GST REGISTRATION
GST RETURN
COMPANY REGISTRATION
TDS RETURN
TRADEMARK REGISTRATION
INCOME TAX RETURN
FSSAI FOOD LICENSE
MSME/SSI REGISTRATION
IMPORT EXPORT CODE
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What is GST Return Filing?
Who Should File GST Return?
Categories of GST Return Form
Late Fees, Penalty & Interest of
GST Return
Online GST Return Filing
through Legalhisaab
GST Return Filing
What is GST Return Filing?
GST return filing is a form of incorporating sales and purchase details of the business on the GST portal every month for maintaining financial accounts every year. By doing this every taxpayer has the right to calculate the tax liability. We can claim input of tax after GST return filing. Under the GST law, every business, whether small or big, has to file a return.
Who should File GST Return?
GST return filing is mandatory for all those who have GSTIN (Goods and Services Tax Identification Number). It is necessary to file online GST return even if there is no sale or purchase. A company with a turnover of more than Rs 1.5 crore needs to file monthly returns.
Categories of GST Return Form
GSTR-1: It is an outward supply return which mainly consists of documents issued on B2B, B2C, Debit, Credit notes, HSN codes and sales transactions for the tax period. Filing date for monthly taxpayer is 11th and 13th of each month for quarterly taxpayer.
GSTR-2A: This return contains details of all inward supplies of auto-generated goods and services. In the GSTR-2A of every month, the invoices for the purchases of the same month are shown.
GSTR-2B: This is an auto-generated input tax credit settlement. All invoices in GSTR-2B are available after the 12th of every month.
GSTR-3B: It is a system generated return in which summary of sale and purchase are generated. It is compulsory for monthly taxpayer to file return on 20th of every month and for quarterly taxpayer 22th and 24thof every month.
GSTR-4: This form is filed by composition dealer, Small taxpayers with an annual turnover of up to Rs. 1.5 crores can opt for the composition scheme and are required to file GSTR-4.
GSTR-5: This form is filed by Non-Resident, Online Information and Database Access or Retrieval (OIDAR). Due date of filing GSTR-5 is 13th of every month.
GSTR-6: GSTR-6 return is a monthly return that is required to be filed by Input Service Distributors (ISDs) registered under GST. ISDs are businesses that receive invoices for input services and distribute the input tax credit to other branches or units of the same business that are registered under GST.
GSTR-7: GSTR-7 return is a monthly return that is required to be filed by persons who are required to deduct tax at source (TDS) under GST. These include businesses and individuals who make payments to suppliers for goods or services that are subject to TDS under GST.
GSTR-8: This form is filed by E-commerce operators that facilitate the supply of goods or services by other sellers are required to file GSTR-8.
GSTR-9: GSTR-9 return is required to be filed by regular taxpayers in India. It is an annual return that provides a summary of all the outward and inward supplies made during the financial year.
GSTR-9C: It is a reconciliation statement which is filed by every taxpayer Registered under GST whose turnover exceed 2 crore in financial year.
GSTR-10: GSTR-10 return is a final return that is required to be filed by taxpayers whose GST registration has been canceled or surrendered. The return provides details of the stock of goods held by the taxpayer on the date of cancellation or surrender of the registration, as well as any liabilities or dues payable to the government.
Late Fees, Penalty & Interest of GST Return
The penalty amount for Late Return Filing:
- 50 Rs per day for the person who have invoices
- 20 Rs per day for the person who have nil return
The penalty amount of late tax payment is 18% p.a interest on tax.
Penalty amount will be 10000 Rs if we claim more than the input available.
Penalty for not registered under GST and not issuing an invoices is 100% tax due or 10000 Rs whichever is higher.
Penalty for incorrect invoices and for the person who is helping to commit the fraud is 25000 Rs.
Procedure of Online GST Filing through LegalHisaab
Legalhisaab is the most famous GST filing service provider in India. We process Online GST Filing Application within same days. Legalhisaab GST experts will assist you in getting the GST Filing Online and also provide free consultation.
- Get Free Consult with our Experts
- Provide Documents and Details
- Our Exports will process your application in same day
- As soon as we will get your GST Return copy, we will send you by E-mail.
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Frequently Asked Questions?
GST (Goods and Services Tax) is an indirect tax that has replaced several other indirect taxes such as VAT, Service Tax, and Excise Duty.
Every person who is registered under GST, including normal taxpayers, composition scheme taxpayers, and input service distributors, are required to file GST Returns.
GST Return is a document that contains details of the income, expenses, and taxes paid under GST during a particular period.
There are various types of GST Returns, such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-9A, and GSTR-10, depending on the type of taxpayer and the frequency of filing.
GST Return can be filed online on the GST Portal by logging in with the registered credentials. The return needs to be filled with the details of the outward supplies, inward supplies, and tax liability, and the applicable tax needs to be paid.
The due date for filing GST Returns depends on the type of taxpayer and the frequency of filing. For example, GSTR-1 needs to be filed monthly or quarterly, depending on the turnover, and the due date is the 11th or 13th of the subsequent month.
The penalty for non-filing or late filing of GST Returns can be up to Rs. 200 per day, subject to a maximum of 0.25% of the turnover of the taxpayer. Additionally, the taxpayer may not be able to claim input tax credit for the transactions that are not reported in the returns.
The GST Composition Scheme is a simplified scheme for small taxpayers whose turnover is up to Rs. 1.5 crores. Under this scheme, the taxpayer needs to pay a lower tax rate and file a quarterly return instead of a monthly return. However, the taxpayer cannot claim input tax credit under this scheme.