GST Return Filing

GST Return Filing is a document which contains the details of sales, purchase, tax collected on sales and paid tax on purchases to be submitted to GST Department.

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    GST return filing (Monthly/Quarterly/Annually)

    Return

    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 include:

    Purchases
    Sales
    Output GST (On sales)
    Input tax credit (GST paid on purchases)
    Who

    Who should file GST Returns?

    In the GST regime, any regular business has to file monthly/quarterly returns and one annual return. There are separate returns required to be filed by special cases such as composition dealers.
    Procedure

    Online GST Return Filing Procedures - A detailed filing process

    In total, there are 3 steps to be followed in the GST return filing work for every Indian Business Taxpayer.

    Step1

    Documents and Monthly Returns Involved in the Gst Return Filing Process

    All registered taxpayers can follow the filing format and upload their annual return invoice on the GST portal. To do that, you will have to maintain electronically all the records of the invoice. We help you with filing process in the GST portal by setting up simplified versions of excel templates. It will aid you in maintaining the records with ease.

    Step2

    Preparation For Gst Return Filing Procedure

    We collect all the information and documents needed to start preparing for your GST returns first. Vyapar Formations will maintain the invoice records of registered taxpayers and by month end, you can easily file the GST returns using our exclusive team of experts. Once you do the online filing process in GST portal, from then on, our expert affiliate will remind you about the filing date so that you won’t forget the date and end up paying tax penalties.

    Step3

    Steps Required To Complete The Returns Filing Process

    1. The first step before filing your GST will be to review the GST filing before submission. We, at Vyapar Formations, give you an opportunity to do the same.
    2. The second step is your approval.
    3. After your approval, we will be filing your online returns
    4. Our GST experts will file the GSTR returns using a challan. The ARN number generated will be shared with you.
    5. Once the process is completed successfully, we will mail you an acknowledgement about the same to the registered email id provided by you.
    Documentation

    Documents Required for Filing GSTR1 Return

    GST return filing is done through the GST portal and documents need not be attached to the GST return. However, the taxpayer would need to submit information pertaining to B2B invoices issued, B2C invoices issued, credit notes issued, debit notes issued and HSN summary of goods sold.

    To prepare and file a GSTR1 return, the following information would be required:

    1

    List of all invoices issued to persons having GSTIN – B2B Invoices. These invoices must be uploaded to the GSTN. Invoice upload to GSTN need not contain the document. Only the following information about a B2B invoice must be uploaded in the format accepted by GSTN:

    1. Customers GSTIN
    2. Type of Invoice
    3. Place of Supply
    4. Invoice Number
    5. Invoice Date
    6. Taxable Value
    7. GST Rate
    8. Amount of IGST applicable
    9. Amount of CGST applicable
    10. Amount of SGST applicable
    11. Amount of GST cess applicable
    12. If GST Reverse Charge is applicable
    2

    List of all invoices issued to persons not having GSTIN (B2C invoices), wherein the invoice value is more than Rs.2.5 lakhs. Details of all B2C invoices with a value of more than Rs.2.5 lakhs must be uploaded to the GSTN. The following information pertaining to B2C large invoice must be uploaded to the GSTIN.

    1. Invoice number
    2. Invoice date
    3. Total value of the invoice
    4. Taxable value
    5. GST rate applicable
    6. Amount of IGST applicable
    7. Amount of CGST applicable
    8. Amount of SGST applicable
    9. Amount of GST cess applicable
    10. Place of Supply
    3
    Consolidated intra-state sales, categories by GST rates
    4
    Consolidated intra-state sales made through an e-commerce operator, categories by GST rates
    5
    Consolidated inter-state sales, categories by state and GST rates
    6
    Consolidated intra-state sales made through an e-commerce operator, categories by state and GST rates
    7

    Details of all export bills must be uploaded to the GSTN. The following details must be provided in GSTR1 return for all export bills issued.

    1. Customers GSTIN
    2. Type of Invoice
    3. Invoice Number
    4. Invoice Date
    5. Shipping Bill Number
    6. Shipping Bill Date
    7. Port Code
    8. Taxable Value
    9. GST Rate
    10. Amount of IGST applicable
    11. Amount of CGST applicable
    12. Amount of SGST applicable
    13. Amount of GST cess applicable
    8

    HSN wise summary of all goods sold during the month

    1. HSN Code
    2. Description
    3. UQC
    4. Total Quantity
    5. Total value
    6. Total taxable value
    7. Amount of IGST applicable
    8. Amount of CGST applicable
    9. Amount of SGST applicable
    10. Amount of GST cess applicable
    9

    Summary of documents issued during the tax period

    10

    Summary of debit note, credit note, advance receipt and amendments

    Benefit

    Benefits of GST Return Filing

    Elimination of the cascading effect

    The introduction of GST into the Indian tax system has done away with several other taxes like central excise duty, service tax, customs duty and state level value added tax. Thus a single GST has eliminated the cascading effect of tax on tax .


