GST Return Filing

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Introduction:

All individuals and entities registered under the Goods and Services Tax (GST) system are required to regularly file their GST returns, both on a monthly and quarterly basis. This obligation remains in force even if there are no transactions to report. Accurate and timely filing of returns is crucial to ensure that GST credits are appropriately applied to subsequent stages of the supply chain. Failure to file returns can result in substantial penalties.

What is GST Return Filing?

Businesses that are registered under GST must file their returns periodically—monthly, quarterly, or annually—depending on the nature of their business operations. These returns must contain detailed information about the sale or purchase of goods and services, along with the associated tax collection and payment data. The implementation of a comprehensive taxation system like GST in India has streamlined taxpayer services, including registration, return filing, and compliance.

When filing GST returns, individual taxpayers are typically required to submit four forms: one for supplies, one for purchases, a monthly return, and an annual return. It’s important to note that GST return filing is mandatory for all entities with valid GST registrations, regardless of their business activity or sales volume. Even dormant businesses with valid GST registrations must fulfill this obligation. A GST return serves as a document that outlines all income and expenses that a taxpayer is required to report to tax authorities.

Who Should File GST Returns?

GST return filing in India applies to the following categories of individuals and entities:

  • Individuals or entities with a valid Goods and Services Tax Identification Number (GSTIN) are obligated to file GST returns.
  • Individuals or entities with an annual turnover exceeding Rs. 20 lakh are required to obtain GST registration and must file GST returns as mandated.
  • In the case of special states, where the annual turnover limit is Rs. 10 lakh, individuals and entities exceeding this threshold must also obtain GST registration and file GST returns accordingly.

GST Return Filing Deadlines:

When it comes to filing GST returns, it’s essential to be aware of the due dates for different types of returns. Here are the due dates for various GST returns:

  • GSTR 1: The 11th day of the following month.
  • GSTR 3B: The 20th day of the subsequent month.
  • CMP 08: The 18th day of the month following the end of the quarter in the fiscal year.
  • GSTR 4: The 18th day of the month following the end of the quarter.
  • GSTR 5: The 20th day of the following month.
  • GSTR 6: The 13th day of the subsequent month.
  • GSTR 7: The 10th day of the following month.
  • GSTR 8: The 10th day of the following month.
  • GSTR 9: December 31st of the fiscal year.
  • GSTR 10: Within 3 months from the date of cancellation or the date of the cancellation order, whichever is earlier.
  • GSTR 11: The 28th day of the month following the month for which the statement was filed.

Documents Needed for GST Return Filing:

To successfully file your GST returns, you’ll require the following essential documents:

  • Sales Invoice: Documents detailing the sales transactions made by your business.
  • Purchase Invoice: Records of purchases made by your business, including the details of items or services acquired.
  • Expense Voucher: Vouchers and records substantiating various expenses incurred during your business operations.
  • GST Login Details: Your login credentials, including your GST identification number (GSTIN) and password, which are essential for accessing the GST portal.
  • Tally Data: Relevant data from your accounting software, such as Tally, that contains financial and transactional information needed for accurate GST return filing.