Rajat Negi

Importance of GST return filing

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GST is indirect tax reform, after all. When completing their GST returns, all GST-registered businesses must include sales and purchase data. GST returns are submitted using the GST site and it should be followed by a specific GST return filing process and can also check through GST return filing status on GST return filing website. If you don’t file on time, you’ll face penalties. If there are no operations in the business, a NIL return must be submitted. this can be GST monthly return filing or GST quarterly return filing. 

GSTR-1

  • It contains information on the outbound supply of taxable products and/or services that are affected. 
  • The frequency of GSTR-1 return filing is Monthly.
  • With effect from October 2018, the 11th of the following month. The due date for quarterly will be the last day of the month after the quarter’s finish. E.g.- May 2022, GST 1 return filing due date is 11th June 2022. After successfully filing the GST return you will get  GST return filing SMS.

GSTR-2

  • For claiming the input tax credit, data regarding outward shipments of taxable products and/or services must be provided.
  • The frequency of GSTR-2 return filing is Monthly.
  • 15th of the following month. E.g.- May 2022, GST 2 return filing due date is 15th June 2022. After successfully filing the GST return you will get  GST return filing SMS.

GSTR-3

  • It is a Monthly return based on the finalization of information on outbound and inbound supply, as well as a tax payment.
  • The frequency of GSTR-3 return filing is Monthly.
  • 20th of the following month. E.g.- May 2022, GST 3 return filing due date is 2oth June 2022. After successfully filing the GST return you will get  GST return filing SMS.

GSTR-3B

  • It is a Simple return in which the taxpayer affects the payment of tax by declaring a summary of outward supplies coupled with an input tax credit.
  • The frequency of GSTR-3B return filing is Monthly.
  • 20th of the following month. E.g.- May 2022, GST 3B return filing due date is 2oth June 2022. After successfully filing the GST return you will get  GST return filing SMS.

CMP-08

  • It is a return for a taxpayer who is subject to the composition levy or composite scheme.
  • The frequency of CMP-08 return filing is Quarterly.
  • 18th of the month succeeding quater.

GSTR-5

  • It is a return for a Non-resident foreign taxable person. 
  • The frequency of GSTR-5 return filing is Quarterly.
  • 2oth of the next month.

GSTR-6

  • It is a return for a distributor of input services. 
  • The frequency of GSTR-6 return filing is Quarterly.
  • 13th of the next month.

GSTR-7

  • It is a return for taxing authorities who deduct tax at the source.
  • The frequency of GSTR-7 return filing is Quarterly.
  • 10th of the next month.

GSTR-8

  • It is a return for details of purchases made through an e-commerce operator, as well as the tax collector.
  • The frequency of GSTR-8 return filing is Quarterly.
  • 10th of the next month.

GSTR-9

  • It is a typical taxpayer’s annual return
  • The frequency of GSTR-9 return filing is Annual.
  • 31st December of next financial year. 

GSTR-9A

  • It is a return for a taxpayer who has enrolled for the composite scheme at any point throughout the year must file an annual return.
  • The frequency of GSTR-9A return filing is Annual.
  • 31st December of next financial year.

GSTR-10

  • It is Final Return
  • Only for 1 time, when GST registration is canceled or suspended.
  • within three months of the cancellation date or the cancellation order date, whichever comes first.

GSTR-11

  • It is a return for details about inbound goods that should be provided by a person with a UIN who is requesting a refund.
  • The frequency of GSTR-8 return filing is Monthly.
  • 28th of the month following the month for which the statement is filed.

While filing GST return, there are a few things to keep in mind.

  • The relevant GST head must be used to make the tax payment.
  • All of this is mandated under the GST law.
  • On integrated GST, all interstate transactions are subject to IGST.
  • All intrastate transactions are subject to both the Central GST (CGST) and the State GST (SGST).

Regardless of whether or not there were any sales in a given period, a GST registered taxpayer is required to complete all prescribed returns.

 

All exports are treated as zero-rated, nil-rated, or exempted supplies under GST. This implies that all import and export taxes will be completely repaid (ITC). Nil-rated supplies, on the other hand, are those that are taxed at a 0% or nil rate.

Charge in the opposite direction Mechanism is a notion in which the recipient pays the tax on the supply rather than the supplier. There is no idea of using input tax credits in this country. Only the electronic cash ledger may be used to pay for supplies under the reverse charge process.

Alterations to the GST return (which are already filed)

There is no idea of a revised return under the GST regime. Only at the filing of the next tax period’s GST return may an amendment be made. Here are some of the ways that data can be changed if it has been filed incorrectly.

GSTR-3B: The government has created a “Reset GSTR-3B” option, which changes the return’s submitted status to “still to be filed.” The GSTR-3B reset option is only available once, and only if the GSTR-3b has not yet been filed.

GSTR-1: There are no adjustments that may be made to a GSTR-1 once it has been filed for the month. Any changes or additions to that return can be submitted in the GSTR-1 for the following month. 

Final Words

I hope, I gave you some insights about GST return and delivered it in the best possible way. 

If you have any queries related to the same then do leave a comment, and I will respond to it. 

DO SHARE THIS ARTICLE with your friends or family.  You can tweet out your thoughts by tagging me @rajatinr on Twitter.

To your Success

-Rajat Negi, Logging Out 🤗

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Rajat Negi

Compound Investor (Who loves to talk to stock)
Digital Marketer (Who loves to make brands)

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