GST Return Filing Charthaval
GST Return Filing Chart: A Comprehensive Overview
Goods and Services Tax (GST) has been a game-changer for the Indian economy since its implementation in July 2017. It has simplified the indirect tax structure by subsuming multiple taxes under one comprehensive tax system. Under GST, businesses are required to file regular returns to ensure compliance with the law and to facilitate the smooth functioning of the tax regime.
The GST return filing process can be complex and daunting for many businesses, especially for those that are new to the system. To help businesses understand the GST return filing process better, the government has provided a GST return filing chart that outlines the various types of returns to be filed and the due dates for each. In this article, we will provide a comprehensive overview of the GST return filing chart, discussing the different types of returns, their deadlines, and the implications of non-compliance.
Types of GST Returns
The GST return filing chart lists the various types of returns that businesses are required to file under the GST regime. These include GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, and GSTR-10. Each of these returns serves a specific purpose and is meant for different categories of taxpayers.
GSTR-1 is a monthly or quarterly return that must be filed by regular taxpayers to report their outward supplies (sales) of goods and services. It is due on the 10th of the following month for monthly filers and the 13th for quarterly filers.
GSTR-3B is a monthly summary return that must be filed by regular taxpayers to report their summary sales and purchases and to pay their GST liabilities. It is due on the 20th of the following month.
GSTR-4 is a quarterly return that must be filed by composition scheme taxpayers to report their turnover and pay tax. It is due on the 18th of the month following the end of the quarter.
GSTR-5 is a monthly return that must be filed by non-resident taxpayers to report their outward supplies, inward supplies, and to pay tax. It is due on the 20th of the following month.
GSTR-6 is a monthly return that must be filed by input service distributors to distribute the input tax credit to their units. It is due on the 13th of the following month.
GSTR-7 is a monthly return that must be filed by persons required to deduct TDS under GST. It is due on the 10th of the following month.
GSTR-8 is a monthly return that must be filed by e-commerce operators to report the details of supplies made through their platform and to pay tax. It is due on the 10th of the following month.
GSTR-9 is an annual return that must be filed by regular taxpayers to reconcile the data filed in GSTR-1 and GSTR-3B for the financial year. It is due on or before the 31st of December of the following year.
GSTR-10 is a final return that must be filed by taxpayers whose GST registration has been canceled. It is due within three months of the date of cancellation or the date of the order of cancellation, whichever is later.
Deadlines for Filing GST Returns
The GST return filing chart also specifies the due dates for filing each type of return. These due dates are crucial as non-compliance can lead to penalties and interest charges. It is important for businesses to file their returns on time to avoid any repercussions.
For monthly filers, GSTR-1 is due on the 10th of the following month, GSTR-3B is due on the 20th of the following month, GSTR-5 is due on the 20th of the following month, GSTR-6 is due on the 13th of the following month, GSTR-7 is due on the 10th of the following month, and GSTR-8 is due on the 10th of the following month.
For quarterly filers, GSTR-1 is due on the 13th of the month following the end of the quarter, and GSTR-4 is due on the 18th of the month following the end of the quarter.
GSTR-9, the annual return, is due on or before the 31st of December of the following year, while GSTR-10, the final return, is due within three months of the date of cancellation or the date of the order of cancellation, whichever is later.
Implications of Non-Compliance
Non-compliance with the GST return filing requirements can have serious consequences for businesses. It can lead to penalties, interest charges, and even the suspension of GST registration. Businesses that do not file their returns on time or do not file them at all may be subject to a penalty of Rs. 200 per day of delay (Rs. 100 under CGST and Rs. 100 under SGST) up to a maximum of Rs. 5,000.
In addition to penalties, businesses that do not file their returns on time may also be liable to pay interest on the outstanding tax amount. The interest rate is currently set at 18% per annum and is calculated from the due date of filing to the date of actual filing.
Furthermore, non-compliance with the GST return filing requirements can result in the suspension of the taxpayer’s GST registration. This can have far-reaching implications for the business, as it may not be able to make supplies, issue tax invoices, or claim input tax credit until its registration is reinstated.
Conclusion
The GST return filing chart is an essential tool for businesses to understand their GST return filing obligations. By familiarizing themselves with the different types of returns and their due dates, businesses can ensure compliance with the law and avoid any penalties or consequences of non-compliance. It is important for businesses to file their returns accurately and on time to contribute to the smooth functioning of the GST regime and to avoid any disruptions to their business operations. Compliance with the GST return filing requirements is vital for the overall success of the business and for the growth of the Indian economy as a whole.,
GST Return Filing Charthaval
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GST Return Filing Charthaval
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions. This article has been written by Chartered Accountant Avik Kedia.The images displayed here have been generated using openai chatgpt or google gemini or microsoft bing copilot or google bard or Twitter Grok Ai other X AI artificial intelligence ai tools and plugins and scripts and websites and applications. You may download and use these images for your personal projects at your own discretion.
GST Return Filing Charthaval
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