GST return filing
All GST-registered businesses, dealers, traders, and taxpayers registered under the GST system need to file GST returns wherein business information such as purchases, sales, tax collected, tax paid, etc. are included.
GST Return Filing is a legal requirement for all businesses registered under the GST Act/regime.
Returns are filed by taxpayers dependent on the type of taxpayer/type of registration received.
There are different types of GST returns, and the GST return filing due date varies based on the type of return and the taxpayer's turnover.
Composition dealers have to file GSTR-4, which is the GST return filing meant for composition dealers
Under the GST regime, businesses have to file GST returns on a monthly, quarterly, or annual basis, depending on their annual aggregate turnover and business type
The following are the various types of GST returns and their filing frequencies:
GSTR-1: This form records information on outward supplies made by the taxpayer. It is typically filed within 10 days after the end of the respective month.
GSTR-3B: A monthly return summarizing both outward and inward supplies made by the taxpayer. And the due date on the 20th of the following month.
GSTR-4: Applicable to taxpayers under the Composition Scheme, this quarterly return details outward supplies made by the taxpayer.
GSTR-5: Non-resident taxpayers conducting business in India file this monthly return, which captures both inward and outward supplies.
GSTR-6: Input Service Distributors (ISDs) use this monthly return to report received inward supplies and distribute input tax credit to branches.
GSTR-7: Monthly return for taxpayers responsible for deducting TDS (Tax Deducted at Source), containing details of deducted and deposited TDS.
GSTR-8: Filed by e-commerce operators collecting TCS (Tax Collected at Source), this monthly return outlines the collected and deposited TCS.
GSTR-9 : Annual return providing a comprehensive overview of inward and outward supplies made by regular taxpayers or those under the Composition Scheme.
GSTR-10: Final return for taxpayers whose GST registration is canceled or surrendered, encompassing all inward and outward supplies from registration to cancellation or surrender.
Here are some benefits of choosing business filing for GST returns filing process:
Compliance with the law: All GST-registered businesses are required to file monthly or quarterly GST returns and an annual GST return based on the type of business
By choosing business filing for GST returns, businesses can ensure that they are complying with the law and avoiding any penalties for non-compliance.
Accuracy of returns: Filing GST returns can be a complex process, and errors can lead to penalties and fines. By choosing business filing for GST returns, businesses can ensure that their returns are accurate and complete, reducing the risk of penalties and fines.
Time-saving: Filing GST returns can be a time-consuming process, especially for businesses with a large volume of transactions. By choosing business filing for GST returns, businesses can save time and focus on other important aspects of their operations.
Expert assistance: Business filing for GST returns often comes with expert assistance from professionals who are well-versed in GST laws and regulations. This can help businesses navigate the complex process of filing GST returns and ensure compliance with the law.
Frequently Asked Question
In India, you are required to file a GST return if your annual turnover exceeds a certain threshold. The filing period for GST returns in India is monthly or quarterly, depending on the turnover of the taxpayer.
The frequency of filing depends on the taxpayer’s annual turnover, with those having an annual turnover of up to Rs. 1.5 crore filing quarterly and those above that limit filing monthly.
To check the GST return filing online status, taxpayers can log in to the gst return filing website and navigate to the ‘Services’ tab. From there, they can select ‘Returns Dashboard’ and view their filed returns. In case of any discrepancies or errors, taxpayers can rectify them through the portal itself.
The frequency of filing GST returns depends on the type of taxpayer and their turnover. Regular taxpayers have to file monthly returns, while those with a turnover of less than Rs. 5 crore can opt for quarterly returns. It is important to keep track of the gst return filing due date to avoid penalties and interest charges.