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GST Return and Compliance

GST Return & Compliance

GST Returns Compliance in India

A GST return records all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to mention all transactions related to the business so the authorities will calculate the amount of tax to be paid by the business.

GST Returns Compliance

GST return may be a format wherever a taxpayer registered the good and Services Tax (GST) law must file for every registration on an individual basis. Also, the quantity of GST returns to be filed are supported the type of taxpayer, like regular taxpayer, composition dealer, e-commerce operator, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD) etc. Usually, a regular taxpayer must file 2 returns per month (GSTR-1, GSTR-3B) associated an annual return (GSTR-9/9C) for every GST registration on an individual basis. Even associate inactive business that has obtained registration with GST need to be file the required return of the GST. we provide a free consultation to the startups to GST Compliance.

Partnership Firm Registration

Generally GST registration holders are required to file

  • GSTR3B

    GSTR3B is a monthly return. Every person who has registered for GST must file the GSTR3B including the nil returns. It summarizes details of sales and purchases made in a month to the government. GSTR3B return is due on the 20th of every month.

  • Format of GSTR3B are:

    Following are the important details for taxpayers to report on form GSTR3B:-

      1.  Provide GSTIN (GST Identification Number).
      2.  Legal name of the taxpayer.
      3.  First section is Tax on outward and reverse charge inward supplies. It contains details of all outward supplies and inward supplies that are Eligible for reverse charge. It's shows total taxable value like IGST, CGST, and SGST.
      4.  Next section is inter-state supplies. It’s including details related to inter-state supplies made to un-registered persons, composition dealers and UIN holders. It's mention place of supply, total taxable value and IGST amount.
      5.  Next section is eligible ITC. It's contains the total amount of ITC (input tax credit) available.
      6.  Next section is exempt, nil and non-GST inward supplies. Taxpayer needs to report details of exempt, nil and non- GST inward supplies.
      7.  Next section is interest and late fees. All late fees and interest due as a result of late GST payments or late filing of GST return.
  • GSTR1

    In addition to GSTR3B return, businesses must file GSTR1 return. GSTR1 sum-up all sales (outward supplies) of a taxpayer. GSTR1 contains only sales and no need of tax payment after filing this return. The tax payment has done only at the time of filing GSTR3B.

    If businesses having annual turnover of Rs.1.5 crores then this return should be filed on monthly basis and if businesses having turnover of less than 1.5 crores then return must be filed on quarterly basis.GSTR1 return is due on the 11th of each and every month. We can make amendments to an already filed GSTR1 of a particular tax period by declaring the amended details in the return.

  • Format of GSTR1 are:-

    The return has a total of 13 sections. Details to be provided in GSTR1-

      1.  Provide GSTIN (GST Identification Number)
      2.  Legal name of the taxpayer.
      3.  Aggregate turnover in the current financial year. Aggregate turnover is the total value of all taxable outward supplies made to registered persons excluding the value of inward supplies. All B2B supplies should be stated in this section.
      4.  Outward interstate supplies to un-registered persons in which the invoice value is more than Rs. 2.5 lakhs.
      5.  This section contains zero-rated supplies and deemed exports. A registered dealer has to give details of invoice, bill of export or shipping bill in this section.
      6.  This section contains a rate wise summary of all sales during the month.
      7.  This section contains nil-rated, exempt and non-GST outward supplies.
      8.  Amendments to taxable outward supply details furnished in returns for earlier tax period in section 4, 5 and 6. It's also including current and amended debit notes, credit notes and refund vouchers. Any correction to data submitted in GSTR1 of previous months can be done by filing in this section.
      9. Amendments to taxable outward supplies to un-registered persons for earlier tax period.
      10. Consolidated statement of advances received payment or adjusted in the current tax period, and also amendments from earlier tax periods.
      11. This section contains HSN wise summary of outward supplies.
      12. This section contains documents issued during the tax period. This section include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc
  • GSTR2A

    It is available on the 11th of next month for the recipients to see and validate the information therein. It can not be edited by the recipients.

  • GSTR9

    Annual GST return must be filed by all businesses. It consists of details regarding the outward and inward supplies made during the relevant previous year under different tax heads i.e. CGST, SGST and IGST. It’s summarizes all the returns (GSTR3B, GSTR1, GSTR2A) filed in that year. The due date for filing GST return for FY 2018-19 was 31st March 2020 but now it extended to 30th June 2020.

Different types of Returns applicable under the GST law

GSTR1

Tax return for outward supplies made during the tax period. It contains the details of interstate B2B and B2C sales.

GSTR2

Monthly return for inward supplies received during the period. It contains the details of purchases of taxable goods and services claiming input tax credit.

GSTR3

Monthly return on the basis of details of all taxable outward supplies and taxable inward supplies and it’s also include the payment of tax.

GSTR4

It for composition supplier which should be filed quarterly return.

GSTR5

Return for non-resident taxable person.

GSTR6

Return for input service distributor.

GSTR7

Return for authorities carrying out tax deduction at source (TDS).

GSTR8

This return is for e-commerce operator or tax collector and they should file details of supplies affected and the amount of tax collected.

GSTR9

Registered taxable person should file annual return for every financial year.

GSTR10

This return should be filed by those taxable person whose Registration has been cancelled and it should be filed as final return.

GSTR11

Person having UIN claiming refund should file details of inward supplies.

Q1. Can any taxpayer edit data after filing returns for the month?

Yes, they can make the corrections using the amendment section under the next month’s tax return.

Yes, OTP is necessary for every stage of GST return filing. OTP is sent to registered mobile number and email id; it’s valid for only 10 minutes.

Yes, all e-commerce operators need to file GSTR-8 return filings if they allow to other suppliers to sell goods or services. It should be file before 10th of every month.

No, it is done only once at the time of his first return for that financial year.

Late fees for filing GSTR3B after the due date are:-

  • Rs. 50 per day of delay
  • Rs. 20 per day of delay if taxpayers having nil tax liability for the month.