What is GST Return Filing ?

What is the GST return?

- The GST return is a record that includes all your purchases, tax collected on sales (output tax), sales, and tax paid on purchases (input tax).  - You’ll have to pay the GST you owe after you’ve filed your taxes (money that you owe the government).

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Who Should File GST Returns?

Firms with annual aggregate revenue of more than Rs.5 crore must submit two monthly returns and one yearly return. QRMP payers must submit nine GSTR returns annually, including four GSTR-1s, three GSTR-3Bs, and one annual return. Composition dealers, for example, are required to submit five GSTRs each year in addition to their regular GSTRs (4 statement-cum-challans in CMP-08 and one annual return GSTR-4).

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Types of GST returns

– GSTR1 – GSTR3B – GSTR9 – GSTR 9C – GSTR4 – GSTR 9A – GSTR5 – GSTR6 – GSTR7 – GSTR8 – GSTR10 – GSTR 2A – GSTR 2B – GTR 4A

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Late Fees for GST Return 

Each day an Act is overdue, the late cost is Rs.100. Thus, it will cost Rs.100 under the CGST and Rs.100 under the GST tax.  There will be a maximum daily charge of Rs.200, which will be applied to a total of Rs.5,000. Attention:  The maximum late charge has been amended for the month/quarter ending June 2021.

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