Filing tax returns under the GST Law

gst returns

We will be discussing the various returns that are required to filed under the new Goods and Services Tax Law. the following piece will tell you what all information is needed, who all can file these returns and what are the deadlines for filing the same.

Now, what exactly is a return? It is a document that is required to be filed as per the law with the tax authorities. Under the GST law, a normal taxpayer has to submit three returns on a monthly basis and one such return annually (GSTR. In a similar way, there are different returns for a taxpayer registered under the composition scheme, taxpayer registered under the input service distributor category, a person liable to deduct or collect tax as in TDS/TCS.

Find below, all you need to know about filing returns under the new GST Law.

Who all has to file the returns?
Everyone registered under GST has to file their returns under the new law. Even if you are a legal entity registered under GST, but with activity, you’re still entitled file your return as ‘nil GST return’ so as to stay on the right side of the law.

How often should one file their returns?
All those registered as regular taxpayers have to pay it thrice a month: GSTR-1, which would be the details of the outward supplies, has to be filed by 10th of every month; GSTR-2, which is details of inward supplies, would be due by the 15th of each month, GSTR-3, which is the monthly return, would be due by the 20th of every month. All those who are compounding taxpayers will have to file their returns on a quarterly basis, GSTR-4, on the 18th of each month that would be next to the quarter.

In addition to the monthly and quarterly returns, there is an annual return that needs to be filed by the 31st December. requisite GST reconciliation statement has to be duly filed by the appointed chartered accountant.

How to file the returns?
All returns have to filed online. The website will have the procedure listed out for anyone who wants to download the application for returns and then upload them back online. Please note that there is no provision for revising the returns. All invoices of the previous tax period that went unreported must be included in the current month.

Is there a penalty if one misses filing returns?
While there is no strict information on the penalty a listed by the government, but all defaulters will be tracked by the GST department for requisite follow up and enforcement action.

A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.