Explore all the details you need about GST Return Filing, tailored for your needs.
In India, Every Organizations registered under GST must file their GST returns with a frequency that aligns with their business operations monthly, quarterly, or yearly. This requirement might seem daunting, but with the online assistance of GST professionals from Solocorp, navigating through the necessary processes can be straightforward. Taxpayers must adhere to the designated deadlines for their GST submissions, as these returns are crucial for the Indian government to ascertain the nation's tax obligations.
Streamline your GST Return filing process and maintain compliance effortlessly with Solocorp. Benefit from the convenience of LEDGERS GST platform, where you can access your business financials in realtime from any location. Plus, LEDGERS integrates smoothly with the apps you already use, ensuring a seamless workflow.
GST returns must be filed by any business or individual registered under the GST regime. This obligation applies to entities whose annual aggregate turnover surpasses the specified threshold, which is set by the tax authorities and may differ for various classifications of taxpayers, such as standard taxpayers and those opting for the composition scheme.
GSTR1 is the mandatory return for businesses to detail their outward supplies of goods and services. This encompasses all salesrelated invoices and adjustment notes for the given tax period. Every regular taxpayer under GST, including those classified as casual taxable persons, is obligated to file GSTR1.
GSTR-2A is a dynamic, read-only return for the recipients or purchasers of goods and services, capturing details of all incoming supplies from registered GST vendors within a tax period. The information in GSTR-2A is filled automatically from the GSTR-1 returns of suppliers and the Invoice Furnishing Facility (IFF) data for those in the QRMP scheme.
Introduced in August 2020, GSTR-2B is a static read-only return that provides consistent ITC information sourced from the previous month's GSTR-1 filings. It supports purchasers in matching their ITC claims for each tax period, advising on necessary actions for each listed invoice, including any need for reversals, ineligibility, or application of the reverse charge.
GSTR-2, an editable return, is presently deferred and was meant for registered purchasers to declare their inward supply of goods and services for a tax period. Initially planned to be auto-filled from GSTR-2A, its filing has been on hold since September 2017.
GSTR-3, a suspended monthly summary return for regular taxpayers, compiled concise figures of both outward and inward supplies, input tax credits, tax liabilities, and tax payments. It was automatically generated from GSTR-1 and GSTR-2 filings but has been deferred since September 2017.
GSTR-3B, a monthly summary declaration for normal taxpayers, summarizes outward supplies, input tax credits, and tax dues. Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.
GSTR-3B, a monthly summary declaration for normal taxpayers, summarizes outward supplies, input tax credits, and tax dues.
Before submitting GSTR-3B, it is critical to reconcile sales and ITC details with GSTR-1 and GSTR-2B records.
GSTR-4 is the yearly return for taxpayers under the Composition Scheme, due by April 30th of the subsequent financial year.
It replaces the prior quarterly submissions, with taxpayers now submitting a simplified challan via Form CMP-08 by the 18th following each quarter's end.
Businesses with goods turnover up to Rs. 1.5 crores can pay tax at a fixed rate on their turnover.
Service providers with turnover up to Rs. 50 lakh can opt for a similar benefit.
GSTR-5 is required by non-resident foreign taxpayers conducting business in India.
It includes details of outward and inward transactions, adjustments, tax liabilities, and payments.
The due date for submission is the 20th of each month.
GSTR-5A is the monthly summary for providers of Online Information and Database Access or Retrieval Services.
The due date for filing GSTR-5A is the 20th of every month.
Input Service Distributors must file GSTR-6 monthly.
It reports the ITC received and allocated, including detailed documentation related to the distribution of credits.
The due date for filing GSTR-6 is the 13th of each month.
Entities required to deduct TDS under GST must file GSTR-7 monthly.
It documents TDS deducted, due and paid amounts, and any TDS refunds.
The due date for filing GSTR-7 is the 10th of the subsequent month.
E-commerce operators under GST must submit GSTR-8 monthly.
It records the supplies made and tax collected at source.
The due date for filing GSTR-8 is the 10th of the following month.
All GST-registered taxpayers must file GSTR-9 annually.
It summarizes their outward and inward supply details, taxes due, and paid.
The due date for filing GSTR-9 is December 31st of the year after the financial year.
| GST | Return Type of Taxpayer | Due Date |
|---|---|---|
| GSTR-1 | Regular Taxpayer | Monthly: 11th of the following month Quarterly: 13th of the month following the quarter |
| GSTR-2A (Auto-generated) | All Taxpayers | Auto-generated, utilized for reconciliation purposes |
| GSTR-3B | Regular Taxpayer | Monthly: 20th of the following month |
| GSTR-4 | Composition Scheme Dealer | Annually: 30th of April following the end of the financial year |
| GSTR-5 | Non-Resident Foreign Taxpayer | 20th of the following month |
| GSTR-6 | Input Service Distributor | 13th of the following month |
| GSTR-7 | Tax Deducted at Source (TDS) | 10th of the following month |
| GSTR-8 | E-commerce Operator | 10th of the following month |
| GSTR-9 | Regular Taxpayer (Annual) | 31st December of the following financial year |
| GSTR-9C | Regular Taxpayer (Annual) | Filed along with GSTR-9, by 31st December of the following financial year |
If you submit GST returns late, you could face penalties and interest charges. Businesses should submit on time to avoid these costs. Here's what you need to know about late GST returns:
Every registered taxpayer has to file GST returns regularly, even if there's no business activity.
If you miss a filing deadline, you can't file for the next period until you've filed for the previous one. This can lead to a pile-up of late returns.
If you file GSTR-1 late, for example, you'll get a penalty that shows up when you file GSTR-3B.
If you owe taxes and pay late, you'll be charged 18% interest per year on the amount you owe, starting from the day after the due date until you pay.
The law sets the late filing fee at Rs. 100 per day for each CGST and SGST, with a maximum of Rs. 5,000.
For yearly returns like GSTR-9 and GSTR-9C, the late fee is capped at 0.25% of your turnover in your state or UT unless the government provides relief or changes the fees.
Filing GST returns on time is essential to avoid penalties and ensure compliance. Late filings can lead to cascading delays and additional financial burdens.
A relationship manager with experience in the sector that you operate in will guide you through the process of GST registration and filing. They will help with specific tasks such as uploading invoices and also ensure that your filing is taken care of on time.
Our platform ensures that you get timely reminders well in advance of the deadline beyond which penalty will be applicable. In addition to this, your GST advisor will remind you periodically so that no deadlines are missed.
Monthly reports detailing the status of GST return filing, including GSTR-3B and the way forward, will be shared with the clients by the GST advisors.
GST returns are prepared by LEDGERS—the GST software—so that it is error-free and filed on time without hassles.
All of your financial transactions and invoices will be recorded in LEDGERS by accountants so that the filing of all your returns, including ITR, TDS, and GST, is seamless and cost-effective.