What is GST Return Filing?

In India, GST has been implemented from 1st July 2017. Under the GST regime, nearly 1 crore entities in India have obtained GST registration. Each entity having GST registration are required to file GST returns. GST Return filing can be done via a software or you can use government self service portal.

GST registration is required for all those enterprises which are involved in buying or selling or delivery of services exceeding Rs. 20 lakhs in a year whereas in case of north-eastern and hill states the limit is Rs. 10 lakhs. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period and even a dormant business who has obtained GST registration must file GST returns.

GST return is a document which is required to be filed by the taxpayer with the tax administrative authorities containing details of income. Tax authorities use this document to calculate tax liability.

Who all should do GST Return filing?

1. Purchases.

2. Sales.

3. Output GST (on sales).

4. Input Tax Credit (GST paid on purchases).

It is Required for All Entities Holding GST Registration to Comply With GST Return Filing Rule

Rules

  • GSTR-1 (Details of Outward Supply) on the 10th of each month.
  • GSTR-2 (Details of inward Supply) on the 15th of each month.
  • GSTR-3 (monthly return) on the 20th of each month.
  • GSTR-4 is required filing in each quarter by compounding taxpayers on the 18th of the month next to the quarter.
  • Annual GST return is required to be filed on or before 31st of December.

What is Procedure of GST Return filing?

  • Firstly, the taxpayer is required to upload the final GSTR-1 return form (Details of outward supplies made by a taxpayer) either directly through data entry in the GST Common Portal or by uploading the file containing the GSTR-1 return form by the 10th day of succeeding month.
  • GST Common Portal (GSTN) will be auto-generated in provisional GSTR-2 of a taxpayer.
  • Purchasing taxpayer will have to either accept, reject or modify the provisional GSTR-2.
  • Purchasing taxpayer shall be able to add additional purchase invoice details in his GSTR-2 which have not been uploaded by the supplier, to ensure the valid invoice issued by the supplier and receiving of supplies.
  • Taxpayers will have the option to do reconciliation of inward supplies with suppliers during the next 7 days by following up with their counter-party taxpayers for any missing supply invoices in the GSTR-1 of the suppliers.
  • Taxpayers will finalize their GSTR-1 and GSTR-2 return.
  • Taxpayers will pay the amount shown in draft GSTR-3 (Monthly return) return generated automatically generated at the online Portal Post Finalization of activities mentioned above.
  • The taxpayer will debit the both ITC, cash ledger, and mention the debit entry number in the GSTR-3 return and would submit the same.

What is Due Date for GST Return filing?

  • GSTR-1 Details of outward supplies of taxable goods or services affected Monthly 10th of the next month
  • GSTR-2 Details of inward supplies of taxable goods and/or services affected claiming input tax credit. Monthly 15th of the next month
  • GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax. Monthly 20th of the next month
  • GSTR-9 Annual Return Annually 31st December of next financial year
  • GSTR-3B Provisional return for the months of July and August Monthly 25th of the next month
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