24 August 2017
What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that includes: • Purchases • Sales • Output GST (On sales) • Input tax credit (GST paid on purchases) To file GST returns, GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on ClearTax BillBook. Who has to file GST Returns? In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. There are separate returns required to be filed by special cases such as composition dealers . What are the types of GST Returns? Here is a list of all the returns to be filed under the GST Law. 1. Any regular business: Return Form Particulars Interval Due Date GSTR-1 Details of outward supplies of taxable goods and/or services effected Monthly 10th of the next month GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Monthly 15th of the next month GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Monthly 20th of the next month GSTR-9 Annual Return Annually 31st December of next financial year GSTR-3B Provisional return for the months of July and August Monthly 25th of the next month
GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017). The government has postponed the filing of GSTR 1, 2 & 3 for July and August, 2017 in order to give businesses some time to adjust to GST. Forms For July 2017 For August 2017 GSTR-3B 25th August 20th September GSTR-1 1st-5th September 16th-20th September GSTR-2 6th-10th September 21st– 25th September GSTR-3 11th– 15th September 26th– 30th September There is no buyer-seller reconciliation for July & August. You have 2 options for July 2017- • Either file TRAN-1 and claim ITC of previous regime • File TRAN-1 later but cannot claim ITC of previous regime in this GSTR-3B Options Last day of payment of GST Last date of filing GSTR-3B Registered persons notopting not to file FORM GST TRAN- 1 by 28th August, 2017 25th August, 2017 25th August, 2017 Registered persons opting to file FORM GST TRAN- 1 by 28th August, 2017 25th August, 2017 28th August, 2017 Late fee & Penalty Filing GSTR-3B is mandatory. Even if a business has no transactions during July, it will still have to file nil return. If you do not file by 25th/28th August, you will be liable to pay interest and a late fee. Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (26th/ 29th Aug) to the date of payment. Late fee is Rs. 100 per day. Maximum is Rs. 5,000. This will be calculated by the GST Portal. 2. A dealer opting for composition scheme : A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns: Return Form Particulars Interval Due Date GSTR-4 Return for compounding taxable person Quarterly 18th of the month succeeding quarter GSTR-9A Annual Return Monthly 31st December of next financial year 3. Returns to be filed by specific registered dealers: Return Form Particulars Interval Due Date GSTR-5 Return for Non-Resident foreign taxable person Monthly 20th of the next month GSTR-6 Return for Input Service Distributor Monthly 13th of the next month GSTR-7 Return for authorities deducting tax at source. Monthly 10th of the next month GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month GSTR-10 Final Return Once. When registration is cancelled or surrendered Within three months of the date of cancellation or date of cancellation order, whichever is later. GSTR-11 Details of inward supplies to be furnished by a person having UIN and claiming refund Monthly 28th of the month following the month for which statement is filed
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