Overview of GST Return Filing

GST (Goods and Services Tax) came into effect on 1st July 2017. It is an indirect tax levied on the exchange of goods and services. GST is paid at every stage of the production process, following the principle of One Nation, One Tax.

A GST Return is a document containing details of sales, purchases, output tax (tax collected on sales), and input tax (tax paid on purchases). Businesses must file GST returns to determine their tax liability.

All GST-registered businesses must file GST returns quarterly, monthly, or annually, depending on their type. Filing GST returns also enables businesses to generate GST-compliant invoices.

Types of GSTR

GSTR-1 – Outward Supplies

GSTR-1 is filed monthly and includes details of outward supplies of goods and services. Every GST-registered entity must file GSTR-1, except Input Service Distributors and Composition Taxpayers. This return must be filed even if there is no business activity.

Due Date:

• 11th of the following month (if the annual turnover exceeds 5 crore or if the business has not opted for the QRMP scheme).
• For businesses under the QRMP scheme, the return is filed quarterly, with a due date of the 13th of the month following the quarter.
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Note: GSTR-2 and GSTR-3 are Currently Suspended

GSTR-2A – Inward Supplies

GSTR-2A is an auto-generated form containing details of inward supplies (purchases) fetched from the supplier’s GSTR-1 filing.

Note: No specific due date.

GSTR-3B – Summary Return

GSTR-3B is a self-declared monthly return that summarizes outward supplies, input tax credit claimed, tax liabilities, and payments.

Due Date:

• 20th of the next month (for taxpayers with turnover above 5 crore).
• 22nd or 24th of the next month, depending on the taxpayer's state/UT, for businesses with turnover up to 5 crore.
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GSTR-4 – Composition Scheme

Filed by taxpayers under the Composition Scheme. Replaces GSTR-9A.

Due Date: 18th of the month following the quarter.

GSTR-5 – Non-Resident Taxpayers

Filed by foreign taxpayers conducting business transactions in India.

Due Date: 20th of each month.

GSTR-6 – Input Service Distributor (ISD)

Filed by ISDs to report input tax credit received and distributed.

Due Date: 13th of each month.

GSTR-7 – TDS Deduction

Filed by government entities deducting Tax at Source (TDS).

Due Date: 10th of each month.

GSTR-8 – E-commerce Operators

Filed by e-commerce operators collecting Tax Collected at Source (TCS).

Due Date: 10th of each month.

GSTR-9 – Annual Return

Filed by regular taxpayers, consolidating all GST filings for the financial year.

Due Date: 31st December of the next financial year.

Exceptions:

• Composition taxpayers
• Input service distributors
• Casual taxable persons
• Non-resident taxpayers
• TDS payers under Section 51 of the CGST Act
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GSTR-9C – Reconciliation Statement

Filed by taxpayers with turnover above 2 crore.

Due Date: 31st December of the following financial year.

GSTR-10 – Final Return

Filed by taxpayers whose GST registration has been canceled or surrendered.

Due Date: Within 3 months from the cancellation date or order date, whichever is earlier.

GSTR-11 – UIN Holders

Filed by entities with a Unique Identity Number (UIN) to claim refunds.

Due Date: 28th of the month following the statement period.

Benefits of GST Return Filing

GST Return Filing Through a Single Form

Under the GST Act, taxes such as IGST, CGST, and SGST are recorded in a single form, simplifying the complex GST return filing process.

Eliminates the Cascading Effect

GST has replaced multiple taxes like central excise duty, service tax, customs duty, and state-level VAT, eliminating the cascading effect of taxation.

Higher Threshold Benefits

Before GST, businesses with an annual turnover of 5 lakh were subject to VAT. Now, the threshold has increased to 20 lakh, benefiting small-scale businesses.

Start-up Benefits

Previously, start-ups with a turnover of 5 lakh had to pay VAT, which was burdensome. GST allows businesses to offset service tax on sales, easing the financial burden.

Higher Compliance Rating

The GST system assigns compliance ratings based on tax filing consistency. These ratings are publicly available, encouraging businesses to maintain compliance.

E-commerce Facilitation

Earlier, complex VAT laws created hurdles for e-commerce businesses. GST has streamlined compliance, making online business operations smoother.

Better Regulation and Accountability

GST has replaced an unorganized tax filing system, ensuring better regulation, transparency, and taxpayer accountability.

