What is GST Return?
GST Return is a format or a document where all the registered individuals, traders, organisations have to fill in the details of their purchases & Sales. Such details are submitted by GST return filing which is then used by tax authorities to calculate net liability (money that you owe to the government).
Who should file a GST Return?
Any regular business having more than Rs 5 crores has to file total 26 returns in a year - 2 monthly Returns and 1 annual return
The number of GST online filings is 9 in a year. Also, there are separate returns to be filled by special cases whose number of GSTR filings is 5 in a year.
What are different types of GST Returns & its due dates?
Due Dates to file GST Returns
GSTR 1
Quarter - Oct dec 2020
Due Date - 13th January 2021
Monthly filing
October 2020 - 11th November 2020
November 2020 - 11th december 2020
December 2020 - 11th January 2021
January 2021 - 11th February 2021
February 2021 - 11th March 2021
March 2021 - 11th April 2021
GSTR 2 & 3
The filing of these forms is currently suspended
GSTR 4
Due date to file GSTR - 4 return for the FY 2019-20 is further extended to 31st october 2020 from 31st August 2020.
Due Date for FY 2021-21 is 30th April 2021
GSTR 5
It is filed by taxpayers who have opted for the Composition Scheme under GST.
It is paid every quarter.
Period And its Due Dates
October 2020 - 20th November 2020
November 2020 - 20th December 2020
December 2020 - 20th January 2021
January 2021 - 20th February 2021
February 2021 - 20th March 2021
March 2021 - 20th April 2021
GSTR 6
It is monthly return files by an Input Service Provider (ISD)
Period & its due dates
October 2020 - 13th November 2020
November 2020 - 13th December 2020
December 2020 - 13th January 2021
January 2021 - 13th February 2021
February 2021 - 13th March 2021
March 2021 - 13th April 2021
GSTR 7
It is filed by the people who are required to deduct TDS (Tax deducted at the Source) under GST.
Period & its due dates
October 2020 - 10th November 2020
November 2020 - 10th December 2020
December 2020 - 10th January 2021
January 2021 - 10th February 2021
February 2021 - 10th March 2021
March 2021 - 10th April 2021
GSTR 8
Ecommerce Operators registered under the GST file every month who are required to collect tax at the source (TCS)
Period & its due dates
October 2020 - 10th November 2020
November 2020 - 10th December 2020
December 2020 - 10th January 2021
January 2021 - 10th February 2021
February 2021 - 10th March 2021
March 2021 - 10th April 2021
How to file a GST Return?
All the taxpayers who have registered under the GST are liable to file their GST Returns. File taxes has been automated and can be done online using the GST Software Software
The following are the steps to file GST returns:
- Visit The GST Portal or you can use the GST softwares.
- A 15 digit identification number will be issued based on your Pan card.
- Upload all the invoices and an invoice reference number will be generated against every invoice generated.
- Click on the ‘Services’ Button.
- Click on ‘Returns Dashboard’ & fill in the financial year and the return filing period from the drop down menu.
- Select the return that you want to file and click on ‘prepare online’
- Enter the amount & click on ‘ Save’. A success message would pop on the screen.
- Click on ‘Submit’ to file the Return.
- Not Click on “Payment of Tax’ and then click on ‘ Check Balance’ to view cash and credit balance. Next to clear your liabilities, you need to mention the amount of credit you want to use from the available credit. Then click on ‘offset liability’. When the confirmation is displayed, Click on ‘Okay’.
- Check the box against declaration and select an authorities signatory from the drop down list. Now click on ‘file form with DSC’ and click on proceed
- Make the payment in the next step.
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how to generate e-invoice under gst?
Imapct of e-invoicing in gst return filling?