All the registered person who runs a business has to file monthly or quarterly return and it is based on the types of business, and all the return has to file online on the GST portal.
WHAT IS GST RETURN?
A GST return is a return which contains all the information like all sales or incomes and purchase or expenses which has to file with the tax administrative authorities, and then the authorities use this data to calculate the net tax liability.
Under the returns, a registered person has to file following documents:
- Purchases;
- Sales;
- Output on sales;
- ITC (Input Tax Credit).
WHO SHALL FILE GST RETURNS?
In GST if a person has regular business and the business is having aggregate annual turnover of more than Rs. 5 Crore then the registered person has to file the return 26 times in a year and if we divide this then it leads to filing the return in every two months and one annual return.
The number of filing the return which is GSTR is different for every quarterly GSTR-1 file under the QRMP scheme. Returns file under this form is for 9 months in a year, and which includes the form GSTR-3B and also annual return.
There are different returns which has to be filed by special cases, which is composition dealer and GSTR under this special case the return has to be filed is 5 in a year.
DIFFERENT TYPES OF GST RETURN:
There are various types of GST return and some of them are as following along with the due dates:
| RETURN FORMS | DESCRIPTION | DUE DATE |
| GSTR-1 | This form contains the details of all the outward supply of goods and service. | If the return is filing Monthly, then the due date is 11th of the next month.
If the return is filing Quarterly, then the due date is 13th of the month succeeding the quarter. |
| GSTR-2 | This form contains the details of all the inward supply of goods and services which claims the Input Tax Credit. | The return shall be file monthly and the due date is 15th of the next month. |
| GSTR-3
(The form is suspended from September,2017) |
This is the monthly returns which is based on the outward supplies and inward supplies which also includes the payment of tax. | The return shall be file monthly and the due date is 20th of the next month. |
| CMP-08 | This is the statement-cum-challan which has to file by the person who is registered under the composition scheme to make the payment of tax. | The return shall be file Quarterly and the due date is 18th of the month succeeding the quarter. |
| GSTR-4 | This is the return of the person who is registered under the composition scheme. | This return has to be filed on 30th of the month succeeding a financial year. |
| GSTR-5 | This is the return for a non-resident foreign taxable person. | The return shall be file monthly and the due date is 20th of the next month. |
LATE FEES FOR NOT FILING RETURN ON TIME:
If GST return is not being filed on given time then the taxable person will be liable for late fee and also for interest.
The interest is 18% per annum and the interest will be calculated by the taxpayer on the amount which is outstanding.
Late fee is Rs. 100 per day as per the act.
Author- Adv.Shivam Kumar
Legel and content Executive, Taxblock India Pvt. Ltd
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