How Often Should You File for GST Returns?

Posted by admin 24/07/2019 0 Comment(s)

Starting a business can be a challenging task.

There is a lot of work involved, one of which is of taxation.

In India, there are several different tax laws that are to be complied with.

One of them happens to be that of GST or Goods and Services Tax. Introduced not too long ago, it is one of the broadest tax reforms that have ever been undertaken.

Doing away with multiple regulations and other tax codes, it helped to simplify the taxation process for the individual as well as the government.

Coming to the actual filing of GST returns, it should be known that they are to be filed at regular intervals.

The exact details of the same are given in the list below, which clearly explains the process.

 

1. Mandatory Requirements

To start off, it must be understood that GST returns are to be filed mandatorily.

Even in cases where there has been no revenue, one will still be required to file for a null return.

If in case no such return is filed by the due date, it will attract a penalty as per appropriate GST regulations.

 

2. Who is required to file GST

Any business that has registered itself with the GST regime will be required to file the returns.

 

3. General Frequency of the Returns

The business, in general, is required to file two returns a month, and one every annum, whether it’s a GST registration in Delhi or any other state.

The way that the system works is that one just has to file one single monthly return, i.e. GSTR-1, after which all of the other return i.e. GSTR 3B will get auto-populated through cross-verification of the information filed by the applicant and other vendors.

 

4. The Types of Returns

There are several types of GST returns. The exact filing deadline will depend on the exact GST number being referred to. This is a very important thing to remember, if one were to register for GST, in Delhi or any other Indian state.

Given in the list below are all of the GST returns, along with their relevant information and filing due dates.

  1. GSTR-1

This contained information about the outward supplies of taxable goods and services by the holder of a GST no, in Delhi or otherwise.

It is to be filed monthly, on the 11th of every month. Before this, it used to be on the 10th of every month.

This is one of the most important returns, the complete details of which can be obtained from the GST website, or through a suitable gst consultant in delhi or any other Indian state.

 

  1. GSTR-2

Currently suspended, it contained details about the inward supplies of goods and services that are taxable, affected by claiming an input tax credit.

It was to be filed monthly, on the 15th of every month.

 

  1. GSTR-3

Currently, suspended, it was a return based on the finalization of details about outward and inward supplies, along with the payment of tax by the holder of a GST number, in Delhi as well as other Indian states.

It was to be filed monthly, on the 20th of every month.

 

  1. GSTR-3B              

It is a simple GST return, which had a summary of all the outward supplies and input tax credits declared, along with the payment of tax affected by the taxpayer.

It is to be filed monthly, on the 20th of every month.

 

  1. GSTR-4

It is a GST return that would apply for a GST in Delhi as well as other states, for taxpayers who are registered under the composition levy.

It is to be filed quarterly, on the 18th of the month.

 

  1. GSTR-5

It is a GST return for non-resident foreign taxable individuals.

It is to be filed monthly, on the 20th of every month.

 

  1. GSTR-6

It is a GST return for an input service distributor

It is to be filed monthly, on the 13th of every month.

 

  1. GSTR-7

It is a GST return for authorities, who are deducting tax at source.

It is to be filed monthly, on the 10th of every month.

 

  1. GSTR-8

It is a GST return containing information about suppliers affected through an e-commerce operator, as well as the amount of tax collected by the same.

It is to be filed monthly, on the 10th of every month

 

  1. GSTR-9

It is an annual return for the normal taxpayer.

It is to be filed on the 31st December of the next financial year.

 

  1. GSTR-9A             

This is also an annual return to be filed by a taxpayer with a GST number, in Delhi or any other Indian state, who is registered under the composition levy, during any time of the year.

It is to be filed on the 31st December of the next financial year.

 

  1. GSTR-10              

This is the final return to be filed by holders of any given GST no, in Delhi or otherwise, when a GST registration is canceled or surrendered.

It is to be filed within three months of the date of cancellation or date of cancellation order, depending on whichever is later.

 

  1. GSTR-11              

This is a GST return that would apply for a GST in Delhi as well as other states and contains information about the inward supplies that are to be furnished by those who have a UIN and are claiming a refund.

It is to be filed on a monthly basis, on the 28th of the month following the month for which the statement was filed.

In all, it can be said that the gst registration, in delhi or any other state for that matter, is one of the most important tax laws that have ever been passed in India.

With regard to its filing, the above list explains clear the frequency with which it is to be filed, as well as anything else relevant.

It should be noted, however, that these are but general guidelines and nothing more. Given that the GST system is still in its beginning stages, it is likely that there will be several changes brought forth in the not too distant future since many of them are already under discussion in the parliament.

If you would like to know more about the same, feel free to check up with a suitable GST consultant, in Delhi or whichever state you are in. They will be able to give you a more detailed explanation about the process to register for GST, in Delhi or any other state, as well as other information about this revolutionary tax system.

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