GST Return Filing: Steps to File, Due Dates, Types

Goods and Services Tax (GST) has been a significant tax reform in India, which aims to simplify the tax system and reduce the cascading effect of taxes. It has streamlined the tax system, but compliance with the new regime can be daunting. The GST return filing is one of the key components of GST compliance. In this article, we will understand the GST return filing status, including the types of GST returns, due dates, and consequences of non-compliance.

Types of GST Returns

There are several types of GST returns that need to be filed as per the provisions of the GST Act. Some of the prominent ones are:

GSTR-1: GSTR-1 is a monthly or quarterly return that contains the details of all outward supplies made during a given period. It is due on the 11th of the subsequent month.

GSTR-3B: GSTR-3B is a monthly return that summarizes the details of outward and inward supplies, input tax credit (ITC) availed, and tax liability for a given period. It is due on the 20th of the subsequent month.

GSTR-4: GSTR-4 is a quarterly return that is filed by taxpayers registered under the Composition Scheme. It contains the details of outward supplies, tax liability, and ITC availed. It is due on the 18th of the month succeeding the quarter.

GSTR-9: GSTR-9 is an annual return that contains the details of all outward and inward supplies, ITC availed and reversed, and tax liability. It is due on the 31st of December of the subsequent financial year.

Due Dates for GST Return Filing

The due dates for filing GST returns vary based on the type of return filed. Here are the due dates for some of the returns:

GSTR-1: 11th of the subsequent month
GSTR-3B: 20th of the subsequent month
GSTR-4: 18th of the month succeeding the quarter
GSTR-9: 31st December of the subsequent financial year

Consequences of Non-Compliance

Non-compliance with the GST return filing can lead to various consequences. Some of them are:

Late Fees: If a taxpayer fails to file a GST return within the due date, a late fee of Rs. 50 per day (Rs. 20 per day for taxpayers having nil liability) is charged until the date of filing the return.

Interest: A taxpayer who fails to pay the tax liability within the due date is liable to pay interest at the rate of 18% per annum on the tax amount.

Penalty: A taxpayer who intentionally evades tax or supplies goods or services without issuing proper invoices or documents is liable to pay a gst penalty of 100% of the tax amount due or Rs. 10,000, whichever is higher.

One of the challenges of GST return filing is the complexity of the process. Depending on the size and nature of the business, the number of transactions and invoices can be enormous. This can make it difficult to maintain accurate and up-to-date records. However, with the help of technology and software, businesses can simplify the process of maintaining records and filing returns. Many software solutions are available in the market that can help businesses automate the process and reduce the risk of errors and delays.

Another important aspect of GST return filing is reconciliation. Reconciliation is the process of matching the data filed by the supplier with the data filed by the recipient. It is important to ensure that the data matches to claim the input tax credit.

If there is a mismatch, the recipient may lose the input tax credit or may have to pay additional tax. Reconciliation can be a time-consuming process, especially for businesses with a large number of transactions. However, it is critical to ensure compliance with the GST Act.

The GST return filing status can be checked online on the GSTN portal. The GSTN portal is a common platform for all taxpayers to file returns and make payments.

The portal provides real-time status updates on the return filing, including the status of the return, the amount of tax paid, and the due date for the next return. The portal also provides a facility to download the return forms and to view the filed returns.

In conclusion

GST return filing is an important aspect of GST compliance. Businesses need to ensure that they file the returns on time and maintain accurate records. The government has taken several steps to simplify the process, and businesses can leverage technology and software solutions to streamline the process. However, it is essential to reconcile the data and ensure compliance with the GST Act to avoid any unwanted consequences. With the right approach and tools, businesses can stay compliant and reap the benefits of the GST regime.

Frequently Asked Questions

Q:1) What is the GST return filing status?
A: The GST return filing status refers to the status of the return filed by the taxpayer. It indicates whether the return has been filed on time, whether the tax liability has been paid, and whether any late fees or penalties have been imposed.

Q:2) What are the consequences of not filing GST returns?
A: Non-filing of GST returns can result in penalties and interest. The taxpayer may be liable to pay a late fee of Rs. 50 per day (Rs. 20 per day for taxpayers having nil liability) until the date of filing the return. In addition, a taxpayer who fails to pay the tax liability within the due date is liable to pay interest at the rate of 18% per annum on the tax amount.

Q:3) What is the due date for filing GST returns?
A: The due date for filing GST returns varies depending on the type of return. For example, the due date for GSTR-1 is the 11th of the subsequent month, while the due date for GSTR-3B is the 20th of the subsequent month. The due date for GSTR-4 is the 18th of the month succeeding the quarter, and the due date for GSTR-9 is the 31st of December of the subsequent financial year.

Q:4) What is the penalty for not filing GST returns?
A: A taxpayer who intentionally evades tax or supplies goods or services without issuing proper invoices or documents is liable to pay a penalty of 100% of the tax amount due or Rs. 10,000, whichever is higher.

Q:5) Can I check my GST return filing status online?
A: Yes, you can check your GST return filing status online on the GSTN portal. The portal provides real-time updates on the return filing status, including the status of the return, the amount of tax paid, and the due date for the next return. The portal also allows you to download the return forms and view the filed returns.

Q:6) How can I ensure compliance with the GST Act?
A: You can ensure compliance with the GST Act by maintaining accurate and up-to-date records, filing returns on time, reconciling the data, and paying the tax liability within the due date. You can also leverage technology and software solutions to automate the process and reduce the risk of errors and delays.