Any regular business needs to file 26 GST returns in a year. There are 9 kinds of GST returns –
GSTR 1, GSTR 2, GSTR 3, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8 and GSTR 9. Let’s see what GST return filing and important aspects associated with it.
What is GST Return filing?
A GST return filing is a document that mentions all details for a specific time relating to GST invoices, payments, and receipts. A taxpayer is liable to declare all transactions related to the business’ revenue based on which the authorities will calculate the amount of tax payable by the company.
All Business owners can file their GST online on the official website provided by GSTN. While filing GST returns, all the registered dealers will require the following details for the specific period.
Once the GST return has been filed, a registered dealer can track the GST Return filing status online and comply with the necessary requirements accordingly.
Eligibility for GST return filing:
GST return date:
A chartered accountant appointed by you will file the GST reconciliation document.
Forms | Application |
GSTR -1 | Outward Supplies Return
|
GSTR -2 | Inward Supplies Return |
GSTR -3 | Monthly GST Return |
GSTR -4 | For Composition Supplier GST Quarterly Return |
GSTR -5 | Non-Resident Taxable Persons |
GSTR -6 | Input Service Distributors’ Monthly Return |
GSTR -7 | Monthly Return for tax Deductors |
GSTR -8 | E-commerce Operators’ Monthly Return |
GSTR -9 | Annual GST Returns |
Penalty for late filing of GST return:
When you fail to file GST returns on time it will result in GST registration penalties and cancellation. Unless one does not file a six-month GST return, then the GST registration will be canceled and the individual will not be able to obtain another GST registration-unless all the penalty for late filing is paid.
In case an individual has business operation during the time for which GST return is late-filed, then a penalty Rs.50 per return of GSTR-1. Hence, it will impose a penalty of than Rs.1500 per month.
In addition to the above late filing fees, the individual will also have to pay interest at the rate of 18 percent on GST payment which was later transferred to the Government.
Steps to File GST Return Online:
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