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GST return filing
A GST return is a document containing details of all income/sales and/or expense/purchases which a taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability.
Under GST, a registered dealer has to file GST returns that broadly include:
- Purchases
- Sales
- Output GST (On sales)
- Input tax credit (GST paid on purchases)
Who is Required to file GST Returns
Following Persons are required to file GST Returns before the due date :
- Every Registered Person Under GST Act.
- Persons Interacting with Registered Business Entity
- Reverse Charge Supplier of Goods
- Any Other Person as prescribed by law
Modes of GST Return Filing
All the returns are to be filed online. Returns can be filed using any of the following methods:
- GSTN portal (gst.gov.in)
- Offline utilities provided by GSTN
- GST Suvidha Providers (GSPs) – If you are already using the services of ERP providers such as Tally, SAP, Oracle etc., there is a high likelihood that these ERP providers would provide inbuilt solutions in the existing ERP systems
Penal Provisions Relating to Returns:
Late fees levied for delay in filing return
Delay in filing any of the following by their respective due dates, attracts late fee:
- Statement of Outward Supplies
- Returns
- Final Return
Quantum of late fee
- Rs 100 for every day during which such failure continues
- Rs 5,000
Whichever is lower
Late fees levied for delay in filing annual return under section 44
A registered person who fails to furnish the annual return under section 44 by the due date is required to pay a late fee as under:
Quantum of late fee
- Rs 100 for every day during which such failure continues
- 25% of the turnover of the registered person in the State/Union Territory
Whichever is lower
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