GST RETURNS

GST RETURNS

Every registered person has to furnish with the tax authorities, details of sales and purchases along with tax collected and paid thereon, respectively, by filing online GST returns.

Filing GST return timely is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.

There are separate returns for a taxpayer registered under normal scheme, composition scheme, non-resident taxpayer and taxpayer registered as an Input Service Distributor

In this Article we have discussed on GST return compliance by the Tax payer registered under normal GST scheme.

GST Return Filing Process for Tax Payer registered under normal scheme:

Following returns has to be filed every month

GSTR-1 - Statement of outward supplies (sales or services)

  • Monthly detail of outward supplies of goods and services has to be furnished.
  • For supply made to registered dealers, Invoice wise details required.
  • For supply made to unregistered dealers, summary details required with the exception, Interstate unregistered supply with invoice value more than 2.5 lakh to be separately mentioned.
  • Last date to file this form is 10th of the subsequent month.

GSTR-2-Statement of inward supplies

  • It's Auto-populated form derived by information from GSTR-1 filed by all the registered dealers. That is supplies made by our vendor to us will be reflected here along with value and input GST amount via form GSTR 2A.
  • Details in Form GSTR 2A will be available on 11th of the subsequent month. You need to reconcile the same with your purchase details and can change any information, delete or add in case of any mismatch.
  • After reconciliation GSTR 2 form has to be filed till 15th of the subsequent month.

GSTR- 3 - Statement of consolidated outward and inward supply with the final GST liability.

  • It's Auto-populated form derived by information from GSTR 1 and GSTR 2 filled by all the registered dealers.
  • Between 15th and 17th of the subsequent month, suppliers need to either confirm or reject the changes made by the buyer in form GSTR 2.
  • After considering both the Outward and Inward Supplies after changes GSTN will determine your input tax credit availability or the amount of tax payable.
  • Payment and filing of GSTR 3 should be done on or before 20th of subsequent month.

Annual Return (GSTR- 9)

Annual return needs to be filed by 31st December of the subsequent Financial Year. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire Financial Year.

Summary of GST Return Forms for Registered Normal Tax Payers

Return/ Form

Details

Frequency

Due date

GSTR -1

Outward Supplies (sales) made by Business

Monthly

10th of the subsequent month

GSTR -2

Inward Supplies (purchases) made by Business

Monthly

15th of the subsequent month

GSTR -3

GST Monthly return along with the payment of tax

Monthly

20th of the subsequent month

GSTR -9

GST Annual Return

Annually

31st December of the subsequent financial year

 

Filing of GST Returns for the month of July and August 2017

Businesses need to file GSTR 3B in the first two months of GST regime (July and August, 2017).
Government has postponed filing of GSTR 1, 2 & 3 forms for the month of July and August, 2017 in order to give businesses some time to adjust to GST filing process. From October onwards return filing will be under Normal Schedule.

GSTR 3B is a summary return and the purpose of the return is for taxpayers to declare their overall Sales, Purchases and GST liabilities in summary manner and to pay tax for the respective tax period. There is no buyer-seller reconciliation required in GSTR 3B form.

Forms

For July 2017
Due date of filing

For August 2017
Due date of filing

GSTR-3B

20th August

20th September

GSTR-1

5th September

20th  September

GSTR-2

10th September

25th September

GSTR-3

15th September

30th  September

 

Revision of Returns:

The GST return cannot be revised. Any changes in details can however be made in the amendment section of the Return Form of next period.

Penal Provisions related to Filing of Returns

Any registered persons who fails to furnish form GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates, shall be liable to pay a late fee of Rs. 100 per day, subject to a maximum of Rs. 5,000.


Disclaimer: The information contained in this website is for general information purposes only. Any reliance you place on such information is therefore strictly at your own risk.

Author: CA Suchit Jhunjhunwala (Email Id- suchit@vyaparformations.com)

The Author is a member of Institute of Chartered Accountant of India and DISA (ICAI) qualified.