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December 26, 2022

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Basics of GST

GST Filing: Returns, Types & Due Dates

GST i.e. Goods and Services Tax is a single domestic indirect tax for the entire country that has replaced many indirect taxes in India. The Goods and Service Tax Act was passed in Parliament on 29th March 2017 and came into effect on 1st July 2017. Goods and Services Tax Law in India is a comprehensive, multi-stage and destination-based tax that is levied on every value addition.

What is GST filing?

Every business registered under GST (Goods and Services Tax) has to file returns monthly, quarterly and annually based on the category of business through the Government of India's GST portal. It's nothing but the filing of taxes with the use of various GSTR forms as per the eligibility criteria.

It should include all the income data like

1. Purchases

2. Sales

3. Output GST (On sales)

4. Input tax credit (GST paid on purchases)of the registered taxpayer.

Who Should file GST Return?

GST (Goods and Services Tax)returns have to be filed by all the business entities who are registered under the GST system. Any business having more than Rs.5 crore as annual aggregate turnover has to file two monthly returns and one annual return. It amounts to 26 returns a year. For composition dealers, GSTR filings are 5 times a year. Certain suppliers need to register for GST in case their yearly turn–over is less than Rs.40 lakhs. This number varies according to the type of registered taxpayers.

Types of GST Return

How to File GST Returns Online?

Under the new GST filling has become automated. We can file GST registration online using the software or apps provided by Goods and Service Tax Network (GSTN) which will auto-populate the details on each GSTR form.

Following are the steps to file for your GST return.

1: Visit the official GST website at www.gst.gov.in for GST registration online.

2: After filling in the PAN number and state code we receive a 15-digit GST Identification number. You can just enter the identification number if you are already a registered user.

3: Search the 'Services' tab and then click the 'Return dashboard' that comes under.

4: You can see a drop-down menu when you click on 'Return Dashboard' and there you have to enter the financial year and duration for which you would like to file the GST return.

5: Select the form you want to file returns for GSTR 1, GSTR 2 or others. Then click on 'Prepare online'.

6: Fill in the late fee fine data it any and the invoice amount. Then press the 'Save' button.

7: After saving in the data, a success message will pop up on the screen. Hit on the 'Submit' button to submit the details successfully. The status 'Submitted' will be shown once we submit.

8: Search for the 'Payment of tax' file by scrolling down. The file will show the details of the existing credit balance on your GST account.

9: Select the option 'offset liability' and click 'ok' to make payments for GST filing. A declaration box will pop up confirming everything. After ticking the declaration box we can choose an authorized signatory from the drop-down menu.

10: Click on 'File Form with EVC' to file the GST form with an Electronic Verification code or 'File Form with DSC' to file the GST form with a Digital Signature Certificate.

11: You can now make the payment of GST return through mobile banking, RTGS, or NEFT and can also pay offline by generating a challan.

How to Download GST Returns?

1: Use your credentials to log in to the online GST website at www.gst.gov.in

2: Click on the 'Services' then navigate to the 'Returns Dashboard' under the 'Returns' option.

3: On the next page, select the financial year and the return filing period from the respective drop-down boxes.

5: Click on the 'Search' button and select the GTR that you want to download.

6: Click on the 'Prepare Offline' button under the selected GSTR.

7: Navigate to the 'Download' option and click on 'Generate File'

9: Once the file is generated (might take around 20 mins), a download link will be generated. Click on the 'Click Here' option to download the ZIP file containing your GST Returns.

GST filing dates and penalty for late filing

1: Use your credentials to log in to the online GST website at www.gst.gov.in

2: Click on the 'Services' then navigate to the 'Returns Dashboard' under the 'Returns' option.

3: On the next page, select the financial year and the return filing period from the respective drop-down boxes.

5: Click on the 'Search' button and select the GTR that you want to download.

6: Click on the 'Prepare Offline' button under the selected GSTR.

7: Navigate to the 'Download' option and click on 'Generate File'

9: Once the file is generated (might take around 20 mins), a download link will be generated. Click on the 'Click Here' option to download the ZIP file containing your GST Returns.

How to Download GST Returns?

The government has extended the deadline for businesses to file the goods and services tax (GST) annual returns for the financial year 2020-21 by two more months. The Deadline is extended from December 31, 2021, to February 28, 2022. There is a penalty for the late filing fee for the annual GST return which is Rs. 100 per day. A taxpayer has to pay Rs. 200 in total per day (SGST of Rs. 100 and CGST of Rs 100). The maximum fee is Rs. 5000. There is no late fee charged on IGST in case of delayed GST filing.

In addition, A registered taxpayer has to pay 18% interest per annum along with the late GST return fees. The interest would be calculated on the tax to be paid. The period is from the following day of return filing to the date of payment.

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