GST Return

Types of GSTR 

The different types of GSTR are enlisted below:

• GSTR-1 - Description of Outward Supplies: GSTR-1 is a return filed monthly by the businesses which provides the details of the outward supplies of all services and goods. Every individual /entity registered under GST should file GSTR-1 except Input service distributor and Composition taxpayer. The return shall be filed even if there is no business activity.

Due Date: The due date for filing GSTR-1 is the 11th of the next month if the annual turnover is more than 5 Cr. Or if the business has not opted for the QRMP scheme. However, if the business has opted for the QRMP scheme, then the GSTR needs to be filed. This is to be paid every quarter and due date shall be the 13th on every month by the end of each quarter

Note – GSTR 2 and GSTR 3 are currently suspended.

• GSTR-2A: GSTR-2A this form is about all GST return filing related to all the inward supplies of goods/services, that is, purchases made by registered suppliers. This return is auto-filled, where the data will be fetched from the GSTR-1 filed by the supplier.

Note: So there is no particular due date for this form 

• GSTR-3B: GSTR-3B is a monthly self-declaration form that helps in providing systemize details of all outward stocks made, input tax credit claimed, tax account defined, and taxes paid. The form is registered by all normal taxpayers enrolled under GST.

Due Date- Every 20th of next month for taxpayers with an aggregate turnover in the previous financial year of more than Rs 5 crores. (From January 20201 onwards). However, the taxpayers having aggregate turnover equal to or below Rs 5 crores shall file by 22nd of next month for taxpayers in category X states/Union Territories and 24th of next month for taxpayers in category Y states/Union Territories.

Eligibility Criteria for GST Return Filing

The businesses whose annual turnover exceeds 20 lacs or 40 lacs are eligible to file GST Return. Any person who is engaged in the below-mentioned Activities is required to file the GST Return. The activities are –

• Sales
• Purchases
• Output Tax
• Input Tax

Penalty for Delay in GST Return Filing

Delayed GST Return Filing can lead to the initiation of punitive action against the defaulter in case of late filing of the GST Return. The taxpayers would have to pay interest and the late fee. Moreover, an interest of 18% per annum would be responsible. Nonetheless, the taxpayer can calculate the interest on the amount of outstanding tax to be paid. The Late fee includes Rs. 100 per day per Act; concurrently, it is Rs. 100 under CGST & Rs. 100 under SGST, which amounts to Rs. 200 per day. The maximum amount will be Rs. 5000. (Not applicable to the Integrated Goods and Services Act).