B. Srinivas

B. Srinivas

Returns under GST

> Every registered taxable file return, electronically, within twenty days after the end of such month.

> Section 8 (Composition Levy) shall furnish a return for each quarter or part thereof, electronically, within eighteen days after the end of such quarter.

> Every registered taxable person required to deduct tax at source shall furnish a return, electronically, within ten days after the end of such month.

> Every input service distributor shall, for every calendar month, furnish a return, electronically within thirteen days after the end of such amount.

DETAILS OF RETURNS TO BE FILED UNDER THE GST LAWS

> GSTR-1 Details of outward supplies of taxable goods and/or services effected/provided filed by registered taxable supplier by 10thof the next month.

> GSTR-2 Details of inward supplies of taxable goods and/ or services effected claiming input tax credit filed by registered taxable recipient by 15thof 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 amount of tax filed by registered taxable person by 20thof the next month.

> GSTR-4 Quarterly return for compounding taxable person by composition supplier filed by 18th of the month succeeding quarter.

> GSTR-5 Return for Non-resident foreign taxable person filed by Non-resident taxable person by 20thof the next month.

> GSTR-6 Return for input service distributor filed by input service distributor by 13thof the next month.

> GSTR-7 Return for authorities deducting tax at source filed by tax deductor by 10thof the next month.

> GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected filed by the E-commerce operator/tax collector by 10thof the next month.

> GSTR-9 Annual return filed by registered taxable person by 31stDecember following the financial year.

> GSTR-10 Final return filed by taxable person whose registration has been surrendered or cancelled within three months of the date of cancellation or date of cancellation order, whichever is later.

> GSTR-11 Details of inward supplies to be furnished by a person having UIN filed by person having UIN and claiming refund by 28thof the month following the month for which statement is filed.

First Return under GST

Every registered taxable person paying tax under the provisions of section 7 shall furnish the first return containing the details of

a) Outward supplies

b) Inward supplies

A registered taxable person paying tax under the provisions of section 8 shall furnish the return first return for the period starting from the date on which he becomes a registered taxable person till the end of the quarter in which the registration has been granted.

Annual Return under GST

Every registered taxable person, other than

  • An input service distributor,
  • A deductor under section 37,
  • A casual taxable person, and
  • A non resident taxable person,

Shall furnish an annual return for every financial year electronically in such form and in such manner as may be prescribed on or before the thirty first day of December following the end of such financial year.

Final Return under GST

Every registered taxable person who applies for cancellation of registration shall furnish a final return within 3 months of the date of cancellation or date of cancellation order, whichever is later, in such form and in such manner as may be prescribed.

Consequences of not filing the GST return within the prescribed date

A registered person who files return beyond the prescribed date will have to pay late fees of rupees one hundred for every day of delay subject to a maximum of rupees five thousand.

For failure to furnish Annual returns by due date, late fee of one hundred for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent of his turnover in a state, will be levied.

(Author can be reached on srinivas.battala77@gmail.com)

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Category : Goods and Services Tax (7376)
Type : Articles (17582)
Tags : goods and services tax (5859) GST (5460)

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