GST Return Filing

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What is a GST Return?

A GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.

Under GST, a registered dealer has to file GST returns that broadly include:

• Purchases: It records in detail the purchases the taxpayer has made.
• Sales: It provides a comprehensive log of the taxpayer's sales activities.
• Output GST (On sales): It notes the GST charged on the taxpayer's sales.
• Input tax credit (GST paid on purchases): It lists the GST paid on purchases, which is eligible to be deducted from the GST owed on sales.

Who Should File GST Returns?

GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.

How Many Returns are there under GST?

Within the Goods and Services Tax (GST) system, 13 returns cater to different facets of a taxpayer's financial dealings. Not all taxpayers must file every type of return; the specific returns that need to be filed depend on the taxpayer's category and registration particulars.

• GSTR-1: Filed for disclosing details of outward supplies, essentially the sales.
• GSTR-3B: A summarised return that outlines both sales and purchases, inclusive of tax payments.
• GSTR-4: Applicable to those under the Composition Scheme, summarizing turnover and corresponding tax.
• GSTR-5: For non-resident taxpayers conducting taxable transactions in India.
• GSTR-5A: For providers of online information and database access or retrieval services.
• GSTR-6: Used by Input Service Distributors for detailing input tax credit distribution.
• GSTR-7: For entities required to deduct TDS under GST.
• GSTR-8: To be filed by e-commerce operators reporting transactions on their platform.
• GSTR-9: An annual comprehensive return summarizing all periodical filings over the fiscal year.
• GSTR-10: The final return upon cancellation or surrender of GST registration.
• GSTR-11: For those with a Unique Identity Number, claiming refunds on their purchases.
• CMP-08: A quarterly statement for Composition Scheme taxpayers detailing tax liability.
• ITC-04: For manufacturers to declare details about goods dispatched to and received from a job worker.

Additionally, there are return-related statements for input tax credits:

• GSTR-2A (dynamic): Offers a real-time perspective of inward supplies as suppliers report.
• GSTR-2B (static): Provides a fixed snapshot of inward supplies based on the suppliers' filings.

Due Dates for Various Types of GST Returns

Penalty for Late Filing GST Returns

• Filing Returns is Required: Every registered taxpayer has to file GST returns regularly, even if there's no business activity.
• Delays Lead to More Delays: Missing a filing deadline blocks future filings until previous ones are submitted.
• Penalties for Late Filing: Late filing of GSTR-1 incurs penalties reflected in GSTR-3B.
• Interest on Late Tax Payments: 18% per year on the amount owed from the day after due date until payment.
• Late Filing Fees: Rs. 100 per day for each CGST & SGST, max Rs. 5,000.
• Annual Return Late Fees: For GSTR-9 & 9C, capped at 0.25% of turnover unless government relief applies.