GST (GOODS AND SERVICE TAX) FILING

Overview

In the GST Regime, a business whose turnover exceeds Rs. 20 lakhs is required to register as a normal taxable person. All registered businesses have to file monthly, quarterly and/or annual GST Returns based on the type of business.

Regular Business:

In the GST regime, any regular business has to file three monthly returns (GSTR-1, GSTR-2 and GSTR-3) and one annual return (GSTR-9). This amounts to 37 returns in a year. Currently GSTR-2 and GSTR-3 filing has been suspended and only GSTR-3B, GSTR-1 and GSTR-9 is required to be filed. GSTR-3B and GSTR-1 to continue till the month of Sept 2018, as per the decision that was taken at 27th GST Council meeting held on 4th May 2018.

Return Form	Particulars	Interval	Due Date
GSTR-3B	Summary Monthly Return	Monthly.	20th of the next month.
GSTR-1	Details of outward supplies of taxable goods and/or services	Monthly	10th of the next month
GSTR-1		Quarterly	As declared by GSTN from time to time.
GSTR-9	Annual Return	Annually	31st December of next financial year

Dealer Opting For Composition Scheme:

It is a scheme under GST for small businesses belonging to the unorganized sector with aggregate turnover less than Rs. 1.5 crore (less than 75 lakhs for North Eastern states). The business owners registered under this scheme are called compounding vendors/dealers, and these vendors pay tax at a lesser rate. Manufacturers of goods, dealers, and restaurant owners (applicable only to restaurants that do not serve alcohol) can opt for composition scheme.

Type of business	Rate of Tax
For traders and manufacturers	1%
For restaurant sector	5%

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return Form	Particulars	Interval	Due Date
GSTR-4	Return for compounding taxable person	Quarterly	18th of the month succeeding quarter
GSTR-9A	Annual Return	Annually	31st December of next financial year

Documents and details required for filing GST Returns.

Details of previous month’s both sales and purchase invoices and the corresponding taxes paid and collected.
Details of advances received against a supply which has to be made in future.
Details and documents related to revision in relation to outward sales invoices pertaining to previous tax periods.

Late Fees on GST Returns