Tuesday, 27 August 2019

GST Return in Delhi

GST RETURN

#GSTreturn #GSRT3B #GSRT1
Filing GST return under the GST regime is crucial as non-compliance and delay will result in penalties and affect your compliance rating and timely refunds.

Penalty for delay in furnishing of GST Return
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that include:

  1. Sales
  2. Sales
  3. Output GST (On sales)
  4. Input tax credit (GST paid on purchases)

To file GST returns, GST compliant sales and purchase invoices are required. You can generate GST compliant invoices .

2. Who should file GST Returns?
In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.

The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR- 1 filed by you and your vendors.

There are separate returns required to be filed by special cases such as composition dealers.

3. What are the types of GST Returns?
Here is a list of all the returns to be filed as prescribed under the GST Law along with the due dates.

3.1. Any regular business:
As per the CGST Act ( Note : subject to change by Notifications /orders)

Return FormParticularsIntervalDue Date
GSTR-1Details of outward supplies of taxable goods and/or services affected from July 2018 to March 2019 ( Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year)11th of the next month**11th of the next month**
GSTR-2Details of inward supplies of taxable goods and/or services effected claiming input Tax CreditMonthly*15th of the next month (Suspended now )
GSTR-3Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.Monthly*20th of the next month
GSTR-4Annually ReturnAnnually31st December of next financial year
GSTR-5Return for the months of up to March 2019Monthly20th of the next month

** Details of outward supplies of taxable goods and/or services affected till June 2018 will be 10th of the next month.

** Taxpayers whose turnover was less than Rs. 1.5 Crores in the previous financial year has the option to file a quarterly GSTR-1 by end of the next month affected July 2018 to March 2019.

3.2. A dealer opting for composition scheme :
A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return FormParticularsIntervalDue Date
GSTR-4Return for compounding taxable personQuarterly18th of the month succeeding quarter**
GSTR-9AAnnual ReturnMonthly31st December of next financial year
3.3. Returns to be filed by certain specific registered dealers:

Return FormParticularsIntervalDue Date
GSTR-4Return for compounding taxable personQuarterly18th of the month succeeding quarter**
GSTR-9AAnnual ReturnMonthly31st December of next financial year
3.3. Returns to be filed by certain specific registered dealers:
Return FormParticularsIntervalDue Date
GSTR-5Return for Non-Resident foreign taxable personMonthly20th of the next month***
GSTR-5AReturn for Non-resident persons providing OIDAR servicesMonthly20th of the next month***
GSTR-6Return for Input Service DistributorMonthly13th of the next month***
GSTR-7Return for authorities deducting tax at source.Monthly10th of the next month
GSTR-8Details of supplies effected through e-commerce operator and the amount of tax collectedMonthly10th of the next month
GSTR-10Final ReturnOnce. When registration is cancelled or surrenderedWithin three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11Details of inward supplies to be furnished by a person having UIN and claiming refundMonthly28th of the month following the month for which statement is filed

CA. Ashwani Rastogi
Partner, ARJS & Associates
M.Com, FCA, ACS, FAFD
Chartered Accountants
Address- 2029, Bank St, Near Shreem Jewellers, Block 47, Beadonpura, 
Karol Bagh, New Delhi, Delhi 110005
Mobile Number+91-9990999281

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