GST Return- Know Types of GST Returns, Their Filing Process and Due Dates

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The staggered return filing solution was proposed by Infosys, the company that manages GST Network’s IT infrastructure. “For further improving the performance of GSTN filing portal on a permanent basis, several technological measures are being worked out with Infosys and will be in place by April this year,” said an official statement from the finance ministry. 4.9 Million filers from Gujarat, Goa, Kerala, Maharashtra, Nagar Haveli, Dadra, Daman& B=Diu, Chattisgarh, Tamil Nadu, Telangana, Andhra Pradesh, Puducherry, Andaman & Nicobar Island have to file GSTR 3B by every 22nd of the month. 4.6 Million taxpayers from the rest of India can file the GSTR 3b on 24th of every month. This will reduce the burden on the IT industry and will ensure easy & smooth return filing.

What is GST Return?

GST is an indirect tax that is paid by the taxpayers on the supply of goods and services. GST return is a set of documents that contains details of the income of a taxpayer. 

There are a total of 19 GST return forms that are used by taxpayers to file their return online. In a year, any entity has to file 26 returns in a year — two monthly returns and one annually. Let’s look at the details of each of these GST return forms. 

Types Of GST Return Forms Under the GST Law

Different forms are filed depending on the GST registration of taxpayers and the nature of transactions. Generally, registered business owners have to file three types of GST returns per month, i.e., GSTR-1, GSTR-2, and GSTR-3.

  • GSTR-1

The supplier fills the GSTR-1 return form. It contains information about the outward supplies of goods and/or services. It allows the buyer to make any changes in case the auto-populated purchase information doesn’t match. The form contains information like invoices issued in the previous month, revisions in outward sales, and more. 

GSTR-1 form is to be filed by the 11th of next month with effect from October 2018. It was due on the 10th of next month previously. 

  • GSTR-2

GSTR-2 return form contains the details of the inward supplies of taxable goods and/or services. It includes information on advances received against a consignment order that will be delivered in the future, invoices issues in the previous month, and more. 

The due date for the GSTR-2 form is by the 15th of the next month.

  • GSTR-3

All the information in GSTR-3 is automatically populated from GSTR-1 and GSTR-2 returns forms. One needs to verify and make changes if required. It contains information on the amount of tax paid under SGCT, CGST, and IGST, and more. 

The due date for the GSTR-3 form is by the 20th of the next month. 

Deadlines for Return Forms

Form Name Due Dates
GSTR-1 11th of the next month
GSTR-2 15th of the next month
GSTR-3 20th of the next month
GSTR-4 18th of the following reporting quarter
GSTR-5 20th of the next month
GSTR-6 13th of the next month
GSTR-7 10th of the next month
GSTR-8 10th of the next month
GSTR-9 31st December of the next financial year

Penalty for Not Filing Return on Time

When he/she fails to file the return on time, they are liable to pay penalty for late filing of GST Return

As per the GST law, the late interest rate is 18 percent per annum, which is charged on the total amount of tax. And the time period is calculated from the next day of the missed deadline until the date of actual payment. 

In addition to interest, taxpayers also need to pay the late fee. The late fee is INR 100 per day for each SGST and CGST. Thus, the total amount is INR 200 per day. However, there is a limit to the maximum amount of fine that can be charged, i.e., INR 5000. And IGST does not have any late fee scheme. 

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