Eligibility Criteria for GST Return Filing

Businesses with an annual turnover exceeding 20 lakh (40 lakh for specific categories) must file GST returns. Entities engaged in the following activities are required to file GST returns:

• Sales
• Purchases
• Output tax
• Input tax
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Important Invoices Required for GST Return Filing

GST-registered businesses must issue GST-compliant invoices for sales of goods and services. These invoices must contain the following details:

• Date of Invoice
• Customer Name
• Transportation and Billing Location
• Client and Taxpayer’s GSTIN
• Place of Supply
• HSN/SAC Code
• Item Details (description, quantity, unit, total amount)
• Taxable Value and Discounts
• Tax Rate and Amount (CGST/SGST/IGST)
• Reverse Charge Applicability
• Supplier’s Signature

Essential Documents for GST Return Filing

The following documents are required for GSTR return filing:

• List of Invoices (B2B Services, B2C Services)
• Customer GSTIN
• Type of Invoice
• Invoice Number
• Place of Supply
• GST Rate
• Taxable Value
• Amount of CGST, SGST, IGST, and GST Cess applicable
• Consolidated Intra-state and Inter-state Sales
• HSN-wise Summary Details
• Summary of Debit and Credit Notes

Procedure for GST Return Filing

GST return filing is a structured process that includes the following steps:

1. Collecting Documents and Invoices

   • All registered taxpayers must gather the required documents and invoices for GST return filing.

2. Filing the Application with Necessary Documents

   • The applicant must submit all required details and documents accurately.
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Major Pre-Compliances Before Filing the GST Return

• Review GST Filing and Records: Ensure all details are correct before submission.
• Verify Records and Invoices: Confirm the accuracy of records, invoices, and documents.

3. Completing the GST Return Filing
   • After verifying all necessary documents, the applicant can proceed with the final submission.

Highlights of GST Return Filing 2022

The 47th GST Council Meeting took place in Chandigarh on 28th and 29th June 2022, where the following key points were discussed:

• Amendments to GSTR-3B: The council allowed the auto-population of most details in GSTR-3B and the annual return (GSTR-9).
• Discontinuation of New GST Return Roadmap: The plan finalized in the 35th Council meeting was scrapped, and a new approach was to be formulated.
• Annual Return Exemptions for FY 2021-22:
  • Taxpayers with annual turnover below 2 crore were exempted from filing GSTR-9 and GSTR-9A.
  • The due date for GSTR-9 for FY 2017-18 was extended till September 30, 2023 under Section 73 of the CGST Act.
• Late Fee Waivers and Extensions:
  • Late fee for GSTR-4 for FY 2021-22 was waived until July 28, 2022.
  • The deadline for CMP-08 filing for Q1 of FY 2022-23 was extended from July 18, 2022, to July 30, 2022.
• Eased Compliance for E-Commerce:
  • E-commerce providers could register under the composition scheme for intra-state supplies, reducing their tax liability and compliance burden.
• Legal and Administrative Changes:
  • A panel of advocates was set up by NAA to address profiteering cases.
  • State and Central authorities were empowered to issue show-cause notices regardless of taxpayer jurisdiction.
  • The government decided to appeal against High Court rulings that went against NAA in profiteering cases.
• Reduction in Tax Rates:
  • The rationalization of tax rates for various goods and services was also discussed.

Penalty for Delay in GST Return Filing

Late GST return filing can result in penalties and interest charges:

• Interest:
  • 18% per annum interest on the outstanding tax amount.
• Late Fee:
  • 100 per day per Act (100 under CGST + 100 under SGST = 200 per day).
  • Maximum late fee capped at 5,000 (not applicable to IGST).

Revision of Invoices Issued Before GST Return Filing

• Taxpayers can review invoices before filing GST returns.
• Provisional registration is required before obtaining the GST registration certificate.
• Dealers must issue a revised invoice for previously issued invoices.
• The revised invoice must be issued within one month from the date of registration certificate issuance.

Fastzeal Procedure for GST Return Filing

Our Corpbiz experts are available to guide you through GST Return Filing and its compliance to ensure the smooth functioning of your business in India. Corpbiz professionals will assist you in seamless planning at minimal costs, ensuring a successful filing process.

It is advisable to appoint an experienced attorney in TDS Return Filing to avoid potential loopholes and gain a detailed understanding of the requirements.

Why Choose Fastzeal?

Corpbiz is a leading platform dedicated to fulfilling your legal and financial requirements while connecting you with professionals. We prioritize simplifying legal processes, ensuring that our clients receive highly rated services with regular updates.

• Track Progress: Clients can monitor their progress at all times via our platform.
• Expert Assistance: Our experienced representatives are available for any queries regarding GST Return Filing.
• Seamless Communication: Corpbiz ensures a smooth interaction with professionals.
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Steps to Get Your GST Return Filing Done with Fastzeal

1. Purchase a Plan for expert assistance.
2. Submit Queries regarding GST Return Filing.
3. Provide Necessary Documents to the Fastzeal expert.
4. Application Preparation: Fastzeal will prepare your GST Return Filing application and complete all preliminary screening requirements.
5. Complete Procedural Actions as per compliance requirements.
6. Receive Your GST Return Filing at your doorstep!

Once all necessary information is provided and payment is received, our attorney will begin working on your request promptly.