GST tax is a recently introduced indirect taxation system replacing the earlier VAT, service tax, and several other central & state taxes and merging them all into a single, extensive tax that circumscribes all goods and services so produced, within certain slabs structured in the range of 5% to 28%, depending on the nature of the goods and services.
While turning the system into a multi-stage process, this taxation system is quite beneficial for importing and exporting of products and services, ensuring more transparency as well as ease of processing tax liabilities.
How to File your GST Returns Online – The Process
The current taxation system provides complete freedom to the taxpayers by allowing them to file the returns manually via the online GST portal.
With a robust registration and easy returns system, the portal requires your basic details to register you in and provides you with a valid username and password to access the GST portal and access the taxpayer’s profile with easy navigation and facility to proceed with the “Prepare Online” option for your returns to be filed.
Who Should Be Filing the GST Returns
Any business and organization registered under the GST Act is liable to the file regular GST returns and is equally applicable to suppliers, manufacturers, customers, dealers, as well as the end-users.
To simplify things further, the business/organization/ individual so filing the return is supposed to choose the appropriate form as available, which as namely GSTR-1, GSTR-2, up to GSTR-11, depending on the nature of supplies, product or services, and business. However, the portal itself categorizes the business and address the appropriate registration number to the taxpayer, depending on their type of transaction.
The GST Return forms are further elaborated as follows:
-Filed by a registered taxable supplier.
-The Form includes details of the supplies of goods and services that are outbound.
-The buyer here is needed to validate the auto-generated purchase information or edit the details if needed.
-The Return form includes providing the details such as Business Name, GSTIN, the period for which the return is being filed, invoices corresponding to the transactions involved, along with information of advances received as well as corrections/revisions/or edits in the previous tax period, if any.
-The last date of filing returns, in this case, is 10th of each successive month
-Filed by a registered taxable person who adheres to the Composition Scheme.
-The Form includes the business name, GSTIN, a period for which the return is being filed, details of the inbound supplies of goods and services along with invoices issued and the corresponding taxes collected, details of advances received as well as revision in the sales invoices of the previous duration.
-The last date of filing returns, in this case, is 15th of each successive month
-Filed by a registered taxable person with details that are automatically populated via GSTR-1 and GSTR-2.
-The form is supposed to involve details of business, name, GSTIN, along with Input Tax Credit details, ledger, and liability, as well as details of taxes paid under, CGST, SGST, and IGST.
- The form should also include any refund payment requests if applicable.
-The last date of filing returns, in this case, is 20th of Each successive month.
-Filed by businesses and personnel reflecting Rs. 75 Lakh or above turnover wherein they pay fixed-rate taxes based on the nature of business.
-It does not include the input tax credit facility.
-The form involves the valuation of consolidated supplies during the tax return period, invoice of all purchase-related information, but does not involve any input tax credit facility.
- The last date of filing returns, in this case, is the 18th of each following month.
-filed by all registered, Non-Resident taxpayers.
-the Return form contains complete details of the taxpayer, GSTIN, duration period of the returns so being filed, details of any inbounding and outbound supplies including the goods and services to import. The form also requires the taxpayer to file details of credit/debit notes, closing stock information along with proper ledger.
-The last date of filing returns, in this case, is the 20th of each month.
-Filed by every taxpayer registered under Input Services Distributor.
-The form requires enclosing details such as business name, GSTIN, the period of the return being filed, input credit distributed details along with the amount availed under the current tax period including the input tax credit reverted and distributed as SGST, CGST, and IGST.
-The last date of filing returns, in this case, is the 13th of the following month.
-Filed by all registered taxpayers who are required to deduct tax at source under the GST Rule.
-The form so available consists of putting information such as business name, address, GSTIN, Period of taxation, details of amendment and TDS in invoice format, details of late filing of returns. Details such as TDS liability and refund from e-cashier ledger are auto-generated.
-The last date of filing returns is the 10th of the following month.
-Filed by all E-Commerce operators who collect taxes at source under the GST rule with due consideration of Sub-Section (1) under Section 43C of the Model GST Law.
-The form should consist of details of supplies as well as business-related details such as Name, Address, GSTIN, and billing details of supplies made to registered and unregistered personnel along with the taxes so collected. The TDS liability, in this case, is auto-generated.
- The last date of filing returns, in this case, is the 10th of the following month.
- Filed by normal taxpayers.
-The form includes details of all the income and expenditure that the taxpayer undergoes for the year where the details are further bifurcated month-wise.
- the last date of filing returns for this case is the 31st December of the following financial year.
- This form can be filled by any taxpayer individual who opts for the cancellation of GST registration.
-The details that this form includes consists of the ARN (Application Reference Number). Date of Cancellation of GST Registration, Unique Identification or UID for the cancellation order along with the respective date, as well as details of the closing stock along with the amount.
- The last date of filing returns, in this case, is flexible and is within 3 months of the date of cancellation, or date of order, whichever is later.
-Filed by everyone who has been issued a UID and claims a refund for the paid taxes on inbound supply of goods and services.
-The form includes detailing the name of the entity, UIN, associated period of return.
-The last date of filing returns on the above is the 28th of the following month.
You can also benefice from the GSTN portal which provides availability of quarterly and annual return filing along with a proper excel-based template, which makes it way easier for businesses to deliver their transactions and related information with comfort, thereby delivering a manual means of filing returns.
What Happens If You Do Not File GST Returns on Time
GST filing return is mandatory for anyone who is a registered entity under the GST Law. Delay in such a critical case is not entertained and consists of a fine of Rs. 100 per day for both CGST and SGST, thus, computing to a fine of Rs.200 per day. However, the maximum fine amount is Rs.5000, which excludes the 18% interest rate.
The fine to be submitted is to be calculated by the taxpaying entity, with due consideration of the period starting from the deadline, until the date when the actual payment is made.
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