their supply turnover exceeds Rs. 10 lakh. As mentioned above, this threshold limit applies only to businesses that operate within their home state. A business that conducts trade with another state must seek registration regardless of turnover.

The composition scheme will be applicable to businesses with a turnover of up to Rs. 50 lakh. Such taxpayers would pay a fixed percentage of their turnover and cannot avail the benefits of input tax credit. Such businesses cannot collect tax from its customers. The floor rate of tax cannot be less than 1%.

Yes, GST applies to all the service providers, manufacturers and traders. It extends to any dealers, bloggers, and writers, earnings from Google AdWords through PayPal, import-export businesses, all kinds of startups and companies, whether they are LLPs, proprietorships, partnerships or private limited companies. It also applies, regardless of the threshold limit to:
  • Businesses operating outside its home state
  • A business not registered in the state
  • Businesses paying a reverse charge
  • Input service distributor
  • E-commerce operators
  • Aggregators selling services under own brand name (Ola, for example)
  • Online sellers
  • Suppliers or agents