GST Returns

A GST return is a document containing the following information:

• Total purchase details

• Total sales made

• Total tax collected on sales, known as the output tax

• Total tax paid on purchases called the input tax

After GST filing, you must pay the government net tax liability. Simply put, it is a form you need to file as a taxpayer. Read on to understand more about GST filing online, and different types of GST returns.

The entities that must file GST returns are: 

1. A registered dealer must submit returns for purchases and sales, output GST (on sales), and input tax credit (GST paid on purchases).

2. A trader with a yearly turnover of ₹1.5 Crores or less who has opted for the composition scheme is required to file just one GST return in a financial year.

3. Entities with over ₹20 Lakhs in annual turnover must have a valid GST registration and file returns. In certain states, the annual turnover limit is set at ₹10 Lakhs.  

You may refer to the table below for details on various types of GST returns and which category of businesses are eligible to file which type of returns:

The following table illustrates various types of GST returns along with their due dates and the frequency of filing:

You can easily file your GST returns online on the GST portal. All you must do is follow the steps below:

• Step 1: Visit the official GST portal at www.gst.gov.in and log in with your credentials

• Step 2: Wait to get redirected to the “Dashboard” and click on “Continue to Dashboard” 

• Step 3: View your ledger balance, if any, and click on “File Returns”

• Step 4: Fill in the financial year, the return filing period in the designated space, and click on “Search”

• Step 5: Select the type of return, GSTR - 1 or 3B, you wish to file and click on “Prepare Online”

• Step 6: Based on your tax liability, pick the appropriate choice. If you have no liability, click on the “File Nil GSTR” option and click on “File Statement”

• Step 7: Confirm the check box in this part of the GST return filing process and select the authorised signatory, from the dropdown menu

• Step 8: Select the “File with EVC” option, and provide the OTP you receive on your registered mobile

The Goods and Service Tax Network (GSTN) stores information about all GST-registered sellers and buyers to ensure a streamlined and straightforward process. The data is then combined and maintained for future reference. 

Business entities can download the excel workbook available on the common GST portal free of charge. In addition, the template can be used to collate all the necessary information offline. 

Once done, the file must be uploaded to the GST portal. This way, you can file your final return under GST using GSTN. 

Remember that the following documents are crucial when filing your GST returns.

• GSTIN of the customer

• Complete invoice list, including B2C and B2B services

• Invoice type

• Place of supply

• Applicable GST rate

• Invoice number

• Taxable value

• HSN-wise summary details

• Consolidated list of inter- and intra-state sales

• Summary of credit and debit notes

• Amount of applicable CGST, IGST, GST and SGST

When you check your GST return status on the official GST portal, you may come across any of the four following statuses for your GST return:

1. To Be Filed: This status indicates that the return is due but has not been filed yet.

2. Submitted But Not Filed: This status means that your return has been filed and validated, but the same has not been updated in the GST records.

3. Filed-Valid: This status indicates that the return has been filed successfully, and the tax has also been paid as per the filing.

4. Filed-Invalid: It means that the return has been filed but the tax has not been paid, or there is a shortfall in the amount paid.

To avoid any late payment fee, you must be aware of the upcoming due date for filing your GST returns. Here are the due dates you need to keep in mind this year:

Disclaimer: The due dates mentioned may change depending on the amendments to the GST Rules.

In case you fail to file GST returns on time, you are liable to pay two types of penalties: 

• Late Fee: Fines applicable are ₹100 per day, after the due date. This is applicable on late filing of CGST and SGST each (total of ₹200 per day), subject to a maximum late fee of ₹5,000.

• Interest: The taxpayer is also liable to pay interest at 18% per annum on the total amount of tax to be paid. This interest rate is applicable from the due date of filing the return till the payment is made.

Now that you know the procedure to file your returns and check the GST filing status, here are a few benefits of filing your GST returns on time. 

• You can avoid unnecessary interest levied on the outstanding tax amount

• You can claim the input tax credit when you file your returns promptly

• You can file your GST returns through a single form, making the process easy and simple

• GST implementation helps provide higher threshold advantages to small-scale businesses

• Introduction of GST has eliminated the cascading effect of tax

• You have to follow a lesser number of compliances with the implementation of GST