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GST Return Filing by Accountant
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- Primary Documents Required: Invoice, Bank Statements, Debit Notes, Credit Notes, Sales Invoice
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GST Return Filing in India
Organizations registered under GST in India must file GST returns based on their business operations frequency—monthly, quarterly, or yearly. Filing GST returns might seem challenging, but with professional assistance from Mantra and Co, the process becomes straightforward. Adhering to designated deadlines is crucial as GST returns enable the government to determine tax obligations accurately.
What is GST Return?
A GST Return is a statement detailing the financial transactions of a GST-registered entity, including purchases, sales, output GST, and input tax credit (ITC). It helps the tax authorities calculate net tax liability.
Elements in GST Returns:
- Purchases: Detailed record of purchases made.
- Sales: Comprehensive log of sales activities.
- Output GST (On Sales): GST charged on sales.
- Input Tax Credit (ITC): GST paid on purchases eligible for deduction.
Mantra and Co provides software and expert support to simplify GST return filing.
Who Should File GST Returns?
GST returns must be filed by businesses or individuals registered under GST. This includes:
- Entities exceeding specified annual aggregate turnover thresholds.
- Taxpayers under the Composition Scheme, Input Service Distributors, and E-commerce Operators.
Types of GST Returns
The GST system includes 13 types of returns for various taxpayers. The specific returns to be filed depend on the taxpayer’s category.
| GST Return | Applicable To | Purpose | Due Date |
|---|---|---|---|
| GSTR-1 | Regular Taxpayers | Details of outward supplies (sales). | Monthly: 11th of the following month. |
| GSTR-3B | Regular Taxpayers | Summary of sales, purchases, and tax payments. | Monthly: 20th of the following month. |
| GSTR-4 | Composition Scheme Dealers | Annual summary of turnover and tax under the Composition Scheme. | Annually: 30th April following FY. |
| GSTR-5 | Non-Resident Taxpayers | Summary of transactions by non-resident taxpayers. | 20th of the following month. |
| GSTR-6 | Input Service Distributors | Details ITC distribution. | 13th of the following month. |
| GSTR-7 | TDS Deductors | Reports TDS deducted under GST. | 10th of the following month. |
| GSTR-8 | E-commerce Operators | Tax collected at source (TCS) for transactions on e-commerce platforms. | 10th of the following month. |
| GSTR-9 | Regular Taxpayers (Annual Return) | Comprehensive summary of periodical filings for the financial year. | 31st December of the following FY. |
| CMP-08 | Composition Scheme Dealers | Quarterly statement of tax liability. | 18th of the month following the quarter. |
Consequences of Late Filing
| Aspect | Details |
|---|---|
| Penalties | ₹100/day for CGST & SGST each, capped at ₹5,000. |
| Interest on Late Payment | 18% per annum on the overdue tax amount. |
| Impact on Subsequent Filings | Missing a filing deadline prevents filing for the subsequent period until the pending return is filed. |
Benefits of Using Mantra and Co for GST Compliance
| Feature | Details |
|---|---|
| Dedicated GST Advisor | Expert guidance for smooth GST filing, including invoice uploads. |
| Reminders | Periodic alerts to prevent missed deadlines and penalties. |
| Monthly GST Status Reports | Detailed reports on GSTR-3B and compliance status. |
Frequently Asked Questions
What is GST Return?
A GST Return is a detailed statement of sales, purchases, output GST (on sales), and input tax credit (on purchases) filed by businesses registered under GST. It enables the government to calculate the taxpayer’s net tax liability.
Who Should File GST Returns?
Any business or individual registered under the GST regime must file GST returns, including:
- Businesses with annual turnover exceeding the threshold.
- Composition Scheme taxpayers.
- Non-resident taxpayers conducting taxable transactions in India.
- E-commerce operators and TDS deductors under GST.
How Many Returns are there under GST?
There are 13 GST returns catering to various taxpayer categories:
| Return Type | Purpose | Due Date |
|---|---|---|
| GSTR-1 | Outward supplies (sales). | Monthly: 11th / Quarterly: 13th |
| GSTR-3B | Summary return for sales, purchases, and tax payments. | 20th of the next month. |
| GSTR-4 | Annual return for Composition Scheme taxpayers. | 30th April annually. |
| GSTR-5 | Non-resident taxpayer return. | 20th of the next month. |
| GSTR-6 | Input Service Distributor (ISD). | 13th of the next month. |
| GSTR-7 | TDS return. | 10th of the next month. |
| GSTR-8 | E-commerce operators. | 10th of the next month. |
| GSTR-9 | Annual return for regular taxpayers. | 31st December annually. |
| CMP-08 | Quarterly statement for Composition Scheme. | 18th of the next month. |
What is GSTR-1?
GSTR-1 is a mandatory return for taxpayers to report details of outward supplies (sales) during the tax period.
- Due Dates:
- Monthly: 11th of the next month for businesses with turnover above ₹5 crore.
- Quarterly: 13th of the next month under QRMP.
What is GSTR-3B?
A monthly summary return providing:
- Total sales and purchases.
- Input tax credits.
- Tax payable and tax paid.
What is GSTR-4?
A yearly return for Composition Scheme taxpayers summarizing turnover and tax liability.
What is GSTR-5?
This return is for non-resident taxpayers to declare outward and inward taxable supplies. It must be filed monthly by the 20th.
What is the Penalty for Late Filing of GST Returns?
| Type of Penalty | Details |
|---|---|
| Late Filing Fee | ₹100 per day for CGST and SGST, up to ₹5,000. |
| Interest on Tax | 18% per annum on outstanding tax from the due date. |
| Annual Return Late Fee | 0.25% of turnover in the respective state/UT for GSTR-9. |
What are the Benefits of Filing GST Returns with Mantra and Co?
| Benefits | Details |
|---|
| Dedicated GST Advisor | Monthly reminders and support for return filing. |
| Real-Time Financial Data | Free GST Billing and Invoice Software |
| Error-Free Filing | Automated GST calculations and ITC reconciliation. |
| Timely Reports | Monthly GST status reports for better tracking. |
What is the Composition Scheme in GST?
A scheme for small taxpayers allowing them to pay GST at a fixed rate on turnover without availing input tax credit.
What is GSTR-2A and GSTR-2B?
| Type | Purpose |
|---|---|
| GSTR-2A | Dynamic, read-only return showing supplier-reported inward supplies. |
| GSTR-2B | Static, read-only return providing a consistent snapshot of eligible ITC for a tax period. |
What Happens if I Miss Filing a GST Return?
- Late filing leads to penalties and interest.
- Future returns cannot be filed until the pending ones are completed.
- Risk of legal action and cancellation of GSTIN.
What is GSTR-9?
An annual summary return consolidating all periodic GST filings during the financial year.
What is GSTR-6?
A return filed by Input Service Distributors to report and distribute ITC.
Who Can Opt for the Quarterly Return Monthly Payment (QRMP) Scheme?
Taxpayers with annual turnover up to ₹5 crore can opt for QRMP, enabling quarterly return filing with monthly tax payments.
What is the Due Date for GSTR-7?
GSTR-7 is due by the 10th of the subsequent month.
Documents Required for GST Return Filing
- Invoice
- Purchase Invoices
- Bank Statements
- Sales Invoice
- Amendment Invoice
- Credit Notes
- Debit Notes
- Accounting Data