Discover everything you need to know about filing GST returns online.
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What does GST Return mean?
GST return filing is an essential process for maintaining financial records annually. It involves submitting a document containing the taxpayer’s income details to the tax authorities.
Mylawyers offers GST Return Services:
We provide user-friendly GST software that simplifies the return filing process, requiring only a computer and an internet connection.
For regular taxpayers, we offer three plans: Basic, Medium, and Enterprise.
For other types of taxpayers, we have four distinct plans, including Compounding, TDS, ISD, and one for non-resident taxpayers.
Additionally, we offer an e-commerce plan designed to cater to specific business needs.
Below are the listed prices for each plan, making GST return filing online even more convenient.
Varieties of GST Return:
| Return Form | Particulars | Frequency | Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of goods and services | Monthly | 11th of the next month |
| GSTR-2B | Details of inward supplies of goods and services affected | Monthly | 13th of the next month |
| GSTR-3 | Monthly return, in the case of finalization of details of outward supplies and inward supplies along with the payment of tax. | Monthly | |
| GSTR-3B | It is a simple return in which the summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by the taxpayer. | Monthly | 20th of the next month |
| GSTR-4 | For all the taxable person registered under the composition levy | Quarterly | 18th of the next month after the quarter |
| GSTR-5 | Returns for a non-resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Returns for an input service distributor | Monthly | 13th of the next month |
| GSTR-7 | Returns for authorities deducting TDS | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through the e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual return for a normal taxpayer | Annually | 30th December of the next financial year |
| GSTR-9A | The annual return of a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of the next financial year |
| GSTR-9C | It is mandatory for registered taxpayers with a total turnover exceeding ₹5 Cr for the relevant financial year to file the GSTR 9C reconciliation statement. GSTR 9C must be prepared and self-certified by the taxpayer on the GST portal | Annually | 31st December of the next financial year |
| GSTR-10 | Final return | Only once, when GST registration is canceled or surrendered | Within 3 months of the date of cancellation or the date of cancellation of the order, whichever is later |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the following month for which the statement is filed |
Criteria for Filing Returns
- Individuals registered for GST are required to submit returns on a bi-monthly basis and one annual return.
- However, businesses that have not exceeded the prescribed limit, which is Rs. 20 lakhs throughout India and Rs. 10 lakhs in Northeastern and Hill States, are exempt from this requirement.
- GST return filing online is mandatory for all businesses with a turnover exceeding 20 lakh rupees.
- This requirement applies even if an entity records no sales during a given year, necessitating the submission of NIL returns.
Consequences of Non-Compliance
- The due date for online GST return filing is the 20th of each month. Non-compliance with the rules and regulations of the GST Act can lead to severe consequences as stipulated by the law.
- The penalty for failing to obtain GST registration when a business falls under its purview is significant. If the offender deliberately avoids registration, the penalty is equal to 100% of the applicable tax amount or a minimum of Rs. 10,000, whichever is higher.
- A penalty of either 100% of the tax due or Rs. 10,000, whichever amount is greater, is imposed on those who opt for the Composition Scheme despite being ineligible for it.
- Any individual who fails to pay their due tax or underpays due to genuine errors is subject to a penalty of 10% of the tax amount, with a minimum penalty of Rs 10,000.
- An individual found guilty of not furnishing the GST invoice can face a penalty equivalent to 100% of the tax amount due or Rs. 10,000, whichever is greater.
- A violator will incur a penalty of Rs. 25,000 for improper invoicing when they have not filed their GST returns online.
- For individuals who have not filed for unpaid taxes, there is a daily penalty of Rs. 50. If they were to file for NIL returns, the daily penalty is Rs. 20. However, the maximum penalty should not exceed Rs. 5,000.
- Tax offenders who commit fraud can also face penalties in the form of imprisonment.