    Higher threshold benefits

    Before GST was introduced, VAT or value added tax was applicable for any business that had an annual turnover of 20 lakhs. Services that saw a turnover of less than 10 lakhs did not have to pay service taxes.


    Startup Benefits

    Earlier startups with an annual turnover of 5 lakh had to pay VAT which would be very difficult for a business during the initial stages. But as GST has replaced VAT, businesses can set off the service tax on their sales.


    E-commerce for quick supply of goods

    Startups are making a strong presence online offering their services and products through their websites. Under VAT, there were many types of VAT laws, and the supply of goods through online, that is, E-commerce was never a well-defined one. For instance, if you need to deliver goods to various states, then you will have to file the VAT declaration first. After that, you will need to provide registration details about the trucks which deliver the goods. In many instances, goods end up being seized by the authorities due to lack of proper documents. GST has now removed all such confusing processes.


    Regulations and accountability

    The pre-GST period witnessed a disorganized tax filing system. Presently, all taxes are paid online and major hassles that were a part of tax filing have been eliminated in the process of introducing GST. This has resulted in industries becoming more accountable and tax filing laws are better regulated than before.

    FAQ

    1What is meant by GST Return?
    A GST Return, in the new Indirect-tax administration, is a statement of details pertaining to business activities undertaken by the taxable person within a prescribed tax period. A taxable person has a legal compulsion to declare his/her tax liability, furnish details about the taxes paid and file correct and complete return within the due date. Goods and Services Tax is a self-assessed destination-based tax structure. The submission and processing of return build an important link between taxpayers and tax administration.
    2What are the main purposes of filing GST returns?
    Filing GST return is an important mechanism for under-mention reasons –
    Compliance verification program of tax administration,
    Providing necessary inputs for taking policy decisions,
    Management of audit and anti-tax-evasion programs of tax administration,
    Finalization of the tax liabilities of the taxpayer within the specified period, etc.
    3When does the statutory requirement to file GST return triggers?
    When a person becomes liable to register or gets voluntarily registered, then the person applies for the registration within the prescribed time-frame. After obtaining the GSTIN (15 Digit – Goods and Services Identification Number), the person becomes responsible to file GST returns as per the rule. Even the person who obtains the registration voluntarily under GST is also required to file Returns as per the GST Rule
    4What is the scope of first GST Return and who needs to file it?

    Section 40 under Chapter IX of the GST Act 2017 speaks about the provisions in regard to the filing of the first GST Return. According to this rule, every registered person who has made outward supplies in the period between the dates on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him/her after the grant of registration.

    There is no particular form for First Return. Howsoever, this is a purpose-specific section which stipulates that the details of the period as specified above shall be furnished in his/her first return (whatsoever may be the form of Return) which the taxpayer is going to furnish through a GST Software.

    5Who needs to file GST Returns every month?

    All GST registered regular suppliers are subjected to file GST Returns in FORM GSTR-1, GSTR-2, and GSTR-3 on monthly basis. But, to facilitate the ease of return filing for small and medium businesses with annual aggregate turnover not more than ₹ 1.5 Crore such taxpayers may opt to file returns in GSTR-1, GSTR-2, and GSTR-3 on a quarterly basis. There are some other returns as well which are required to be filed every month by specified taxpayers through GST Accounting Software.

    In case of extension in the due date of any of the above-mentioned returns, the taxpayers are supposed to file GSTR-3B every month along with the payment of tax. Practically, GSTR 1, 2, 3 and GSTR-3B are two parallel sets of GST Returns in respect of the same tax period. Currently, every regular taxpayer is required to file only GSTR-1 and GST-3B for the applicable tax period as GSTR-2 and GSTR-3 are not in practice.

    6Who should file GST returns on a quarterly basis?

    Businesses with annual aggregate turnover are not more than ₹ 1.5 crores may file quarterly returns in GSTR-1 but they should pay taxes on a monthly basis by filing GSTR-3B.

    GSTR-4 which is applicable for Composition Dealers was also required to be filed on a quarterly basis. But as of now, GSTR-4 require to be file annually where payment of tax shall be done on a quarterly basis by filing GST PMT-08

    Any person holding Unique Identification Number (UIN) and claiming a refund is also required to furnish GSTR-11 on a quarterly basis.

    7Is there any GST Return which is to be filed on a half-yearly basis?
    No! There is no such return in GST structure which is required to be filed on a half-yearly basis.
    8What is Annual return and which section of the GST Act elaborates the provisions of annual return?
    Section 44 of the GST Act, 2017 states that every registered person is required to furnish an annual return for every Financial Year.
    9 Is there any exception from the filing of Annual return?

