GST Return Filing?
Every registered Assessee (Who has taken ST Registration) required to File Goods and Service Tax Return Compulsorily for Goods and Service Tax collected on “Taxable Services”
The assessee is required to submit the details of Services Provided, CENVAT Credit availed and Goods and Service Tax paid to the Government, in the Return (Form ST-3). Bills raised by an assessee for Services provided, inclusive of Goods and Service Tax is the basis for Goods and Service Tax Return
In selected services, Like Insurance agents, Mutual fund companies or import of services even the Service Receiver is also liable to pay Goods and Service tax and accordingly file the return
Services received or consumed in order to render the services are eligible for Input Credit. The Credit is taken as set off (deducted) from the Goods and Service Tax liability.
Due date to pay service tax:
The assessee is required to pay the Net Goods and Service Tax liability within the due date
|The due date for Goods and Service payment is:|
|For April to Feb||5th of Next month or|
|6th of Next month (E-Payment)|
|For March||31st Mar|
A penalty for Late payment:
In case, assess fails to pay Goods and Service Tax within due date, he will be paying penal interest @ 18% p.a. In case turnover is less than 50 Lakhs than interest rate will be 15%.
Gst AnnualReturn Due Date:
Goods and Service Tax Return is to be filled twice in a financial year (i.e. Half-year ending 30th September and 31st March)
The due date for filing return is as follows:
|For Half-year ending 30th September||25th October|
|For Half-year ending 31st March||25th April|
|In case of late filing of Return, a penalty will be applicable as explained below :|
|Period of a delay from the due date||Penalty|
|Beyond 15 days but not later than 30 days||Rs.1000/-|
|Beyond 30 days||Rs.1000/- plus Rs.100 for every day from 31st day till return is filed|
|Subject to a maximum of Rs.20,000/-|
Types of GST Returns:
Filing of return is compulsory under GST. You must surely file a Nil return, even if there is no transaction,
Under GST, You are supposed to file three monthly returns and one yearly return: GSTR-1, GSTR-2, GSTR-3 and Annual Return (GSTR-9).
Here, some information about GST returns:
- GSTR-1:- In this return will be the monthly sale details, which is supposed to be filled by the 10th of next month.
- GSTR-2:- In this return will be the details of monthly purchases, which will be duly filed positively by 15th of the following month( It is not supposed to file 10th date onwards, i.e. it is to be filled between 10 to 15 dates).
- GSTR-3:- In this return, the taxpayer will give details by depositing the income, after evaluating the tax of a month by decreasing the input from the output. Which is supposed to be filled up by the 20th of next month.
- GSTR-9:- This is annual return, which will be filled up by December 31s+t after the end of the financial year.
How GST Returns Online has to be filled?
Manufacturers, suppliers to dealers and consumers, all categories of taxpayers have to file their tax returns with the GST department every year. Under the new GST regime, Tax return filling has become computerized. By using the software or apps provided by Goods and Service Tax Network (GSTN) GST returns can be filed online, which will update the details on each GSTR forms. Given below are the steps required for filling GST Online
- Go to GST portal (www.gst.gov.in).
- Based on your state code and PAN number, A 15-digit GST identification number will be issued
- Invoices will be uploaded on the GST portal or the software. An invoice reference number will be issued against every bill.
- Afterward, outward online return, inward return, and cumulative monthly return have to be filed. you have the option to correct it and refill the returns in case of any errors,
- Through the information section at the GST Common Portal (GSTN), file the outward supply returns in GSTR-1 form on or before 10th of the following month.
- Details of outward supplies provided by the supplier will be made available in GSTR-2A to the recipient.
- The recipient has to confirm, authenticate, and alter the details of outward supplies, and also file details of credit or debit notes.
- Details have to be furnished by the recipient regarding inward supplies of taxable goods and services in GSTR-2 form.
- It can be accepted or rejected by the supplier whatever the modifications in the information regarding the inward supplies given by the recipient in GSTR-1A.