Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017. GST is one indirect tax for the entire country.
The registered taxpayers are mandatorily to file their returns periodically to tax administrative authorities. In their return, the taxpayer needs to disclose the details of Purchase, tax on purchase, Sales and tax on Sales of particular month. The tax liability is auto calculated in GST system and if any tax amount to be paid in cash over and above after setting off input tax credit (Tax on Purchase).
| Return Form | Particulars | Frequency | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Monthly | 11th* of the next month with effect from October 2018 |
| GSTR-2 Suspended | Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. | Monthly | 15th of the next month |
| GSTR-3 Suspended | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. | Monthly | 20th of the next month |
| GSTR-3B | Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by taxpayer | Monthly | 20th of the next month |
| CMP-08** | Return for a taxpayer registered under the composition levy | Quarterly | 18th of the month succeeding quarter |
| GSTR-5 | Return for a Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for an Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual Return for a Normal Taxpayer | Annually | 31st December of next financial year* |
| GSTR-9A | Annual Return a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of next financial year* |
| GSTR-10 | Final Return | Once, when GST Registration is cancelled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed |
* Subject to changes by Notifications/ Orders
Return filing is mandatory under GST. It means that even if there is no transaction, Nil return to be filed A return cannot be filed unless the previous month/quarter’s returns were not filed. late fee of Rs. 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the given due date to the actual date when the returns are finally filed.
According to the GST Penalty regulations, an interest will be charged at the rate of 18 percent per annum from the taxpayers who fail to pay their taxes on time. The interest will be levied for the days after the due date.