    Yes! The following persons, as per section 44(1), are not required to furnish annual return:

    • Input Service Distributors,
    • Persons paying tax under section 51,
    • Casual taxable persons, and
    • Non-resident taxable persons.
    10Is there any exemption threshold limit below which a person is not required to file an annual return?
    No! Every registered person except as specified in section 44(1) needs to furnish an annual return for every Financial Year.
    11Is Annual return to be filed for the period Financial Year of the calendar year?
    Every registered person except as specified in section 44(1) has to furnish an annual return for every Financial Year.
    12Which rules speaks about the form and manner in which annual return has to be filed?
    The form and manner in which the annual return should be furnished have been stipulated under Rule 80 of the GST Rules 2017.
    13What is the name of the GST annual return form?
    According to Rule 8, FORM GSTR-9 is known as ‘Annual Return Form’.
    14Is form GSTR-9 notified?

    Yes! Form GSTR-9 for the FY 2017-18 has been notified vide Notification No. 39/2018 – Central Tax dated 4th September 2018

    And, this has been amended vide Notification No. 74/2018 – Central Tax dated 31st December 2018.

    15Is GSTR-9 available on the GST common portal?
    Yes! GSTR-9 has already been made available on the GST common portal on 6th March 2019 itself.
    16Are there different types of Annual returns on the basis of the nature of the taxpayer?

    Yes! The most common basic Annual return applicable to every registered regular taxable person is GSTR-9. Howsoever, there are two categories of persons who are required to furnish the annual return in lieu of GSTR-9:

    Composition Supplier: It must be noted that any composition supplier who pays tax under Sec. 10 should furnish his/her Annual return in FORM GSTR-9A.

    Electronic Commerce Operator: It must be noted that the all-Electronic Commerce Operators who are required to Collect Tax at Source under Sec. 52 should furnish their Annual statement in FORM GSTR-9B.

    17Is GSTR 9C notified by the CBIC?

    Yes! GSTR-9C has been notified Vide Notification No. 49/2018 – Central Tax dated 13th September 2018.

    And, the same has been amended as well vide Notification No. 74/2018 – Central Tax dated 31st December 2018.

    18What are the Preconditions for filing GSTR-9?

    Following two are the important pre-conditions for filing of GSTR-9:

    • The taxpayer should have active GSTIN during the relevant Financial Year as a normal/regular taxpayer even for a single day.

      • The taxpayer has filed all applicable returns i.e. Form GSTR-1 and Form GSTR-3B of the relevant Financial Year adequately before filing the Annual return.

    19Can taxpayers download system computed values of GSTR 9?
    Yes! Taxpayers can easily download the system computed values for Form GSTR-9 in PDF format. This helps taxpayers to use it as a reference while filing Form GSTR-9.
    20When ‘Late fee payable and paid’ file in form GSTR-9 gets enabled?
    Once the status of Form GSTR-9 becomes ready to file and liabilities are calculated. Late fee payable and paid file gets enabled automatically for filing of Form GSTR-9 by the taxpayer.
    21Can a taxpayer file Form GSTR-9 return without paying a late fee (if applicable)?
    No! Any taxpayer is not eligible to file Form GSTR-9 without making the payment of a late fee for Form GSTR-9 if it is filed after the due date.
    22Can taxpayers preview Form GSTR-9 before filing?
    Yes! Taxpayers can easily view/download the preview of Form GSTR-9 in PDF and Excel format just by clicking on ‘PREVIEW DRAFT GSTR-9 (PDF)’ or ‘PREVIEW DRAFT GSTR-9 (EXCEL)’ button right before filing Form GSTR-9 on the GST Portal.
    23 What happens after the Annual Return (GSTR-9) is filed?

    Once Form GSTR-9 is submitted successfully:

    ARN is generated instantly.

    An SMS and an email are sent to the taxpayer on his/her registered mobile and e-mail id.

    Electronic Cash Ledger and Electronic Liability register part-I will get updated on successful set-off of liabilities (applicable in case of ‘Late fee’ only).

    GSTR-9 becomes available for view/download in PDF and Excel format.

    Option to fill GSTR-9C (Reconciliation Statement) will be available which is applicable to the taxpayer having an aggregate turnover exceeding Rs 2 Crore.

    24Can GSTR-9 be revised?
    No! Once the submission of GSTR-9 is done successfully, it cannot be revised at any cost.
    25Is penalty levied on late filing of GSTR-9?

    Although there is a clear provision for a late fee of Rs.200/- per day on late filing of GSTR-9 along with the higher cap of 0.25% of turnover in the State/Union Territory has been provided, yet, levying penalty on the top of such higher cap may lead to contrary.

    For more information on GST Return filling, consult Vyapar formations.

    Our team will guide you through the complete process of GST Return filling required for your company.

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