File GST Return

GST Returns must be filed by any business or individual registered under GST in India. This requirement is particularly applicable to those whose annual turnover exceeds a certain threshold set by the tax authorities.

The GST framework includes 13 different types of returns, catering to various aspects of a taxpayer's financial transactions. However, not every taxpayer is required to file all these returns; it depends on their business category and GST registration details.

Every registered dealer including casual registered person except the following: Input service distributor Non resident taxable person Composite dealer Person deducting TDS Person collecting TCS Supplier of Online Information and Database Access or Retrieval Service (OIDAR)

To avoid manual feeding of large data in case of no. of invoices for GSTR 1, it is better to use the GST offline tool. It enables the tax payer to feed the data in an excel template without the connection of internet. This file can then be directly uploaded in the GST portal to file GSTR 1.

No. Return cannot be revised. However, amendments in GSTR 1 may be made in the return of subsequent period, i.e. mistakes may be rectified in the next period (month/quarter) return. But there is no way to rectify or revise GSTR-3B.

Unlike regular taxpayers, a composite dealer has to file quarterly return in GSTR-4 by 18 the of the next month from the end of quarter. Example- for the quarter ended on Dec.’17, GSTR-4 to be filed upto 18 th Jan.’18. Also, unlike regular taxpayer, the composite dealers have to file their annual return in GSTR 9A.

The interest is payable for delay in payment of taxes due, and late fees is payable for delay in filing of return. So, in case of nil return, there will be no interest. But late fees of 20 Rs. will be charged. Both interest and late fees are calculated from the date next to the due date upto the date of payment. Interest -> In every case other than NIL -> return@ 18% p.a.the -> tax liability -> @ 18% p.a.

GSTR-3B is a monthly summary return that consolidates information on outward supplies, input tax credit claims, and tax payments. It's due by the 20th of the following month for businesses with an annual turnover above Rs. 5 crore.

GSTR-4 is filed annually by taxpayers enrolled under the Composition Scheme. This return summarizes the turnover and corresponding tax for the year and is due by April 30th of the subsequent financial year.

GSTR-5 is a monthly return filed by non-resident foreign taxpayers who conduct taxable transactions in India. It includes details of both outward and inward supplies and is due by the 20th of each month.

Late filing of GST Returns attracts penalties and interest. The late filing fee is Rs. 100 per day per act (CGST and SGST), capped at Rs. 5,000. Additionally, late tax payments incur an 18% per annum interest charge.