GST return may be a format wherever a taxpayer registered the good and Services Tax (GST) law must file for every registration on an individual basis. Also, the quantity of GST returns to be filed are supported the type of taxpayer, like regular taxpayer, composition dealer, e-commerce operator, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD) etc. Usually, a regular taxpayer must file 2 returns per month (GSTR-1, GSTR-3B) associated an annual return (GSTR-9/9C) for every GST registration on an individual basis. Even associate inactive business that has obtained registration with GST need to be file the required return of the GST. we provide a free consultation to the startups to GST Compliance.
GSTR3B is a monthly return. Every person who has registered for GST must file the GSTR3B including the nil returns. It summarizes details of sales and purchases made in a month to the government. GSTR3B return is due on the 20th of every month.
Following are the important details for taxpayers to report on form GSTR3B:-
In addition to GSTR3B return, businesses must file GSTR1 return. GSTR1 sum-up all sales (outward supplies) of a taxpayer. GSTR1 contains only sales and no need of tax payment after filing this return. The tax payment has done only at the time of filing GSTR3B.
If businesses having annual turnover of Rs.1.5 crores then this return should be filed on monthly basis and if businesses having turnover of less than 1.5 crores then return must be filed on quarterly basis.GSTR1 return is due on the 11th of each and every month. We can make amendments to an already filed GSTR1 of a particular tax period by declaring the amended details in the return.
The return has a total of 13 sections. Details to be provided in GSTR1-
It is available on the 11th of next month for the recipients to see and validate the information therein. It can not be edited by the recipients.
Annual GST return must be filed by all businesses. It consists of details regarding the outward and inward supplies made during the relevant previous year under different tax heads i.e. CGST, SGST and IGST. It’s summarizes all the returns (GSTR3B, GSTR1, GSTR2A) filed in that year. The due date for filing GST return for FY 2018-19 was 31st March 2020 but now it extended to 30th June 2020.
Tax return for outward supplies made during the tax period. It contains the details of interstate B2B and B2C sales.
Monthly return for inward supplies received during the period. It contains the details of purchases of taxable goods and services claiming input tax credit.
Monthly return on the basis of details of all taxable outward supplies and taxable inward supplies and it’s also include the payment of tax.
It for composition supplier which should be filed quarterly return.
Return for non-resident taxable person.
Return for input service distributor.
Return for authorities carrying out tax deduction at source (TDS).
This return is for e-commerce operator or tax collector and they should file details of supplies affected and the amount of tax collected.
Registered taxable person should file annual return for every financial year.
This return should be filed by those taxable person whose Registration has been cancelled and it should be filed as final return.
Person having UIN claiming refund should file details of inward supplies.
Yes, they can make the corrections using the amendment section under the next month’s tax return.
Yes, OTP is necessary for every stage of GST return filing. OTP is sent to registered mobile number and email id; it’s valid for only 10 minutes.
Yes, all e-commerce operators need to file GSTR-8 return filings if they allow to other suppliers to sell goods or services. It should be file before 10th of every month.
No, it is done only once at the time of his first return for that financial year.
Late fees for filing GSTR3B after the due date are:-