GST Returns Filing Requirements For Regular Taxpayers [Infographics]
GST Return: Type of Return, Due Date, and Forms
|10th of next month|
|15th of next month|
|Summary return for all taxable persons except specified herein under|
|20th of next month|
|Composition Person||18th of next month following end of quarter|
|Periodic return by non-resident foreign taxpayer||Last day of registration||GSTR-5|
|Input Service Distributor||13th of next month||GSTR-6|
|Tax Deductor||10th of next month||GSTR-7|
|Annual Return||31st December following F.Y.||GSTR-8|
|Final return||3 months from date of cancellation or order of cancellation whichever is later (to include all transactions from last return to date of cancellation)|
Salient features related to returns
1) Compulsory electronic filing of returns.
2) The Board/Commissioner may, for valid and sufficient reasons, by notification, extend the time limit for furnishing such details.
3) Rectification of error/omission in respect of returns filed can be done before filing of return for the month of September following the year of which the details pertain or before furnishing of Annual return, whichever is earlier. Hence the existing time limit of revision of 30 days from the date of filing original return is extended to such extended period.
4) There will be separate tables for submitting details relating to import of Goods/Capital Goods from outside India and for the services received from outside India unlike the current system where only the value of imports are provided.
5) Upon preparation of GSTR-2, details of supplies shown by the relevant suppliers will be auto populated in assessee’s return. The assessee is required to verify, validate, modify or even delete – the details furnished by the suppliers.
6) Separate field to capture ITC on Capital goods to be availed on installment basis.
7) Auto-Population in this return from GSTR-1 will be done on or after 11th of the succeeding month. Addition or Deletion of the invoice by the taxpayer will be permitted between 12th and 15th of the succeeding month. Adjustments would be permitted on 16th and 17th of the succeeding month.
8) Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.
9) A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.
10) Input tax credit is eligible only after filing a valid GST return.
11) Refund of interest on mismatch is receivable as interest by the recipient of goods if the supplier later on revises his return and reconciles the sales. However refund of interest cannot exceed the interest paid by the supplier of goods.
12) Annual return to be furnished by 31st December following the respective year.
13) Input Service distributor, deductor of tax, casual taxable person and Non-Resident taxable person are not required to furnish annual return.
14) Final return to be furnished by supplier within 3 months of cancellation of registration or receipt of cancellation order, whichever is later.
15) Late filing fees shall be Rs. 100 per day of delay (maximum INR 5000/-). For annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of aggregate turnover)
16) The taxpayer can authorize any GST practitioner to file return on his behalf
- What is the purpose of returns?
- Who needs to file Return in GST regime?
- What type of outward supply details are to be filed in the return?
- Is the scanned copy of invoices to be uploaded along with GSTR-1?
- Whether all invoices will have to be uploaded?
- Whether the description of each item in the invoice will have to be uploaded?
- Whether value for each transaction will have to be fed? What if no consideration?
- Can a recipient feed information in his GSTR-2 which has been missed by the supplier?
- Does the taxable person have to feed anything in the GSTR-2 or everything is auto- populated from GSTR-1?
- What if the invoices do not match? Whether ITC is to be given or denied? If denied, what action is taken against supplier?
- What will be the legal position in regard to the reversed input tax credit if the supplier later realizes the mistake and feeds the information?
- What is the special feature of GSTR-2?
- Do tax payers under the composition scheme also need to file GSTR-1 and GSTR-2?
- Do Input Service Distributors (ISD) need to file separate statement of outward and inward supplies with their return?
- How does a taxpayer get the credit of the tax deducted at source on his behalf? Does he need to produce TDS certificate from the deductee to get the credit?
- Which type of taxpayers need to file Annual Return?
- Is an Annual Return and a Final Return one and the same?
- If a return has been filed, how can it be revised if some changes are required to be made?
- How can taxpayers file their returns?
- What precautions, a taxpayer is required to take for a hassle free compliance under GST?
- Is it compulsory for a taxpayer to file return by himself?
- What is the consequence of not filing the Return within prescribed date
- What happens if ITC is taken on the basis of a document more than once?
- Whether the amount of credit detected by the system on account of mis-match between GSTR-1 and GSTR-2 and recovered as output tax can be reclaimed?