Online GST Return Filing - An Overview

As per the provisions of GST Act, every individual/Company/LLP or any other entity registered under the GST Act has to submit the details of sales, purchases and the tax paid by filing for GST returns with the GST authorities.
The GST return mainly includes purchases, output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.

Types of GST Returns

Let us simplify GST in this way- Any business will have to file one or two monthly GST return (depends on turnover), and annual return once. This implies that as a total, a normal taxable person has to file GST returns 25/17 times a year. The GST portal issues different types of forms for filing the GST returns. They are:

• Return for supplies (GSTR-1)
  The GSTR-1 is a monthly return form filed by businesses to report the details of the outward supplies of all services and goods. Every GST-registered entity should file GSTR-1 except Input service distributor and Composition taxpayer. It must be filed even if there is no business activity. This has to be filed on monthly or quarterly basis as applicable.
• GSTR-2A ( Auto-populated Purchases)
  GSTR-2A is the return of details of all the inward supplies of goods/services, that is, purchases made by registered suppliers. GSTR-2A is auto populated where the data will be fetched from the GSTR-1 filed by the supplier. It is a read-only return and cannot be edited.
• Return for purchases (GSTR-2)- Currently Disabled
  GSTR-2 is the return filed to furnish the details of all the inward supplies of goods/services. This form can be edited but the filing has been suspended by the government. Currently, it is not applicable on the tax payer.
• Monthly returns (GSTR-3B)
  It is a summarized monthly return of all the details of inward and outward supplies, input tax credits and the details of all the GST liabilities. It is a self-declaration form filed by all taxpayers for every tax period.
• GSTR-4
  GSTR-4 is filed every year by all taxpayers under the GST composition scheme. Businesses should provide a summary of the outward supplies and all the taxes paid thereon, details of import of services and supplies that may attract reverse charge.
• GSTR-5
  Form GSTR-5A is furnished by service providers of Online Information and Database Access or Retrieval (OIDAR). It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India. It is a monthly return filed by the 20th of every month.
• GSTR-5A
  Form GSTR-5A is furnished by service providers of Online Information and Database Access or Retrieval (OIDAR). It is filed to declare the services provided to unregistered entities or individuals, from a place outside India to a person in India. It is a monthly return filed by the 20th of every month.
• GSTR-6A
  GSTR-6A form is a system generated “draft” Statement of Inward Supplies for a Receiver Taxpayer. It is a read-only form.
• GSTR-6
  The Input Service provider generates and files GSTR-6 only after all details furnished in GSTR 6A are accepted and verified. This is done on the 13th of every month.
• Annual returns (GSTR-9)
  The GSTR 9 form is filed annually by entities to furnish the details of all purchases, sales, input tax credit or refund claimed or demand created etc. GSTR-9 is filed by normal taxpayers, SEZ unit, SEZ developer, OIDAR service providers, and the taxpayers who have withdrawn from the composition scheme to normal taxpayers.
• GSTR-9A
  GSTR-9A is filed by entities who have opted for composition scheme any time during the financial year. The details furnished in GSTR-9A are inward and outward supplies, taxes paid, demand created, refund, input tax credit availed or reversed.
• CMP-08 (For Composition Dealers)
  A composition dealer will use the Form CMP-08, which is a special statement-cum-challan to declare the details or summary of his/her self-assessed tax payable for a given quarter. It also acts as a challan for making payment of tax. A composition dealer is a dealer who has been registered under the composition scheme laid down for both supply of goods and services.

Due Dates for GST Returns

Late Fees on Delay or Non-Filing of Return

In case the taxpayer fails to file the returns within the time limits, then he/she will be asked to pay a penalty which is also known as the late fee. The late fee will be Rs.20 per day if it is NIL return or only purchases and Rs 50 will be levied if we fail to furnish the sales return. Thus, it will come around Rs.25 under the CGST and again Rs.25 under the SGST. The total amount to be paid will be Rs.50 per day. The maximum penalty can be Rs.5000.The IGST do not levy any late fees.

Process

• STEP 1: TEMPLATES AND MONTHLY RETURNS INVOLVED IN THE GST RETURN FILING PROCESS
• STEP 2: PREPARATION FOR GST RETURN FILING PROCEDURE
• STEP 3: STEPS REQUIRED TO COMPLETE THE RETURNS FILING PROCESS

Deliverables

• Filed GST Returns
• Templates
• Reminders to File it on time